memeorandum: Anger Over Credit Rating Resurfaces in Washington (New York Times)

11:40 AM ET, August 7, 2011

Top Items:

Seung Min Kim / The Politico:

S&P rating: ‘Outrageous’, ‘nothing good to say’ — Outrage over Standard & Poor's downgrade of the United States' credit rating extended to both sides of the political aisle on Sunday. — Steve Forbes, CEO of Forbes Inc. and a former Republican presidential contender …

Discussion: ThinkProgress

Edmund L. Andrews / NationalJournal.com:

Why S&P's Downgrade is No Joke — The real impact of S&P's downgrade is political, not economic. — It's tempting to dismiss Standard & Poor's downgrade of U.S. long-term Treasury bonds as no big deal in the real world. It's also tempting to describe it as a broad criticism …

Discussion: Washington Monthly

Steve Benen / Washington Monthly:

A timeline of events — Let's take a stroll down memory lane, shall we? — 1980: Ronald Reagan runs for president, promising a balanced budget — 1981 - 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt.

New York Times:

Anger Over Credit Rating Resurfaces in Washington — The frustration in the air was palpable. Officials from the credit ratings agency Standard & Poor's were meeting with Congressional leaders on a stifling late day in late July to discuss the thorniest issue in Washington …

Discussion: Guardian, The Caucus, Prairie Weather, Daily Kos and The Baseline Scenario

New York Times:
Amid Criticism on Downgrade of U.S., S.&P. Fires Back

Discussion: Money & Company, Hullabaloo, Reuters, CNN and The Curious Capitalist

Felix Salmon:
The credibility and integrity of S&P's ratings action

Discussion: Outside the Beltway, The Curious Capitalist, Patterico's Pontifications, Conservatives4Palin and Speakeasy

John Bellows / U.S. Department of the Treasury:
Just the Facts: S&P's $2 Trillion Mistake

Discussion: Politics, Paul Krugman, Jared Bernstein, Guardian, Economics One, Ben Smith's Blog, Fortune, FOXBusiness.com and Wall Street Journal

Josh Boak / The Politico:
S & P warns of a second downgrade

Discussion: The Moderate Voice, Runnin' Scared, Outside the Beltway, Firedoglake, Towleroad News #gay and PERRspectives

Greg Sargent / Washington Post:
Standard and Poors versus Mitch McConnell

Discussion: Washington Monthly, The Moderate Voice, The Political Carnival, Outside the Beltway and Daily Kos

Drew Westen / New York Times:

What Happened to Obama? — Drew Westen is a professor of psychology at Emory University and the author of “The Political Brain: The Role of Emotion in Deciding the Fate of the Nation.” — Atlanta — IT was a blustery day in Washington on Jan. 20, 2009, as it often seems to be on the day of a presidential inauguration.

Discussion: Connecting.the.Dots and Corrente

Janet Daley / Telegraph:

If we are to survive the looming catastrophe, we need to face the truth — The idea that a capitalist economy can support a socialist welfare state is collapsing before our eyes, says Janet Daley. — Getting it right: the Tea Party recognised where America's policies were heading

Discussion: National Review

The Daily Beast:

Tea Party's Next Targets — Blocking judges and federal appointees and even killing the gas tax might be next for the band of ragtag obstructionist rebels known as the Tea Party. — As the nation sweated the very real possibility that America would default on its debt …

Discussion: Alan Colmes' Liberaland and The Political Carnival

Alexander Bolton / The Hill:

Obama's soft response to Tea Party draws liberal criticism — Liberals are growing frustrated with President Obama's soft response to the Tea Party after fractious negotiations over the debt limit led to the loss of nation's AAA credit rating on Friday. — Republicans and Democrats …

Discussion: The Democratic Daily and Weasel Zippers

Mark Tapscott / Washington Examiner:

Wisconsin Democratic Party flak threatens to sic union bullies on independent news group — A spokesman for the Wisconsin Democratic Party has threatened to sic union bullies on an independent news organization whose reporting he thinks is “biased.” — Graeme Zeilinski was upset …

Discussion: RedState and Le·gal In·sur·rec· tion

BBC:

London riots: Dozens injured after Tottenham violence — Clasford Stirling, a resident of Tottenham for 32 years, said the area looked like a battlefield — More than 40 people have been arrested after rioting saw police attacked, buildings looted and vehicles set alight in Tottenham, north London.

Discussion: Telegraph, Guardian, The Moderate Voice, Zandar Versus The Stupid and msnbc.com

Washington Post:

Origins of the debt showdown — This article was reported by Lori Montgomery, Paul Kane, Brady Dennis, Alec MacGillis, David Fahrenthold, Rosalind Helderman, Felicia Sonmez and Dan Balz. It was written by Dennis, MacGillis and Montgomery. — In mid-January, newly installed …

Discussion: Taylor Marsh and Prairie Weather

GetEQUAL.org:

Protesters Travel From Across Texas to Picket Hate-Based Event — FOR IMMEDIATE RELEASE — Michael Diviesti, GetEQUAL Texas State Lead Organizer, (512) 694-3394, michael@getequaltx.org — HOUSTON, TX — On August 6th, Governor Perry spoke at an event inside Reliant Stadium in Houston …

Discussion: Firedoglake and Towleroad News #gay

Manny Fernandez / New York Times:
Perry Leads Prayer Rally for ‘Nation in Crisis’

Discussion: Via Meadia, Towleroad News #gay, Gawker, New York Magazine and The Politico

Washington Examiner:

Obama won't escape blame for credit downgrade — Standard and Poor's explanation for why it downgraded U.S. debt is written in such a way that it can be seized upon by all ideological stripes. The statement cites the unwillingness of Republicans to raise taxes and of Democrats to agree to entitlement cuts.

Discussion: Hot Air and The Impolitic