The final report from Penn State's internal probe of the Jerry Sandusky case was released Thursday morning, and it doesn't look good for the university—or for the late Joe Paterno.

David Axelrod was feeling upbeat. Over an oatmeal breakfast late last month with an old friend at one of his favorite Chicago haunts, the talk was mostly about family and Axelrod’s beloved Bulls. The conversation turned to the campaign. He said he liked the way “the argument was being framed” against Mitt Romney, recalls Chris Sautter, a longtime Democratic strategist, who worked on campaigns with Axelrod in the late ’80s and ’90s. A few days before, The Washington Post had published an explosive story about how, under Romney’s stewardship, Bain Capital had invested in companies that shipped American jobs overseas. It was just what the Obama team needed as it sought to transform Romney’s image from a can-do businessman who would turn around the economy into Gordon Gekko, a rapacious capitalist more interested in profits than creating jobs. Armed with stinging soundbites and a raft of ad copy aimed at painting Romney as an avatar of the 1 percent, the president’s top political strategist left straight from breakfast to hop a flight to Iowa, where he would join Vice President Joe Biden on the trail.

Look up at your clock. By this same hour tomorrow, more than 1,500 US-born Latinos will have celebrated a milestone birthday, and turned 18. They’ll be eligible to vote in local, state and federal elections in their home states—but if that state is Texas, that right is under threat.

Mitt Romney didn't shy away from one of his chief campaign talking points during his morning speech at the NAACP convention, despite likely knowing that it wouldn't go over so well with the crowd.

George Obama, the half brother of Barack Obama, will soon make his film debut in a documentary critical of the president, according to The Hollywood Reporter.

On Friday Karl Rove’s Crossroads GPS announced a major advertising blitz. Over the next month, beginning Tuesday, it will spend $25 million on air time in the key swing states of Colorado, Florida, Iowa, Michigan, North Carolina, New Hampshire, Nevada, Ohio and Virginia.

Add Rick Perry to the list of governors refusing to implement key portions of President Obama's landmark health care reform law.

Wall Street’s major banks are hoarding Treasuries at a record rate, as a disappointing global economy forces them into the apparent safety of U.S. government debt. Despite the Fed’s extension of the Twist, the 21 primary dealers cut their sales of Treasuries to the central bank, while nearly doubling their holdings, according to data compiled by Bloomberg. The concentration into Treasuries poses a risk, as investor and commentator Peter Schiff put it, given the possibility of massive losses, both for banks and the Fed, once rates begin to rise and everyone scrambles for the exit at the same time.

President Obama this week will renew his push to extend tax cuts for the middle class, a move that appears designed to shift the political conversation away from the lackluster jobs market and toward the larger question of tax fairness.

Most reporting on today’s employment report will lead with the fact that the economy added 80,000 jobs in June. But that number combines two distinct sectors of the economy—jobs added in the private sector and jobs lost in government. Employment growth in the private sector reflects how businesses feel about the economy. And while the rate of growth is moderate, it is steady and broad-based, with most industries adding jobs.