The Most Equal Comrade waits three days after the S&P downgrade, then holds up the world media for an hour, and then basically phones it in. A bit of cockiness ("No matter what some agency says . . . "), a touch of whining about the W era ("[Our debt and defict were a problem] the day I took office"), a passing reference to his continued zeal for seizing successful Americans' assets at gunpoint ("balanced approach") and some finger-wagging at Congress.
The Dow is down 350 points as of this writing (3:35 PM). S&P has also downgraded Fannie Mae and Freddie Mac.
You have to hand one thing to him: he really does embrace the vision that has driven his entire career. He really does hate basic human freedom and think America has been too big for its britches and needs to be taken down a notch. He really does desire a grand leveling of all humankind, a world of "fairness" where ambition and individual vision are discouraged and the state tells the cattle-like masses what is not only important but sacred.
And you have to concede the aggressiveness with which he's pursued that ambition. Look at the progress he has made toward it in two and a half years.
In a very chilling sense, he's not a phony at all; he's the real deal.
That finger you are so tiresomely pointing at Obama (I went to the very first rally in Columbus, IN, on 4/15/09--less than 3 months after the inauguration and you intransigent types were already running your mouths and blaming Obama. Did it happen that fast? Or was this in your cards all along, oh you who claim it is intentional by the President? I understand your obvious glee, but take a look at that finger pointing elsewhere. 4 are pointing back at your sorry posteriors.
ReplyDelete"Standard & Poors indicates that they could improve their rating for the U.S. if “the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating.”
Read more at: http://blogs.wsj.com/marketbeat/2011/08/05/sp-downgrades-u-s-debt-rating-press-release/
http://www.bbc.co.uk/news/world-us-canada-14453266
ReplyDeleteSteve Forbes: US debt downgrade a 'travesty'
"If the US is not AAA, noone in the world is AAA."
--Steve Forbes, chairman and editor-in-chief of Forbes Media
Errata: make that 3 fingers pointing back at you. We all make math errors from time to time, as did S & P (a 2 Trillion dollar one), prompting them to change their rationale from an economic one to a political one. Where is your patriotism now that your country has been falsely accused of being a likely potential credit dead beat, oh you types who are the self-appointed true lovers of this country?
ReplyDeleteIt's bad, but not as bad as Black Monday, on 10/19/87, under your hero's watch.
ReplyDeleteTwo weeks before the crash, investors were shaken by news that the U.S. trade deficit had not declined as expected -- in fact, the $15.7 billion deficit reported in August was 50 percent worse than anticipated. Then an increase in West Germany's interest rates provoked Treasury Secretary James A. Baker into threatening a currency war by driving the dollar down, in open defiance of February's Louvre Accords (by which the U.S., West Germany and five other nations agreed to keep their currency values within a mutually beneficial trading range.) The U.S. objected to higher foreign interest rates because they would mean lower American exports and less available capital on the international market, capital needed to cover the federal budget deficit. A declining dollar, it was feared, would result in a flight of foreign capital from the U.S. These events caused many investors to begin bailing out of the market in anticipation of rocky economic days ahead, especially in light of the chronic failure by a Republican president and a Democratic Congress to agree on how to reduce budget and trade deficits.
Enough with the disingenousness already. The circumstances were entirely different in 1987. We had nothing like the current degree of deficit and debt, we had a pro-growth president, and socialism had not encroached upon the major sectors of our economic life.
ReplyDeleteAnd that S&P error is not a matter of consensus.
ReplyDeleteI think you like this. And as for your calling me a liar in 6 syllables, well, this all does not make much sense, your ilk is displaying too much glee, and my guess is as damn good as yours or better. We will weather this like we did the crash during your hero's watch. Of course times are different. You actually seem to like this.
ReplyDeleteWho do you think my ilk is and what do you think we're after?
ReplyDeleteI am not going to write the paper you have ordered up here, Tea Party man. Write it yourself. I know you adore Rush Limbaugh and are apparently a Tea Party type. Am I being disingenous again? Have fun today watching the bear shit in the international woods. Hold on to your $$$$ too, if you can. I got out six months ago, rode the bull as long as I could stand it. Because it was just that: bull!
ReplyDeleteAs for the Crash of '87, a crash is a crash and Reagan was at the helm, going senile, we learned later, but still the freely elected leader of this land when the market crashed. Not a lie. A fact.
ReplyDeleteAnd did the longest recovery since WWII continue unabated?
ReplyDeleteAnd why are you afraid of ideas and principles?
In other words, of course I'm on the same page as Rush Limbaugh and the Tea Party. We all knew that. But what principles of economics and culture do "my ilk" uphold that are the wrong prescription for where we are now?
ReplyDeleteI am not so sure this is an anamoly because I heard some pretty stupid stuff at the one and only Tea Party Rally I ever attended in Columbus, IN, on 4/15/09. Nope, not a thing I heard kept me either interested or coming back. I thought you folks considered yourselves the true patriots.
ReplyDeletehttp://www.addictinginfo.org/2011/08/08/tea-party-audience-proudly-cheers-the-downgrade-of-americas-credit-rating/