WARNING FROM LONDON – AT 10:03 A.M. ET:  Britain is taking the Islamic State threat much more seriously than we are.  From Breitbart: 

London could be the scene of a Mumbai-style terrorist "spectacular" if Islamist jihadists get their way, British security chiefs have warned. There is growing concern that a list of "soft" targets is being drawn up, and that weapons and explosives have already been smuggled into the country.

The Sun is reporting that the SAS has moved part of its anti-terror team to a forward base near London, amid concerns that a prolonged attack may be staged in that city. MI5 also referred to the Mumbai atrocity of 2008 as a comparison, in which coordinated bombings and shootings took place over four consecutive days, killing 174 and wounding a further 300.

Speaking to The Sun, a source said: "The nightmare scenario is they mount a spectacular attack at a high profile location. They may try to storm a building, take hostages, rig it with explosives or kill at will."

And...

Up to 500 British-born men are understood to have gone abroad in order to fight for the Islamic State (IS). Scotland Yard believes that up to 200 may have already returned, and are concerned that they will have been taught to carry out similar violent attacks on the streets of Britain.

Prime Minister David Cameron has indicated that he is considering granting the border patrol new powers to seize passports from suspected jihadists, and introducing of a ban on travelling abroad to fight with IS. A government source has told the media: "We are considering measures to keep the country safe in the face of an increased threat level from Islamist extremism.

COMMENT:  Obviously, speculation and fact are different.  It's possible nothing at all will happen.  But British concern is sound, based on past experience and the logic of the Islamic State.  We're being told here that there is no immediate threat, which is the typical line of the Obama administration.

September 1,  2014