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12:55 PM ET, August 6, 2011

memeorandum

 Top Items: 
Paul Krugman:
S&P and the USA  —  OK, so Standard and Poors has gone ahead with the threatened downgrade.  It's a strange situation.  —  On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation.  And yes, it is the madness of the right …
RELATED:
Damian Paletta / Wall Street Journal:
Math Error Fuels Fight Over Rating  —  A mathematical error discovered late Friday by Treasury Department officials threw into limbo, at least temporarily, plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating the U.S. has held for 70 years, people familiar with the matter said.
Ezra Klein / Washington Post:
Standard & Poor's has been wrong before.  But they're right now.  —  Standard Poor's decision to downgrade the United States has led to a lot of criticism of Standard Poor's.  The White House called their performance, which included a miscalculation of about $2 trillion, “amateur hour.”
New York Times:
S.&P. Downgrades Debt Rating of U.S. For the First Time  —  WASHINGTON — Standard & Poor's removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear financial implications.
Walter Brandimarte / Reuters:
United States loses AAA credit rating from S&P  —  (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.  —  S&P cut the long-term U.S. credit rating by one notch to AA-plus …
MarketBeat:
S&P Downgrades U.S. Debt Rating — Press Release  —  Standard & Poor's took the unprecedented step of downgrading the U.S. government's “AAA” sovereign credit rating Friday in a move that could send shock waves through global.  The following is a press release from Standard & Poor's:
Political Punch:
Govt Officials: US Expecting S&P Downgrade — Based on ‘Serious Mistake’ in Analysis*  —  Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor's to downgrade the rating of U.S. debt from its current AAA value.
Wall Street Journal:
S&P Strips U.S. of Top Credit Rating  —  Unprecedented Downgrade Comes After Last-Minute Standoff; Treasury Says Decision Is ‘Flawed by a $2 Trillion Error’  —  A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor's said U.S. Treasury debt …
Discussion: Guardian, Swampland and Corrente
Robert Reich:
Why S&P Has No Business Downgrading the U.S.
Kevinliptak / CNN:
TRENDING: GOP candidates slam Obama after downgrade
Washington Post:
S&P downgrades U.S. credit rating for first time
Matthew Yglesias / ThinkProgress:
Boehner's Folly Leads To S&P Downgrade of US Debt
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
The Politico:
U.S. credit rating downgraded
Discussion: CNN and Poynter
New York Times:
Dozens of U.S. Troops Killed as Copter Shot Down in Afghanistan  —  KABUL, Afghanistan — Insurgents shot down a NATO Chinook helicopter during an overnight operation in eastern Afghanistan, killing at least 37 people on board, a coalition military official said on Saturday.
RELATED:
Solomon Moore / Associated Press:
31 Americans, 7 Afghans killed in helicopter crash
Martha Raddatz / ABCNEWS:
31 Americans Killed Including 25 SEALs in Helicopter Crash in Afghanistan
Discussion: Gawker
Kevin Sieff / Washington Post:
NATO copter shot down; dozens of U.S. troops killed
Joe Nocera / New York Times:
The Tea Party, Take Two  —  In the four months since I began writing an Op-Ed column, the thing that has most surprised me is how darned liberal I sound sometimes.  I know that seems like a strange thing to say, so let me explain.  —  Growing up in heavily Democratic Providence, R.I. …
RELATED:
Reuters:
China tells U.S. “good old days” of borrowing are over  —  (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the “good old days” of borrowing were over.  —  Standard & Poor's cut the U.S. long-term credit rating …
William A. Jacobson / Le·gal In·sur·rec· tion:
Widener Law School goes Soviet, demands law professor undergo psychiatric evaluation  —  Lawrence Connell is a tenured law professor at Widener Law School in Delaware.  I have noted in prior posts that Connell was accused of a wide range of racist and sexist conduct directed at students …
Discussion: The Volokh Conspiracy
Joseph Rago / Wall Street Journal:
Obama and the Narcissism of Big Differences  —  ‘He becomes visibly agitated. . . . He does not like to be challenged on policy grounds,’ says the House majority leader of the president.  —  New York  —  Whatever the rhetoric that preceded this week's deal, the debt-ceiling debate was never really about the debt at all.
Discussion: Power Line, Hot Air and PoliPundit.com
Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention  —  Texas Gov. Rick Perry's (R) high-profile prayer gathering Saturday is set to pave the way for his possible but increasingly likely late entry into the race for the Republican presidential nomination.
Discussion: The Note
RELATED:
Beltway Buzz:
Rick Perry: “I Pray for the President Everyday”
Discussion: Politics and The Page
 
 
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 More Items: 
The Investigative Project on Terrorism:
CAIR Rep Speaks on Hamas TV
Discussion: Weasel Zippers
Leary / nation.foxnews.com:
Message to John Kerry: Quit Whining
Discussion: Crooks and Liars
Thomas W. Lippman / Washington Post:
Washington's uneasy alliance with Bahrain
Discussion: Eunomia and The Daily Dish
host.madison.com:
RSS Government And Politics DMV to add hours, offices to address increased demand for photo IDs
Discussion: ThinkProgress and The Raw Story
Michael M. Grynbaum / City Room:
Port Authority Seeks Big Toll Increase
Annie Lowrey / Slate Magazine:
“They Used To Cane Each Other and Have Duels”
 Earlier Items: 
Larry O'Connor / Breitbart.tv:
Obama 2009: Economy is My Responsibility vs. Obama 2011: Economy is Shared Responsibility
Jesse Russell / Dane101:
Wisconsin to NOLA: Rep. Pocan kicked out of ALEC event; ThinkProgress reporters accosted
Wall Street Journal:
Elisabeth Murdoch Won't Join News Corp. Board
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team
Greg Sargent / Washington Post:
Why Democrats are very nervous about Wisconsin
 

 
From Mediagazer:

Max Tani / @maxwelltani:
Memo: WaPo's Matt Murray lays out plans for WP Ventures, the “third newsroom”; Krissah Thompson will be editor and Samantha Henig will be general manager

Jack Dunn / Variety:
Trump appoints Mark Burnett, the British TV executive who created and produced the reality show The Apprentice, as a special envoy to the UK

Stephen Alpher / CoinDesk:
Rumble announces a $775M investment from Tether and plans to use $525M to fund a tender offer for ~70M shares of its common stock; RUM jumped 50%+ after hours

 
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