05
Aug
11

downgraded

Paul Krugman: OK, so Standard and Poors has gone ahead with the threatened downgrade. It’s a strange situation.

On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right: if not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency.

On the other hand, it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies. The people who rated subprime-backed securities are now declaring that they are the judges of fiscal policy? Really?

Just to make it perfect, it turns out that S&P got the math wrong by $2 trillion, and after much discussion conceded the point – then went ahead with the downgrade.

More than that, everything I’ve heard about S&P’s demands suggests that it’s talking nonsense about the US fiscal situation. The agency has suggested that the downgrade depended on the size of agreed deficit reduction over the next decade, with $4 trillion apparently the magic number. Yet US solvency depends hardly at all on what happens in the near or even medium term: an extra trillion in debt adds only a fraction of a percent of GDP to future interest costs, so a couple of trillion more or less barely signifies in the long term. What matters is the longer-term prospect, which in turn mainly depends on health care costs.

So what was S&P even talking about? Presumably they had some theory that restraint now is an indicator of the future – but there’s no good reason to believe that theory, and for sure S&P has no authority to make that kind of vague political judgment.

In short, S&P is just making stuff up – and after the mortgage debacle, they really don’t have that right.

So this is an outrage – not because America is A-OK, but because these people are in no position to pass judgment.

****

I ignore Krugman’s political views, he’s fast becoming the left’s Bachmann (clueless and marginally bonkers), but when he concentrates on an area he actually knows something about (economics) he can, occasionally, be interesting. I’ve read him before going on about Standard and Poors so I reckoned he wouldn’t be impressed with the downgrade news. He’s, eh, not!

****

UPI: …. another government official said the White House had told S&P the company’s thinking was “based on flawed math and assumptions.” And S&P acknowledged “its numbers are wrong.”

An administration official told NBC News after the credit rating was lowered, “It’s amateur hour at S&P.”

The official said the administration showed S&P where its computation errors occurred.

Rep. Barney Frank, the ranking member on the House Financial Services Committee, said on MSNBC the decision was “just a political judgment by a group of incompetents.”

“This is the rating agency that took money from people who were selling junk bonds and told other people to buy it,” Frank said, accusing S&P of overvaluing private debt while consistently undervaluing public debt. They are as responsible for the financial crisis as anybody else. There is zero chance of (the United States) defaulting,” Frank said.


156 Responses to “downgraded”


  1. 1 desertflower
    August 5, 2011 at 9:39 pm

    For the first time in a long time, I have to say I agree with Mr. Krugman.

  2. 2 Me4obama
    August 5, 2011 at 9:43 pm

    It’s about damn time Krugman spoke the true and get away from purity nonsense. Does anyone have any Twitter links I can read? Tweet away guys, Boner is the one to blame for this.

  3. August 5, 2011 at 9:46 pm

    Admin’s reported response to S&P’s downgrade AFTER challenging their methodology? It’s “amateur hour at S&P.” Can’t believe they had the balls to do it though.

    • 4 Me4obama
      August 5, 2011 at 9:49 pm

      I believe by tomorrow it will be back to AAA, then S&P will apologize to PBO.

    • 7 sjterrid
      August 6, 2011 at 12:26 am

      When I read your post on bwd’s site, the first thing I thought of was why should we trust S & P when they had so much to do with our financial crisis. They gave AAA ratings to companies stocks that they knew were bad to make a profit. I am glad that Krugman is speaking out about this.

  4. August 5, 2011 at 9:49 pm

    Cannot stand K-thug and what he is saying is pretty much beside the point at this moment. He can argue with the premises all he wants, we still have a downgrade and we STILL have Republican intransigence. There is no denying that.

  5. 10 roh108
    August 5, 2011 at 9:51 pm

    Thank You Teabaggers and Republicans YOU got what YOU wanted. America is Slipping from the Top Beause of YOU!!! Thank You ASSHOLES!!

