SHORT TAKES ON THE DRIFTING WRECKAGE – AT 11:56 P.M. ET:

THE DEBATE – The Republican debate tonight, hosted by Fox, was an embarrassment.  Frankly, the debates are getting tiresome, and this one sounded like a schoolyard brawl.  The key question was whether Donald Trump, who'd been attacked earlier in the day by 2012 Republican presidential candidate Mitt Romney, would withstand new blows from Marco Rubio and Ted Cruz.  He did.  He didn't advance, but he wasn't particularly hurt.  John Kasich was there as well, and came off as adult and reasonably thoughtful.  I'd say no one won, and that the needle barely moved.  There are some primaries on Saturday, and more on Tuesday.  The next major date is March 15th.  Both Ohio and Florida vote.  John Kasich and Marco Rubio will fight to win their own home states.  Whoever doesn't will, I think, be seen as a goner.

TRUMP APPOINTS – From the Washington Examiner:   Donald Trump on Thursday named Sen. Jeff Sessions, R-Ala., as chairman of his national security advisory committee.  Trump's campaign said Sessions, a vocal advocate of tougher enforcement of the nation's immigration laws, would counsel Trump on foreign policy and homeland security.  "It is an honor to have Jeff as a member of the team," Trump said. "I have such great respect for him and I look forward to working with him on the issues most important to Americans."  "I am grateful for the opportunity to recommend and facilitate discussions among exceptional and experienced American military and diplomatic leaders to share insight and advice with Donald Trump, regardless of their political views," Sessions said. "Mr. Trump and the American people know our country needs a clear-eyed foreign policy rooted in the national interest."  Sessions is a serious man, but a number of national-security experts signed a statement today warning that Trump was not qualified to be dealing with foreign policy.  Expect a sustained assault by anti-Trump forces within the GOP, who are hoping for a contested convention as the only means available to stop Trump.

WARNING – From The Wall Street Journal:   Financially strapped companies’ ranks are swelling.  A Moody’s Investors Service tally of the least-creditworthy companies rose by 10 to 274 this month, pushing it nearer to April 2009’s record 291. The list comprises companies rated at least six notches into junk territory with a negative outlook–which suggests a further downgrade could come soon.  The uptrend is a sign that while the U.S. high-yield default rate remains below its long-term average (3.1% now versus 4.7% since 1983, per Moody’s), more corporate borrowers are finding themselves on shaky financial ground.  I'm not so sure the recession ever really ended.  I certainly don't see much optimism around.  This will be a major issue in the campaign.  Polls show it favors Trump.

March 3, 2016