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.

LEAP OF FAITH … - POLITICS - PROFILES - THE TALK OF THE TOWN - COMMENT - THIS WEEK'S ISSUE - THE FINANCIAL PAGE - NEWS DESK - THE POLITICAL SCENE

Romney defends silence during debt-limit fight in Congress  —  Former Massachusetts Gov. Mitt Romney (R) pushed back Monday at critics of his relative silence during the debt-ceiling fight in Congress, saying his position was “clear” all along.  —  Romney said he felt no need to weigh …

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 …

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 …

CNN Poll: Economic pessimism skyrockets  —  Washington (CNN) - Americans have a bad case of the economic jitters, as recent drops in the stock market have been accompanied by a sharp rise in the public's economic pessimism, according to a new national poll.  —  And a CNN/ORC International …

London riots: Theresa May to meet police chiefs  —  Police clashed with youths in Enfield as violence spread across London  —  Home Secretary Theresa May is meeting senior police officers following a second night of violence in London.  —  Mrs May returned from her holidays …

Aaauuuggghhh!  Market Commentary Edition  —  Carnage in stock markets as I write — and all of the headlines I see attribute it to S&P's downgrade.  —  They really are trying to make my head explode, aren't they?  —  Once again: S&P declared that US debt is no longer a safe investment …

Waiting For A Landslide  —  In 1955, a political scientist named V. O. Key published an essay entitled “A Theory of Critical Elections.”  He argued that realignments in American politics are usually punctuated by transformative elections, in which the old order suddenly gives way and a new majority emerges in its place.

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 …

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.

American Tinderbox  —  For some time now, residents of some US cities have noted occasional incidents of seemingly random, racially motivated violence in which young Black males are involved.  The hot weather and bad economy seem to be combining to generate a small but possibly significant uptick this year.

It's a Growth Scare  —  FTalphaville has been saying this all day, and it's right.  The action in the markets looks nothing like worries about US solvency; it looks exactly like what you expect to see when markets suddenly realize that the economy's growth prospects look terrible.

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 …

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.