  6. August 5, 2011 at 9:53 pm

    So angry I could spit. This is maddening on so many levels. America needs to wake up, get rid of these teapublicans, AND get rid of these crooked financiers. It’s ALL a f*cking racket!!!
    :evil: :evil:

  7. 12 Bobfr
    August 5, 2011 at 9:53 pm

    Hope all of you don’t mind my persistent urging to seize the moment and take it to the Teahadists and newstainers …

    A simple response to the S&P downgrade:

    “Tea Party out performs bin Laden in wrecking US economy”

    Yes.We.Can. … DO.More.Together!

  8. August 5, 2011 at 9:54 pm

    Twitter is going crazy as you can imagine. Rethugs are trying their best to blame PBO. Stupid Romney put out a statement that sounds like it was written without him even reading the report. Part of S&P’s reasoning is GOP refusal to accept tax hikes. Consensus of course is this is Boehner’s, GOP’s and stupid ignorant t-party’s mess. They really want to wreck this country. F them. I hate them.

  9. 16 Me4obama
    August 5, 2011 at 9:55 pm

    It’s time to go to the streets and protest the media and the Teahadists.

  10. 19 donna dem 4 obama
    August 5, 2011 at 9:55 pm

    Car Meet Ditch…he tried to warn us!

      • 21 donna dem 4 obama
        August 5, 2011 at 10:13 pm

        Girl it will be just one manufactured crisis after the next for the next 15 months. They could care less about this country. ALL they care about is winning at ALL cost. I’ve never seen anything like this is all of my life. Its just pathetic.

        • August 5, 2011 at 10:18 pm

          They are absolutely going for full-on psychotic breakdown. Anyone with a crisis mentality is not fit to run this government but they will create instability after instability every single day. They are absolutely nuts and anyone who faults PBO for having to deal with this in the real world is nuts, too. I’m so fed up I could scream.

          I will be fighting tooth and nail to win this election. For all of us who truly care about our country, we have to WIN the long game.

        • 24 prettyfoot58
          August 6, 2011 at 11:09 am

          ok…we have the downgrade…i think that this was a political maneuver…to further damage this Administration…because as we have seen…that no matter how it damages the country and the Ameican people…the TP/Repubs…and their allies will do ANYTHING in their power to get rid of this President…

          and it is not just because he is a black man….although racism plays a role…it is about for which this President stands….for working people…for the disenfranchised….for seniors….for those whose voices are seldom heard…..calling out the oil companies..phamaceutical companies….insurance companies…..wall street biggies…etc….

          in the states,….there are moves to disenfranchise voters…to silence their voices..WE CANNOT ALLOW THIS….

          we have to CONTROL the message now…we must lay the blame at the feet of the TP/Repubs….but we also must push the JOBSSSSS……..JOBSSSSS….JOBSSSSSSSS….MESSAGE…..

          as was stated in one of the threads…it will be difficult to get a JOBS bill thru…the HOUSE…but the President will have to do what he can do thru executive power….

          he and along with his Democratic and any Republican allies must put a comprehensive INFRASTRUCTURE/JOBS bill on the floor….he and this Democratic allies must come to the people once again….asking them to call…tweet…email…etc…their representatives….to Let our voices be heard….if we have to MARCH….then we March…if we have to SIT IN…then we sit in….we have to lend our MIGHTY voices to the President on this….

          We sat on our hands…..in 2010…..if we do not get up and out…..well you know the rest….

          Firedddddddddddddddddd UP…..Ready to Gooooooo

          FIREDDDDDDDDDDDDDDDDD UP……READY TO GOOOOOO

          FIREDDDDDDDDDD UP….READY TO GOOOOOO!!

      • August 5, 2011 at 10:15 pm

        I’ve been wondering, what does THIS mean?
        ps- this was so true. I was thinking about it a little while ago.

