SHORT TAKES ON THE DRIFTING WRECKAGE –  AT 8:53 P.M. ET:

ENGINE TROUBLE – U.S. car sales hit the skids in July, as noted in disappointing reports.  GM sales were down 6.4% from a year ago, whereas Ford sales were down 3.8%.  Chrysler actually reported an increase, but it's GM and Ford that set the pace.  One auto analyst said that people were "thinking twice" before buying a new car.  Or maybe even three times.  The GM figure was particularly disappointing, given what the federal government has invested in the company.

MANUFACTURING DOWN AS WELL – In still one more sign of economic distress, American manufacturing also declined in July, for a second straight month.  The drop in manufacturing is considered by economists a major threat to any economic recovery.  Manufacturing in China and the Euro zone also showed signs of retrenching.  We are seeing worldwide recession, making it all the more difficult for the American economy to rally.

A McDONNELL IN OUR FUTURE? – Republican Governor Bob McDonnell of Virginia has just announced another budget surplus for his state.   In fact, Virginia is doing very well.  The announcement comes at a good time for McDonnell.  He's said to be on Romney's list as a potential VP choice.  McDonnell is a capable man and a dynamic candidate.  The downside:  He once wrote some things during his college years that were considered negative toward women's rights.  That was used unsuccessfully against him when he ran for governor.  But, nationally, Dems could make it look like a major issue, part of the "war on women" that they've tried to pin on Republicans. 

GOOFBALL – Charles Bolden, Obama's NASA head, the man who told us that one of his main missions was Muslim outreach, now says that U.S. astronauts won't land on Mars themselves, but as part of an international team.  Bolden, in another of his brilliant and stimulating statements, said, "The U.S. cannot always be the leader, but we can be the inspirational leader through international cooperation."  I'm just so inspired.  Aren't you?  I'm all for cooperation, but this country became great through leadership, vision and entrepreneurship, not for being another name on a roster.  But Bolden speaks the Obama line, which is even more depressing.

August 1, 2012