SHORT TAKES ON THE DRIFTING WRECKAGE – AT 9:45 P.M. ET:

RYAN BOWS OUT – After a week of intense speculation, and pushing by the Weekly Standard, Representative Paul Ryan of Wisconsin has announced that he will not seek the Republican nomination for president.  Of course, I have no doubt that he could be drafted for the second spot.  That leaves Sarah Palin, Rudy Giuliani and Chris Christie as potential entrants.  Of the three, Sarah seems closest to plunging in.  Indeed, she's dropped plenty of hints.  Rudy is still deciding, as Rudy is always still deciding.  By the time he decides, the race will be over.  Christie denies any interest, and, as I've argued before, Republicans greatly exaggerate his appeal beyond New Jersey.  That leaves the current field of candidates, and a divided party that wishes the field were stronger.

STRANGE THINGS IN LIBYA – The press is now backtracking on some earlier reports from Libya.  The whereabouts of Gadaffi remain unknown.  One of his sons, the head of the army, reported captured by the rebels, apparently has not been captured.  President Obama declared the battle for Libya all but over, however reports tell of renewed counterattacks by loyalist forces in Tripoli.  It does appear that the rebels are winning handily, but they've clearly made exaggerated claims in the last 24 hours.  The battle is not over.  At the same time, a draft constitution emphasizing Sharia law has surfaced, substantially adding to the worry that we may be heading for a very turbulent and controversial post-revolutionary period.  Will we yearn for Gadaffi?

OBAMA NOT GALLUPING – A new Gallup survey of registered voters shows that any of the leading GOP candidates would give President Obama a run for his money if the election were held today.  But, as the old political adage goes, if the election were held today I'd be very surprised.  None of the GOP contenders would win a clear victory, but Mitt Romney is two points ahead of the president, the only contender to actually to be ahead.  These polls, at this stage, essentially measure the strength of the incumbent, as few Americans have concentrated enough on the challengers to form a full opinion.  The president registers in the high 40s, a few points higher than his average approval rating in recent days.

SHAKEUP AT S&P – Fox News is reporting that the president of Standard & Poor's, which recently ran into a buzz saw after lowering the credit rating for the United States for the first time in our history, has resigned.  Aside from taking heat over the credit-lowering move, S&P is reportedly under investigation by the Justice Department for assorted other sins.  This "resignation" gives the appearances of a personnel sacrifice to appease critics of the firm.  There's no indication that it will do anything for our credit rating. 

August 22, 2011