  11. 26 utaustinliberal
    August 5, 2011 at 9:56 pm

    On this point I absolutely agree with Krugman. We have three ratings agencies: Moddys, S&P, and Fitch I believe. With Fitch and Moody’s the US still has AAA credit rating, so S&P needs to correct its erroneous math. On twitter people are fighting back against Boehner and the teaparty. RNC hair Reince Pribus already released a statement saying that the US always had AAA and then President Obama gets in and we get downgraded. That made dems, moderates and liberals PISSED off and for once people on twitter aren’t panicking. We’ve all banded together to point the blame where it belongs: at the GOP Teabaggers feet. Boehner said he got 98% of what he wanted. Well that statement is now hunting him on twitter.

    • August 5, 2011 at 10:17 pm

      I was thinking that the media needs to ask: “if 98% of what Bonehead wanted got us a downgrade, what would a 100% have gotten us?” Of course they never will ask that bc the GOP funds them, but still, one can hope.

    • 28 majii
      August 5, 2011 at 11:39 pm

      I posted the article from Think Progress on my FB wall, along with a no BS comment. Most of my FB “friends” are former students and colleagues who vote the republican ticket because they live in GA. I reminded them of how the republicans are always saying that PBO doesn’t know what he is doing, and threw it in their faces that on this PBO was right in calling for additional revenue to be part of the deal. I also said that anyone believing the republicans are right should take a seat in the corner. I was steamed, so I linked to the lack of a comment from Cantor’s spokesman via the WSJ, and I called him, Boehner, and McConnell out by mocking them with: “come out, come out wherever you are. I also said that yes, Boehner and the republicans have won, but that the American people are standing with PBO about revenue increases. I also reminded them that the republicans had ignored the majority of the American people and economists from both political parties, but that they had listened to Norquist and other rw organizations, and this is the result of their actions. I posited that the republicans are in hiding because they are behind the scenes creating another propaganda piece to blame this BS on PBO. Another comment downthread regarding that jackazz Priebus proved this to be the case. I don’t care if they don’t like it, utal, I’m sick of them and their short-sightedness, their hatred of PBO for whatever BS reason, and their being better educated individuals who let the republicans do their thinking for them.

  12. 29 FTL
    August 5, 2011 at 9:58 pm

    WHAT THE FUCK!!!!!! Are they serious??!! I think this needs to be looked into as something that was done on purpose spearheaded by the fucking repugs. I bet if we dig deep enough those assholes will be there. Do you ever notice how when things seem to be going good some bullshit happens. Oh yeah I smell a conspiracy.

  13. 32 Bobfr
    August 5, 2011 at 9:58 pm

    Tweet this, as well … ‘bin Laden no match to Boehner in wrecking US economy’

    • 33 utaustinliberal
      August 5, 2011 at 10:04 pm

      Oooooooh Bob good one. I’m gonna tweet this and the one you have above. Keep giving us twitterers more ideas!. Love it.

      • 34 Bobfr
        August 5, 2011 at 10:26 pm

        THANK YOU UT!

        Here’s another, as requested :)

        ‘Norquist treasonous pledge’s first success – US downgraded’

        Yes.We.Can. … DO.More.Together!

  14. 35 lamh34
    August 5, 2011 at 9:58 pm

    Wow, 4 words I never thought I’d say “I agree with Krugman”

  15. 36 utaustinliberal
    August 5, 2011 at 10:02 pm

    For those who don’t tweet, here’s a trending topic: S&P. And you can click the link to see what people are tweeting.

    http://twitter.com/#!/search/%22S%20%26%20P%22

    By the way, Romney and Huntsman have released statements about the downgrade. Their statements are soooo dumb and have nothing to do with the real reasoning behind the downgrade.

    • 37 Kasai
      August 5, 2011 at 10:17 pm

      I sent this to tweet to @SpeakerBoehner:

      When your Ego starts to mess with the lives of the American People, you Sir, have to step down for the good of this country

  16. 38 Me4obama
    August 5, 2011 at 10:03 pm

    Am watching Anderson Cooper, the S&p guy is on, his voice is shaking.

    • August 5, 2011 at 10:11 pm

      Why is his voice shaking? Because he’s worried about the country? Or is he worried about S&P’s blunder? (Since Krugman sees it as a blunder.)

