Dow Tumbles 500 Points in Global Rout

We are 15 months from election 2012, and it's not looking good for Obama and the Democrats. Karl Rove has an analysis, "The Debt-Ceiling Debate and 2012." It's largely a technical discussion. Rove notes that the summer debt crisis was of the president's making, since the Democrats failed to pass a budget when they had control of the House, and Obama thought that blame for out-of-control spending could also be apportioned to Republicans. Rove notes as well that tea partiers aren't pleased with the deal and this could create a lot of conflict in the GOP congressional primaries. But from my perspective, the race for the White House is key, and markets are giving us a preview of what to expect over the next year. Democrat Party fortunes will crash harder than the Dow. Recall the Obama won office on economic competence. Voters saw John McCain flailing in October 2008 and Obama looked cool and collected. Now he just looks like a charlatan.

More on this later. Meanwhile, at WSJ, "Dow Tumbles 500 Points, Putting It in Red for Year" (also at the Google link).

NEW YORK – U.S. stocks plunged in the biggest selloff since the financial crisis, driving the Dow Jones Industrial Average down more than 500 points, as investors appeared to lose faith in the ability of the world's policy makers to revive the global economy and stave off a rolling debt crisis in Europe.

The Dow cascaded lower throughout the session. It finished just off the lows with a 512.76-point decline, or 4.31%, to 11383.68, erasing all its gains for 2011. The slump of the past few weeks has driven the Dow down more than 10% from its May intraday highs, putting the index officially in correction territory.

It was the measure's biggest single-day loss since Dec. 1, 2008, when the Dow plunged 679.95 points at the height of the financial crisis, one of the market's worst days ever.

Recovery Summer? Stocks Crash After Debt Deal, Raising Fears Over Economy

I wrote on the economy yesterday, and the hits keep coming.

At Los York Times, "Dow down more than 400 points as market plunge continues."

Also at The Hill, "Dow plunges after debt deal, raising anxiety over economy." (At Memeorandum.)

Americans Give Low Ratings and Dire Predictions for Debt-Ceiling Deal

At USA Today, "Poll: Thumbs down on the debt-ceiling deal" (at Memeorandum):

In a USA TODAY/Gallup Poll taken hours after the Senate passed and President Obama signed the deal, 46% disapprove of the agreement; 39% approve. Only one in five see it as a step forward in addressing the federal debt.

The dyspeptic view may reflect less an assessment of the plan's particulars than dismay at the edge-of-a-cliff negotiations to reach it.

"Most people assume that whatever came out of this horrible process was pretty crappy," says Joseph White, a political scientist at Case Western Reserve University in Cleveland who studies budget policy.

And a surprisingly good discussion at the clip. I'm not familiar with Beverly Gage, but she nails it with her comments on the absurdity of Obamania. And Harvard's David King needs to be fact-checked. He says America hasn't been this polarized since the 1920s, and Judy Woodruff calls him out. He then clarifies with a reference to congressional polarization starting in the 1970s, and that sounds more accurate.

Obama Isn't Working, and He's Only Halfway There

Here's an interesting news mashup. Turns out President Obama spoke to supporters in Chicago on Wednesday night, a DNC fundraiser and 50th birthday celebration. See RCP, "Obama: "We're Not Even Halfway There Yet" (via Legal Insurrection). Added: A Memeorandum thread now.

Meanwhile, Mitt Romney was ready for it, and released this ad ahead of Obama's trip, according to Lynn Sweet, "Mitt Romney taunts Obama over Chicago’s woes ahead of visit":

If Obama's only halfway there, then no one will have a job when he's done.

RELATED: At National Journal, "Polls Show Obama at Risk in Florida." Good thing too!

Republican Voters Hold Out for Their Dream Candidate

I'm not holding out. I'm backing Bachmann. She's consistently opposed the White House on the budget, and her vote may be a huge asset for next week's Ames straw poll.

But see Los Angeles Times, "GOP voters holding out for dream candidate."

RELATED: Robert Stacy McCain's in Iowa, so check over there for first-hand reports.

Big Day at U.S. Open of Surfing!

Well, we're back.

I hung out with my youngest son while my oldest tooled around Huntington Beach with some friends from school.

We parked at 12th Street and Pacific Coast Highway, just North of the Sun'n Sands Motel:

Here's the scene looking toward the pier from the BMX grandstands. Vendor booths are under the tents. The Skullcandy sound booth is at right:

Actually, I didn't have time to watch surfing. I usually do, but I couldn't leave my youngest kid alone. But Los Angeles Times has a surfing report, "Brett Simpson is eliminated at Nike U.S. Open of Surfing."

