SHORT TAKES ON THE DRIFTING WRECKAGE – AT 9:14 P.M. ET:

CROSSING THE BARRIER – President Obama crossed a barrier today that he wish he hadn't crossed.  His approval rating from Gallup crashed below 40% for the first time, and stands at 39%.   Psychologically, that is pretty devastating.  Watch for stories that say something like, "He's heading into Bush territory."  I'm not shocked by the decline because the president hasn't done anything to deserve better.  But we should also be aware that, politically, this man and his organization fight back.  Obama is going on a campaign tour this week.  It's what he does best, and don't underestimate him.

PATHETIC – The unspeakable individual who committed the recent massacre in Norway has retraced his steps for Norwegian authorities, showing how he murdered 69 children unempeded by the inconvenience of police intervention.  What is pathetic is that no one has been held to account for the fact that these youngsters were completely unprotected, and no one has been held to account for the slow police response.  Norway is a country run by left-wing goofballs with the judgment of 12-year-olds.  Their elites rush around the world announcing their superiority and their openness.  When people speak that way, remember that someone else always pays the price.  In this case the price was paid by children.  In America we've had elitists shrug off crime as a "socio-economic problem of inner city peoples."  The price for that idea was paid by tens of thousands of murder victims, many of them minority youngsters.  A price is always paid.

CONVENTIONAL WISDOM? – With Tim Pawlenty withdrawing from the GOP race, conventional wisdom now sees the contest as between Mitt Romney and Rick Perry.  But wait a minute.  Isn't someone being left out?  Like her or not, and I can see both sides, Michele Bachmann has proved herself an effective candidate and a vote getter, at least in certain places.  And the woman competes.  True, she has a tougher road now, with Perry in the contest and aiming for the same base.  But Bachmann, who is smart and a solid debater, must be taken seriously, even if you feel, as many do, that she's punching above her weight.  There'll be another debate in October, and I'm intrigued by how she'll do when she has to take on both Romney and Perry.  If she doesn't get the nomination, her supporters may demand that she be put on the ticket, which will conjure up the Sarah Palin episode.

DEMAND QUALITY – There are many stories about the frugality of Warren Buffett, including one relating how, while walking with the late Katherine Graham of the Washington Post, he crossed a street to save a quarter, which was amazing to Ms. Graham.  But Buffett, at least it's said, always understood the importance of consumers acting responsibly, and encouraging competition.  I mention that because there's a marvelous, and very funny story in London's Daily Mail today about women spending vast sums for shoes made by a designer named Jimmy Choo, only to find them showing marked deterioration after only one wearing.  I hope you read it.  It's a wonderful lesson in the triumph of hype over quality.  Thoughtful and discerning consumers help the free enterprise system.  (Now watch, I'll get a lot of angry e-mails from readers saying, "People should buy what they want."  I agree, but I hate to see hype triumphant.)

August 14, 2011