      • August 5, 2011 at 10:19 pm

        I thought he looked like he might have been crying.

      • 43 FTL
        August 5, 2011 at 10:24 pm

        His voice is shaking because he knows what they did was wrong and he is scared of the consequences to this country. They keep saying this was political. It looks as if he was realizing that he should not have played that game that the demonic republicans want him to play.

        • 44 majii
          August 5, 2011 at 11:42 pm

          I’m also wondering whether he got a call from PBO or one of his staff members and what was said in the conversation. All of these tools think they know PBO, but they don’t. They have NO idea who they’re messing with.

      • 45 Sue in Minnesota
        August 5, 2011 at 11:37 pm

        Maybe he is a bad actor.

        • 46 Sue in Minnesota
          August 6, 2011 at 12:13 pm

          Those with something to hide usually give off signals………I think the truth is not reflected in his words.

  17. 47 Me4obama
    August 5, 2011 at 10:07 pm

    The S&P guy on CNN just said he wants the Bush tax cuts to expire to put the AAA back

    • 48 donna dem 4 obama
      August 5, 2011 at 10:19 pm

      I fear that our fickle market will plunge on Monday. The public will be looking to blame someone, anyone and the Rethugs will be out in full force this weekend selling their message that its all the Presidents fault and our lazy, sloppy, useless media will be selling the “both sides” are at fault meme that they always take. With these nuts in office this country is in serious trouble.

      • August 6, 2011 at 4:27 am

        Then it’s up to the people to use what common sense the good Lord gave them. And we need to tweet, email, or whatever and put the truth out there who’s fault this entire thing is, Boehner and the T-Republicans.

    • 50 Obama Grandmama
      August 5, 2011 at 10:24 pm

      I am aghast at this lowering of our credit rating but had heard rumbles the week prior to the deadline that it might happen even if the debt ceiling was raised due to the resistence in Congress to raise it even if we defaulted. It is scary to think the GOP can play with America’s standing in the world and their financial security just to get back control and power. It is even scarier to think the people in our country would be so stupid not to see whose fault it is that this happened. We need to somehow stop this insanity. Maybe we can take WI lead and make sure the country is awake enough to see what has been happening and who is to blame.

      I always look at things in two or more possibilities and hope maybe something good could come out of this, Karma, I suppose kind of like the Rupert Murdock mess. If S & P says they want the Bush tax cuts to expire to rerate the standing maybe that would give added leverage to having that happen.

    • 51 Bobfr
      August 5, 2011 at 10:25 pm

      Now that’s a message I can believe in!!!

      And, another suggested tweet – ‘Norquist treasonous pledge’s first success – US downgraded’

      Yes.We.Can. … DO.More.Together!

      • 52 Sue in Minnesota
        August 5, 2011 at 10:33 pm

        The signers of this pledge should be charged with sedition. I wrote the DOJ, Whitehouse and my Senators and Rep re this issue. I am probably wrong but I don’t see how this is not in direct violation of the sworn oath our legislators made upon entering Congress.

        Alan Simpson was right…..Norquist needs to be investigated to shine a light on the underground network , and the source of money fueling his operation.

        Do you think the President will speak to the country….I think he should, and he should blast this assholes to another universe.

        • 53 Bobfr
          August 5, 2011 at 10:44 pm

          The Norquist pledge is an intentional act to destroy American democracy. Any person signing that pledge is indistinguishable from those that formed and fought for the Confederacy.

          Senator Simpson could not have been more on target than calling for a deep investigation into Norquist. As he clearly stated, ‘the guy is acting as if he is more powerful than the President.’ The last guy that acted in just as seditious a manner was Senator Jefferson Davis.

          I expect we will hear from President Obama before the Asian markets open and I expect it will be a very unpleasant moment for the Teahadists – all of them, from financiers to newstainers to the Cantor, Boehner, Bachmann, McConnell, Ryan, etc.

          Yes.We.Can. … DO.More.Together!

          • 54 Walking_on_ Sunshine
            August 5, 2011 at 10:54 pm

            I’m going to use that first sentence on twitter Bobfr. If you don’t mind.