So we mostly hung out by the skateboard ramps:

The weather was awesome. Good for a couple of Pacíficos:

Hundreds of thousands of fans visit the U.S. Open every summer. It's mostly young people, guys with board shorts and girls in bikinis. One thing I found interesting is how people write on themselves, with erasable ink, I guess. Mostly these are good-natured messages, like "Free Hugs Here," seen on a lot of the young guys. That said, I saw one hot little number in a bikini with a slashed line running from her bikini top to her bottoms, with an arrow pointing to her private area with the message, "INSERT HERE!" Well, I'm all for truth in advertising! And honestly, some people have no problem writing "F- Me" all over their bodies. I asked my oldest son about that and even he was surprised. He then showed me his Skullcandy tatoo, so what can you do:

Heckuva lot better than "F- Me", that's for sure!

The Collective Pathologies of Postmodern America

From Victor Davis Hanson, at National Review, "Snapshot of a Sick Society."

Economic Fears Hit Global Markets

At Wall Street Journal (Google link here):

Worries about the global economy rippled through financial markets on Tuesday, driving down share prices from Tokyo to New York and placing new strains on Spanish and Italian bonds.

Concerns that have been building for days erupted into a selloff that began in Asia, gathered steam in Europe and culminated in a sharp, late-day drop in New York. As the dust settled from the acrimonious debate in Washington over the debt ceiling, investors turned their attention to mounting evidence that the global economy is weakening. Data in recent weeks has shown that the economic "soft-patch" seen around the world in the second quarter is proving deeper and more entrenched than many investors had thought would be the case.

"As people take their focus off the debt ceiling…they're focusing on an economy that looks worse than they had thought," said Erik Weisman, a portfolio manager at MFS Investment Management.

U.S. stocks fell for the eighth straight day, the longest stretch of declines since the 2008 financial crisis. Several measures fell into negative territory for 2011. The Dow Jones Industrial Average dropped below 12000, plunging 265.87 points, or 2.2%, to 11866.62. In its eight-day decline, the blue-chip index is down 6.7%. In Europe, Italian and Spanish bond markets continued their decline, sending yields to euro-era highs. European bank stocks, too, also suffered sharp losses and broader stock indexes tumbled.

Government dependence on borrowing is hammering investor confidence and rattling markets.

'I Love Rich People'

From Katie Kieffer, at Townhall, "Why I Hope the Rich Get Richer":

We hurt ourselves by envying, over-taxing and slandering the rich. Anti-wealth public policies will only persuade independently wealthy Americans to shut down their businesses, stop hiring and retire early to their hammocks in the tropics. On the other hand, if we “love” the rich, we will receive the love back in the form of ample jobs, loans, innovations and investments.

Come to think of it, I'm amazed at how infrequently we hear this argument. A great essay. (Via Linkiest.)

Republicans Seeking Election Remain Unsure About Embracing Tea Party

Well, perhaps I would too if half the political establishment had branded me a terrorist.

At New York Times:

WASHINGTON — The success of Tea Party-backed lawmakers in defining the terms of the debt debate in Washington has further cemented the party’s identity as part of a conservative movement insistent on deep spending cuts, lower taxes and smaller government.

But as Republican candidates gear up for 2012, many are struggling with whether to embrace those passions. Opposing the debt ceiling increase and linking arms with the Tea Party may help candidates tap into a reservoir of energy in their party’s electorate. But it also threatens to alienate the candidates from independent voters who grimaced at the bickering in Washington this summer and preferred greater compromise on issues like tax increases.

“The process didn’t please anyone,” said Whit Ayres, a Republican pollster, “but it was very clear that the new congressmen elected in 2010 dramatically shifted the debate from how much more shall we spend to how much shall we cut.”

In the coming 2012 elections, the strategic calculation for Republican candidates weighing Tea Party ties “depends on the state, depends on the politician and it depends on the particular race,” Mr. Ayres said.

Sounds fair enough. And in states like California, 0bviously, a Republican's more likely to run as a moderate. And even then you can narrow it down to individual constituencies. At the national level, the piece discusses the presidential contenders, and quotes Michele Bachmann, who dissed the budget deal and asserts that President Obama has failed the test of leadership. Hey, sing it baby!

