08/16/2011 06:19 pm ET | Updated Oct 16, 2011

Aug. 16, 2011, News Update

AUG. 15, 2011, NEWS UPDATE

Michele Bachmann wins Iowa straw vote in what would be meaningless event except for breathless media coverage.

Over-blown! If you thought media coverage of vote by a few thousand people whose $30 entrance fee was usually paid by the candidates' campaigns and who were largely bussed into polling place in totally unrepresentative state was way over-blown, just wait until the Iowa caucuses next year.

In any event, Bachmann making hay while the corn grows. Thaddeus McCotter finished last. Just thought you'd like to know...

PBS' NewsHour devotes extensive coverage to straw vote with reporter Gwen Ifill, only black face we saw throughout.

Former Minn. Gov. Tim Pawlenty drops out after finishing third behind Ron Paul. Voters obviously decided he offered P(aw)lenty o' nuthin.'

Guess he took the media coverage seriously. Or maybe he was really offended by Bachmann's criticism during candidates' debate.

Debate competed seriously with vote itself in ridiculous category as all Republican candidates pledged not to raise taxes if elected. Who needs a President who can't think for himself? Besides, when was Grover Norquist, conservative creator of the No Tax Pledge for elected officials, elected to anything?

Billionaire super-investor Warren Buffett writes Op-Ed piece in NY Times calling for increased taxes for the wealthy. His tax rate is 17.5% compared to over 30% for most of his employees.

More than 500 CEO's support Fairness in Taxation Act, which would raise rates on millionaires and billionaires to 45-47%. Factoids: Report says Media CEO pay rose 27% last year, compared to rise of 2.1% for workers (those that still have jobs). CEO's make an average $500 for every $1 workers earn. One percent of the population owns more wealth than the bottom 95%. Economic apartheid?

Starbucks CEO Howard Schultz calls for boycott of political contributions to members of Congress until they come up with fair deal on revenue, debt and spending. In other words, until they wake up and smell the coffee.

Congress designates "Super Committee" of 12 members to come up with debt reduction plan. How pathetic is it that Congress can't do the job it's paid to do?

Retiring newspaper columnist offers unique solution to problems with Congress: Vote against everybody in next election. (Addendum: Especially Tea Party members).

Political activist in Russia distributes fliers calling for same thing--vote against everybody. He's arrested for sedition.

NY Times columnist Joe Nocera calls Tea Party "terrorists" with "suicide vests" who wage "jihad" against American votes. Then apologizes. Don't tell me some advertisers got to the publisher....please.

Wall Street briefly re-named Six Flags for terrifying roller coaster ride.

Sports News

Tiger Woods misses cut at PGA Tournament. Why do golf media keep treating him as superstar when he's become just another golfer?

PGA winner is Keegan Bradley? Who? Keegan Bradley, ranked 108th in world, playing in first Major. Last 13 Majors have been won by 13 different golfers. Tournament golf obviously out of the Woods.