SHORT TAKES ON THE DRIFTING WRECKAGE – AT 11:05 P.M. ET:

DOWNGRADE – By now you probably know that Standard & Poor's has downgraded the credit rating of the U.S. Government, the first time that's ever been done.  Two other credit bureaus, however, have not done the same.  The Standard & Poor's action is clearly a rebuke to the United States, and neither party can take any comfort in it.  Economic analysts say that the actual effect of the downgrade is unclear at this time.  We might get some early indication when Asia markets open again on Sunday night.

WHO WOULD NOTICE? – The US Postal Service said on Friday night that it may have to default on payments it owes the United States Government.  Actually, I understand that the Postal Service said this by letter several weeks ago, but the letter got lost in the mail.  (No, no, no.)   The service warned a while back that there may be drastic cuts in mail service in the years ahead, to stem the losses that are incurred chronically.  An end to Saturday deliveries is in sight.  Many post offices will have to be closed, and even some weekday deliveries will be cut back.  There are millions of Americans who don't have computers, or access to e-mail, and this could be a real hardship.

ONE HAS NEEDS, DEARIES – The New York Times reports that seriously priced luxury goods are selling like the proverbial hotcakes, including $750 women's shoes, and Mercedes Benzes.  There is a sneering quality to the article, and I object!  It seems to me that you want to look your best when going to the unemployment office.  Look like a winner who likes to work!  Pull up in that Mercdes, driven by a chauffeur.  (You can get a friend.)  They'll know you're going to look for a new job vigorously, just to support that lifestyle.  Oh, and that $9,000 coat from Neiman Marcus is a steal.

RUBIO PACS FOR ACTION – Republican Senator Marco Rubio has established a Political Action Committee, calling it Reclaim America Pac.  Rubio, who just became a senator this year, has rejected all suggestions that he run for president next year.  But he is being widely mentioned as a candidate for vice president, a steppingtone to the presidency whether his ticket wins or loses.  The PAC, like chicken soup, can't hurt.  Rubio is probably the best speaker in the Republican Party right now.

August 5, 2011