Deficit Battle Shifts to Panel

At WSJ:

WASHINGTON—The Senate approved—and President Barack Obama immediately signed—the long-awaited deal to raise the nation's debt limit Tuesday, as the battle shifted to how a special committee created by the measure will cut the deficit by $1.5 trillion.

The Senate voted 74-26 for the package, which raises the government's borrowing limit by $2.4 trillion and cuts $917 billion in federal spending. A fiery debate is likely over the next step, the bipartisan panel, and how much of its $1.5 trillion in deficit reductions will come from tax increases and how much from cuts in safety-net programs.

Meanwhile, Democrats in particular were eager to move beyond the debt-limit fight and tackle the issue of jobs, which they consider friendlier political turf. Mr. Obama signed the bill in private but used his public comments to try to shift the focus to the economy.

The president could send a stronger signal of defeat than a private bill-signing. Jimmy Carter is smiling somewhere.

'Civility': The Denouement

See James Taranto, at Wall Street Journal.

"Terrorist," "racist," "uncivil," "insane," the list goes on--in this context, these words have no real meaning. They are mere epithets. The Obama presidency has reduced the liberal left to an apoplectic rage. His Ivy League credentials, superior attitude, pseudointellectual mien and facile adherence to lefty ideology make him the perfect personification of the liberal elite. Thus far at least, he has been an utter failure both at winning public support and at managing the affairs of the nation.

Obama's failure is the failure of the liberal elite, and that is why their ressentiment has reached such intensity. Their ideas, such as they are, are being put to a real-world test and found severely wanting. As a result, their authority is collapsing. And if there is one thing they know deep in their bones, it is that they are entitled to that authority. They lash out, desperately and pathetically, because they have nothing to offer but fear and anger.

That's a Bill O'Reilly segment at the clip, and a good one.

RELATED: At Verum Serum, "Another Day, Another Progressive Accuses Elected Members of Congress of Domestic Terrorism."

Gabrielle Giffords's Recovery

I promised to update on Representative Giffords.

Here's this report at WaPo, "Rep. Gabrielle Giffords’s road to recovery includes stop on House floor":

On Monday, the Arizona Democrat flew on a commercial jet from Houston to Washington, where she surprised her colleagues by showing up to vote — her first vote since the Jan. 8 shooting. After a meal with her staff Tuesday, Giffords boarded a plane back to Houston, where she is
still undergoing five days a week of intensive outpatient physical therapy.

The simple one-day journey provided new insights into her progress since the incident that left her with a significant brain injury, friends and specialists said Tuesday.

“In the beginning she could hardly get one word out,” recalled Richard Carmona, a family friend and former surgeon general who is not treating Giffords but has kept tabs on her recovery. Now, “she can speak and put a sentence together. Sometimes, she’s a little slower and a little more thoughtful.”

The mobility on the right side of her body was damaged, much like a stroke patient’s, he said. But she can now walk largely un­assisted. Her improvement has been “really quicker and better than anybody expected,” he said.

Giffords is undergoing three types of rehabilitation, Carmona said: physical therapy to strengthen her right side, occupational therapy to help her with day-to-day tasks such as using a knife and fork, and cognitive therapy including reading and word games. All are “meant to strengthen all the functions that were diminished or lost,” he said.

Giffords still struggles to communicate, a limitation that sometimes leaves her frustrated, friends said. But they said they do not doubt her cognitive abilities and are confident that she understood the debt issue when she voted Monday.

“I guess the most astonishing thing has been how her cognitive abilities seem never to have been affected in the first place. Her ability to know what is going on around her is complete,” said Michael McNulty, her friend and campaign chairman, who has visited with Giffords about every few weeks since she moved from her district in Tucson to Houston, where her husband is based. “She continues to have a lot of speech therapy. And she will continue to until she returns to her eloquent self.”

Still more at that top link.

'The D-Boyz' at X-Games

My boys hanging out on Saturday at Staples Center:

We might be going to Huntington Beach today, so check back from some fresh photo-blogging. The weather is really hot too!

'Hey Jude'

It's ranked #8 at Rolling Stone's all-time best song list, "500 Greatest Songs of All Time."

I'm taking my boys to see the Beatles LOVE Cirque du Soleil in a couple of weeks, so bear with me on the continued Beatles postings, LOL!

NewsBusted: 'A debt ceiling extension deal has been reached'

Via Theo Spark:

U.S. Open of Surfing at Huntington Beach

The surf contest schedule overlapped with the X-Games, so I wasn't event thinking about it. But my oldest boy asked if I'd drive him down to the beach tomorrow, so I checked it out online. Here's this at Los Angeles Times, "U.S. Open of Surfing at Huntington Beach begins Saturday." Cool Twitter feed here as well.

