SHORT TAKES ON THE DRIFTING WRECKAGE – AT 11:45 P.M. ET:

THE PAIN IN SPAIN – Thousands of jobless Spaniards marched through Madrid Saturday, attempting to get the government to reverse austerity measures.  There are rising fears in Europe over Spain's financial stability, a reminder that the European economic crisis is far from over.  The Spanish economy is actually expected to contract next year.  A Spanish collapse could create an enhanced crisis, and threaten other vulnerable countries, like Italy.

OBAMA'S CAMPAIGN DEFICIT – Deficit spending seems to be the Obama way.  We now learn that the Obama campaign spent more in June than it took in.  While the campaign is still well financed, Democrats are clearly worried, and are expressing their worry, over the amount of money that will be available for the race in the fall.  Obama is facing the kind of enthusiasm gap he never faced in 2008.

OLYMPICS TENSION – The London Olympics begin this week amidst tension over security.  It is reported by The Times of London and other sources that Israel fears a possible Iranian attack on its athletes, and has also dispatched a team to Europe to hunt down a hit team.  Security at the Olympics has largely been taken over by the British military after massive failures by a private security firm.

July 21, 2012