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12:40 PM ET, August 8, 2011

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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
Discussion: CNNMoney.com and Associated Press
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
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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 …
Alexander Bolton / The Hill:
Markets open low as White House pushes back on S&P downgrade  —  Washington's lawmakers and policymakers anxiously watched the open of financial markets in Asia, Europe and New York Monday to determine the impact of the nation losing its AAA credit rating.  —  The downgrade of the nation's …
Discussion: The Hill and The Reaction
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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 …
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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.
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Financial Times:
ECB buys up Italian and Spanish debt
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 …
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Rasmussen Reports:
29% Say Tea Party Members Are Terrorists, 55% Disagree
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
Sam Dillon / New York Times:
Overriding a Key Education Law  —  Secretary of Education Arne Duncan has announced that he will unilaterally override the centerpiece requirement of the No Child Left Behind school accountability law, that 100 percent of students be proficient in math and reading by 2014.
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Abby Phillip / The Politico:
Duncan to issue ‘No Child’ waivers
Discussion: New York Magazine
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.
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.”
Kevin Diaz / Minneapolis Star Tribune:
Pawlenty changes his approach on health care  —  He favored exchanges and was ‘open to’ mandates.  Then he ran for president.  —  WASHINGTON - In his presidential campaign autobiography, “Courage to Stand,” former Minnesota Gov. Tim Pawlenty recalls a man in a wheelchair who approached him at an airport in Mankato.
Aaron Blake / Washington Post:
Perry team raising money, supporter says announcement next week  —  Texas Gov. Rick Perry speaks at The Response, a call to prayer for a nation in crisis, Saturday, Aug. 6, 2011, in Houston..  (AP Photo/David J. Phillip) (David J. Phillip - AP) Texas Gov. Rick Perry (R) …
 
 
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 More Items: 
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
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
 Earlier Items: 
McClatchy Washington Bureau:
In valley where SEALs died, U.S. raids boost Taliban support
Discussion: Prairie Weather
New York Times:
Palestinians and the U.N.
Discussion: Israel Matzav and Pajamas Media
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
 

 
From Mediagazer:

John Koblin / New York Times:
NBC names Craig Melvin as Hoda Kotb's successor on Today, teaming up with Savannah Guthrie, starting January 13; Melvin has been Today's news anchor since 2018

Christopher Grimes / Financial Times:
Analysts say Netflix's live boxing match Friday night between Mike Tyson and Jake Paul is designed to get new subscribers, particularly on its ad-supported tier

Mia Sato / The Verge:
Facebook makes Views its primary metric for content, bringing it in line with Instagram; each time a piece of content appears on a screen, it counts as a View

 
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