Seriously! White House to Announce 'Counter-Radicalization Strategy'

At Weasel Zippers, "Obama to Unveil New Strategy to Combat Violent Extremism…"

Interestingly, "The strategy pointedly does not focus on threats from Muslim extremism."

Hmm...

I wonder what other groups might be under the radar on this? You know, maybe the White House was kidding earlier today, when it denounced the heated rhetoric of late attacking the tea parties as "terrorists." Desperate times call for desperate measures, I guess. Announce a "counter-radicalization program" days after alleged "tea party terrorists" took the country "hostage" with threats of "default." You can't make this stuff up. Man!

Somalis Starve as Shabab Islamists Bar Escape From Famine

This really bothers me, at NYT, "Somalis Waste Away as Insurgents Block Escape From Famine." The picture here was on the cover of today's hard copy edition.

Readers know I've expressed reservations against humanitarian intervention, especially since Libya really wasn't. But I'm not reflexively opposed to the use of military power to guarantee food shipments. Almost twenty years ago President George H.W. Bush sent U.S. forces to Somalia to protect delivery of humanitarian aid. We all know how that turned out, but we didn't go in right in the first place, didn't have enough men and heavy armor on the ground, and President Bill Clinton got cold feet after we sustained casualties. If we were ever to do something like that again, we'd be best to go in without the U.N. or our NATO allies. Leave it to American forces, who've been engaged in two decades of counterinsurgency warfare since the early 1990s. The experience is cumulative. We could do a better and more effective job of relief today, and frankly, it could do some good. The Horn of Africa is right next to Pakistan and Yemen as the top location of festering Islamist war against the West.

Every morning, emaciated parents with emaciated children stagger into Banadir Hospital, a shell of a building with floors that stink of diesel fuel because that is all the nurses have to fight off the flies. Babies are dying because of the lack of equipment and medicine. Some get hooked up to adult-size intravenous drips — pediatric versions are hard to find — and their compromised bodies cannot handle the volume of fluid.

Most parents do not have money for medicine, so entire families sit on old-fashioned cholera beds, with basketball-size holes cut out of the middle, taking turns going to the bathroom as diarrhea streams out of them.

“This is worse than 1992,” said Dr. Lul Mohamed, Banadir’s head of pediatrics, referring to Somalia’s last famine. “Back then, at least we had some help.”

In any case, more at New York Times, "Off Media Radar, Famine Garners Few Donations," and "How to Help Victims of the East Africa Famine."

Obsessed Much? Charles Johnson Has Written Ten Posts Attacking Pamela Geller Since Anders Breivik's Norway Massacre

And that's just counting blog posts that include Pamela Geller's name in the title. There's a least a half-dozen more that feature Pamela as the main person of interest, for example, Mad King Charles' entry on the New York Times' hit piece on counter-jihad, "Killings in Norway Spotlight Anti-Muslim Thought in U.S."

And just today Mad Charles published, "Perfect Timing: Pamela Geller's New WND Book Echoes Oslo Terrorist's Book." That's a depraved comparison. The lowest of the sleazebag low. Think about it: One third of Anders Breivik's manifesto is a terrorist's handbook, with detailed outlines and planning from everything such as explosives to nuclear and radiological weapons. On the other hand, obviously, a look at the chapter outline of Pamela Geller's new book shows nothing even remotely similar. Pamela's book is a primer on creeping sharia, discussing growing Islamization, from government infiltration to the mass media to the mosqueing of schools and workplaces. The last chapter calls for greater institutional accountability and exhorts concerned citizens to increased voting participation to balance against aggressive Islam. Oh, the horrors!! Actually, not. There's no mixture ratios for ammonium nitrate fuel bombs. But Charles Johnson's stupid as well as depraved.

In any case, check Charles' "Lizardoid" Twitter feed for the links. The Pamela obsession is unhinged as it is, but put that on top of the Lizard Man's pathological lies and deranged distortions and scrubbing of his own background in counter-jihad, and you've really got a certified head case. See my earlier report, "Charles Johnson Browbeat Forbes' Abigail Esman After She Correctly Noted That Anders Breivik Voluminously Cited Little Green Footballs."

Given the nature of the blogosphere, perhaps it's to be expected. And folks have long known that Charles Johnson's got serious issues, but the Mad Lizaroid's now to the point of unhinged stalking. The dude needs help.