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1:05 PM ET, August 8, 2011

memeorandum

 Top Items: 
Economics of Contempt:
On S&P, Downgrades, and Idiots  —  This is not going to be one of those posts that laments S&P's decision to downgrade the US, but then says that S&P was probably right about our oh-so-dysfunctional political system.  —  No, S&P was flat-out wrong — no caveats.
RELATED:
Paul Krugman / New York Times:
Credibility, Chutzpah And Debt  —  To understand the furor over the decision by Standard & Poor's, the rating agency, to downgrade U.S. government debt, you have to hold in your mind two seemingly (but not actually) contradictory ideas.  The first is that America is indeed no longer the stable, reliable country it once was.
Andy Kroll / Mother Jones:
VIDEO: Tea Partiers Cheer the Downgrade of America's Credit Rating  —  Is the tea party happy that Standard and Poor's, the credit rating agency, downgraded the United States' credit rating for the first time ever?  —  You'd think that was the case if you were in the crowd at a tea party rally …
David Dayen / Firedoglake:
S&P's History of Relentless Political Advocacy  —  I was tied up with other matters this weekend, so couldn't offer a take on S&P's downgrade decision.  Jane has done most of the spade work here.  But I wanted to make a few points.  —  First of all, if the rating agency's entire argument …
Patrick Allen / CNBC:
No Chance of Default, US Can Print Money: Greenspan  —  Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating.  —  “The United States can pay any debt it has because we can always print money to do that.
Paul Krugman:
Aaauuuggghhh! Market Commentary Edition
Zeke Faux / Bloomberg:
S&P Seen Surrendering to Tea Party Costing U.S. Taxpayer
Discussion: The Note and The Huffington Post
Ryan Lizza / New Yorker:
LEAP OF FAITH … - POLITICS - PROFILES - THE TALK OF THE TOWN - COMMENT - THIS WEEK'S ISSUE - THE FINANCIAL PAGE - NEWS DESK - THE POLITICAL SCENE
RELATED:
First Read / msnbc.com:
Bachmann attends church service denouncing homosexuality  —  WAUKEE, IA — Republican presidential candidate Michele Bachmann yesterday attended a church here in Iowa, where the pastor called homosexuality “immoral” and “unnatural,” and later showed a testimonial video from a man who claimed …
Michelle Malkin:
The Conservative Crazy Eyes Cliche & Other Stupid MSM Photo Tricks  —  Sigh.  Seriously, Tina Brown?  —  Yes, I'm talking about you, Oxford University-educated Newsweek/Daily Beast editor Tina Brown.  —  You've resorted to recycling bottom-of-the-barrel moonbat photo cliches …
RELATED:
Paul Krugman:
A Self-Fulfilling Euro Crisis?  (Wonkish)  —  There will probably be big action in the euro zone tomorrow; so, some quick analytical notes.  —  The big question, I believe, is whether the Italian and maybe Spanish crises are the kind of thing that might be brought under control by ECB bond purchases.
RELATED:
Financial Times:
ECB buys up Italian and Spanish debt
Carol E. Lee / Washington Wire:
Axelrod Hits Romney, Calling Reaction to S&P Downgrade ‘Pathetic’  —  David Axelrod, one of President Barack Obama's closest political advisers, had harsh words for former Massachusetts Gov. Mitt Romney, the front-runner in the GOP presidential field, who has criticized the debt deal …
RELATED:
Alexander Bolton / The Hill:
Markets open low as White House pushes back on S&P downgrade
Discussion: The Hill and The Reaction
Rasmussen Reports:
Iowa Caucus: Bachmann, Romney and Paul on Top  —  In the Iowa caucus race for the Republican presidential nomination, five candidates are in double digits, and many voters are open to changing their mind before caucus day arrives.  —  The first Rasmussen Reports telephone survey …
RELATED:
Rasmussen Reports:
29% Say Tea Party Members Are Terrorists, 55% Disagree
Abby Phillip / The Politico:
Duncan to issue ‘No Child’ waivers  —  Seeing “no clear path” toward reauthorizing the “No Child Left Behind” education law, the Obama administration will unilaterally issue waivers to states, exempting them from some of the law's regulations.  —  “Today we're less than a month from the start …
Discussion: New York Magazine
RELATED:
Jennifer Epstein / Reuters:
Exclusive: S&P's flub-filled draft press release  —  Ahead of its downgrade of the U.S.'s AAA rating Friday night, Standard & Poor's sent a draft press release - obtained by POLITICO - to the Treasury Department that afternoon that included several numerical errors, setting off a heated …
Discussion: New York Times, Daily Kos and Politics
RELATED:
Daniel Strauss / The Hill:
Rep. West: Geithner ‘should move on’ from Treasury job
Discussion: The Politico and Weasel Zippers
Daily Mail:
Explosive Jackie O tapes ‘reveal how she believed Johnson killed JFK and had affair with movie star’  —  Jackie Onassis believed that Lyndon B Johnson and a cabal of Texas tycoons were involved in the assassination of her husband John F Kennedy, ‘explosive’ recordings are set to reveal.
Peter Schroeder / The Hill:
Moody's says it could also downgrade if Washington punts on dealing with debt  —  The nation could lose its top credit rating from yet another rater over the next year if policymakers lose their grip on fiscal discipline, Moody's Investors Service said Monday.
David Catanese / The Politico:
Wis. Dem memo: Victory predictions “dangerous”  —  MADISON Wis. — Democrats on the ground here are increasingly confident they will pick-up two state Senate seats, but are warning that winning the third necessary for a takeover is a tenuous prospect.  —  Despite hype from some in the party apparatus …
Discussion: Althouse and National Review
John R. Bolton / Human Events:
On Deck: Why I May Run for President  —  Adam Smith wrote in The Wealth of Nations that “the first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of a military force.”
Matthew Yglesias / ThinkProgress:
The Unappeasable Financial Markets  —  Looking back at Franklin Roosevelt's first inaugural address, perhaps the most insightful thing he says is to offer a diagnosis of what hadn't gone wrong in the early 1930s.  “Only a foolish optimist can deny the dark realities of the moment,” he conceded …
Discussion: Modeled Behavior
 
 
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 More Items: 
James Surowiecki / New Yorker:
THE BUSINESS OF AUSTERITY  —  When Congress finally reached …
Discussion: Noahpinion
Walter Russell Mead / Via Meadia:
American Tinderbox  —  For some time now, residents of some US cities …
Stuart Taylor Jr / The Atlantic Online:
Drop the DSK Charges
Discussion: Feministing
Sheryl Gay Stolberg / New York Times:
Huntsman Runs on His Name, and His Father's
Discussion: Ben Smith's Blog
Matthew Kalman / Daily Mail:
Families of suicide bombers given £5m in British aid cash
Washington Post:
When historic preservation interferes with modern preferences
Discussion: The Atlantic Online and Hit & Run
Aaron Blake / Washington Post:
Perry team raising money, supporter says announcement next week
 Earlier Items: 
Scott Adams / Wall Street Journal:
The Heady Thrill of Having Nothing to Do
Discussion: Pajamas Media
Telegraph:
Tottenham riots: police let gangs run riot and loot
Discussion: The Atlantic Online
Adam Clymer / New York Times:
Mark O. Hatfield, Republican Champion of Liberal Causes, Dies at 89
Catherine Rampell / New York Times:
Second Recession in U.S. Could Be Worse Than First
Discussion: The Raw Story
 

 
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