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

Perry to visit NH and SC while presidential candidates gather in Iowa  —  Texas Gov. Rick Perry (R) will meet Saturday with conservative activists in New Hampshire and South Carolina, while other Republican presidential candidates compete in Iowa's highly anticipated straw poll.

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 …

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.

Poor People Own Appliances Because They're Cheap  —  My colleagues Melissa Boteach and Donna Cooper have a great piece on the Heritage Foundation's “poor people aren't actually poor because they own cheap electronics” theory of poverty.  This infographic nicely highlights the silliness …

Obama Job Approval 50% or Higher in 16 States and D.C.  —  Idaho residents least approving, at 27%  —  PRINCETON, NJ — Residents of 16 states and the District of Columbia gave President Obama approval ratings of 50% or higher during the first half of 2011, led by the District of Columbia, Connecticut, Maryland, and Delaware.

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.

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.”

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 …

Racially motivated attack on video  —  Editor's note: The following story contains language some readers may consider offensive.  —  Jackson, Mississippi (CNN) — On a recent Sunday morning just before dawn, two carloads of white teenagers drove to Jackson, Mississippi …

Housing authority taps federal funds to boost employee retirements  —  Santa Clara County's housing authority could have spent $16 million of federal funds to help more struggling families put a roof over their heads.  Instead, it chose to more than double the value of its employees' retirement benefits.

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.

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 …

The Unappeasable Financial Markets  —  Looking back at Franklin Roosevelt's first inaugural address, perhaps the most insightful thing he says is to offer a diagnosis of what hadn't gone wrong in the early 1930s.  “Only a foolish optimist can deny the dark realities of the moment,” he conceded …

The Price of Rural Life  —  The LA Times warns budget cutters, who are disproportionately from non-urban districts, who the big losers are likely to be from their efforts: … Another good example is the postal service.  Mail volume is down and they're hemmorhaging money …