Rates of Wrath  —  Not good news in stock markets — but you really have to look at the bond markets to get the full awfulness of the situation.  —  The US 10-year bond rate is now down to 2.5%.  So much for those bond vigilantes.  What this rate is saying is that markets are pricing …

U.S. Stocks Slide 3%  —  NEW YORK—The Dow Jones Industrial Average plunged more than 300 points as worried investors staged a broad flight from risky assets.  —  “The market is pricing in the chance of a recession,” said John Brady, vice president at MF Global.

If Conservatives Were Right About the Economy  —  Further to yesterday's post about the respective economic acumen of the Wall Street Journal editorial page vs. Prof. Paul Krugman:  —  My conservative friends argue that the policies of Barack Obama are responsible for the horrifying length and depth of the economic crisis.

Obama's big drags  —  The politics of the debt fight were a drag for President Barack Obama, yanking his popularity to new lows.  Here's an even bigger drag: Obama emerges from the months-long fracas weaker - and facing much deeper and more durable political obstacles - than his own advisers ever imagined.

Inside the Huntsman ‘drama’  —  A blistering internal feud in the Jon Huntsman presidential campaign is erupting into public view, with dueling camps trading charges and an exodus of campaign officials.  —  And now, a longtime family friend tells POLITICO that Huntsman's wife and father fret …

Reid announces deal to end FAA furloughs  —  The Senate will pass the House's bill to fund the Federal Aviation Administration through September to end the week-and-a-half-long partial shutdown of the agency, Senate Majority Leader Harry Reid (D-Nev.) announced Thursday.

Even Marked Up, Luxury Goods Fly Off Shelves  —  Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price.  Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair.  Mercedes-Benz said it sold more cars last month …

Happy birthday?  —  How much don't we know about Barack Obama as he nears the end of his third year of White House occupation?  —  Well, he claims today is his 50th birthday.  —  Yet, incredibly, it is still only an unsubstantiated claim - and, perhaps, more suspect than ever.

Cartoonist Targeted With Criminal Probe For Mocking Police  —  RENTON, Wash. — The Renton City Prosecutor wants to send a cartoonist to jail for mocking the police department in a series of animated Internet videos.  —  The “South-Park"-style animations parody everything from officers having sex …

Romney signs marriage pledge  —  Former Gov. Mitt Romney has joined Rep. Michele Bachmann and former Sen. Rick Santorum in signing a pledge to oppose same-sex marriage on a number of specific fronts.  —  The three candidates signed the pledge advanced by the National Organization for Marriage …

Pelosi: Republicans Aren't Interested In Deficit Reduction, They Are Interested In Destroying Government  —  In an interview with ThinkProgress and other online reporters this morning, House Democratic Leader Nancy Pelosi (D-CA) flatly asserted that Republicans were not interested in deficit reduction.

Time for Obama to be feared by the Tea Party  —  Progressives and other peeved supporters of President Obama who aren't happy with the all-cuts-no-revenue deal to raise the debt ceiling need to see it as the beginning of a very long (and necessary) process to get the nation's fiscal house in order.

What Caused The Deficit?  A Reply To Megan McArdle  —  One of the most effective Republican themes of the last two years has been blaming President Obama for the explosive growth in the budget deficit since 2009.  The accusation that “Obama's spending binge” has blown up the deficit …

Satirical mints poking fun at Obama pulled from UT bookstore  —  Web Search powered by YAHOO! SEARCH  —  PHOTO BY SAUL YOUNG, COPYRIGHT © 2011 // BUY THIS PHOTO  —  Boxes of breath mints, like this one pictured at Vice Chancellor for Communication Margie Nichols' office on Wednesday …

First Lady Says Obama's Gray Hair ‘Proof’ He Deserves Second Term  —  ABC News' Devin Dwyer (@devindwyer) reports: On the president's 50th birthday, First Lady Michelle Obama says her husband's ever graying hair is “proof” he's handled his the job well, and deserves re-election in 2012.

Why defense spending should be cut  —  The scary aspect of the debt deal meant to force all of Washington to its senses is the threatened cut to defense spending.  If the congressional “super-committee” cannot agree on cutbacks of $1.5 trillion, the guillotine will fall and half …

U.S. incomes fell sharply in 2009  —  (Reuters) - U.S. incomes plummeted again in 2009, with total income down 15.2 percent in real terms since 2007, new tax data showed on Wednesday.  —  The data showed an alarming drop in the number of taxpayers reporting any earnings from a job …

So What Now?  —  The stock market seems to be telling us that all the classical ways of reviving a moribund economy have been exhausted: We have hit near rock-bottom interest rates that cannot go much lower; we have borrowed about as many trillions as our credit is worth without any realistic plan …

Weprin distances himself from Obama  —  The Democratic candidate seeking to fill the congressional seat vacated by randy ex-Rep Anthony Weiner distanced himself from President Obama today — by refusing to say whether he backed the president's re-election.  —  “I'm running myself right now.

Fox's Beckel, Gutfeld say they were joking about pulling punches on Palin  —  NEW YORK — Two Fox News Channel analysts said Thursday they were joking when they spoke on the air about going easy on fellow Fox employee Sarah Palin.  —  The comments by Greg Gutfeld and Bob Beckel were taken seriously …

Texas Gov. Rick Perry wages an assault on state's university establishment  —  In Texas, few institutions are as venerated as its flagship universities.  Their alumni networks are vast and devoted.  The state's political power structure is woven by college ties that are as strong as party ones.