            • 55 utaustinliberal
              August 5, 2011 at 11:25 pm

              Me too Bob. I just used this first line “The Norquist pledge is an intentional act to destroy American democracy. Any person signing that pledge is indistinguishable from those that formed and fought for the Confederacy” and I’m happy to say it got retweeted. Thanks Bob :D

              • 56 Bobfr
                August 6, 2011 at 1:06 am

                Dear Walking and UT – thank you for asking but you never need to do so. What I share with my TOD friends is for all of you to use any way you consider supportive of our President and our Republic.

                Yes.We.Can. … DO.More.Together!

  18. 57 FTL
    August 5, 2011 at 10:12 pm

    Well I tell ya hopefruit if they kill this man they won’t have to worry about taking control of a country because this whole motherfucker will blow up. They will have to watch their asses. We will then be a third world country.

    • 58 Sue in Minnesota
      August 5, 2011 at 10:17 pm

      X 1000

    • 59 Me4obama
      August 5, 2011 at 10:24 pm

      I DONT LIKE THE TALK OF KILLING ANY ONE.

      • 60 hopefruit2
        August 5, 2011 at 10:33 pm

        Neither do I . It’s not something I take lightly or mention frequently.

        • 61 hopefruit2
          August 5, 2011 at 10:34 pm

          Oops…I meant this as a reply to Me4Obama’s comment.

          • 62 Me4obama
            August 5, 2011 at 10:42 pm

            I just didn’t like the whole conversation. Am extremely sensitive about that subject which I won’t repeat typing.

            • 63 hopefruit2
              August 5, 2011 at 10:49 pm

              Point well taken. Let’s move on to a different topic.

            • 64 Sue in Minnesota
              August 5, 2011 at 10:55 pm

              You are right. I apologize, not to go there again.

              May God be President Obama’s strength and shield.

                • August 5, 2011 at 11:05 pm

                  President Obama will prevail. And stronger than ever!!!

                  • 67 Walking_on_ Sunshine
                    August 5, 2011 at 11:34 pm

                    I believe that too Donna. Here’s a reminder of the kind of man Barack Obama is. By Rudyard Kipling. I believe it’s been posted here before. For me this poem describes the President perfectly.

                    If you can keep your head when all about you
                    Are losing theirs and blaming it on you;
                    If you can trust yourself when all men doubt you,
                    But make allowance for their doubting too:
                    If you can wait and not be tired by waiting,
                    Or, being lied about, don’t deal in lies,
                    Or being hated don’t give way to hating,
                    And yet don’t look too good, nor talk too wise;

                    If you can dream—and not make dreams your master;
                    If you can think—and not make thoughts your aim,
                    If you can meet with Triumph and Disaster
                    And treat those two impostors just the same:.
                    If you can bear to hear the truth you’ve spoken
                    Twisted by knaves to make a trap for fools,
                    Or watch the things you gave your life to, broken,
                    And stoop and build’em up with worn-out tools;

                    If you can make one heap of all your winnings
                    And risk it on one turn of pitch-and-toss,
                    And lose, and start again at your beginnings,
                    And never breathe a word about your loss:
                    If you can force your heart and nerve and sinew
                    To serve your turn long after they are gone,
                    And so hold on when there is nothing in you
                    Except the Will which says to them: “Hold on!”

                    If you can talk with crowds and keep your virtue,
                    Or walk with Kings—nor lose the common touch,
                    If neither foes nor loving friends can hurt you,
                    If all men count with you, but none too much:
                    If you can fill the unforgiving minute
                    With sixty seconds’ worth of distance run,
                    Yours is the Earth and everything that’s in it,
                    And—which is more—you’ll be a Man, my son!

      • 75 FTL
        August 5, 2011 at 10:36 pm

        Me either me4o but you see what they are trying to do to stop him now. These people are evil. These people are not mentally all there. Even Bill Clinton said they need to believe all of the crap about President Obama because they would go crazy if they didn’t. The repugs try to say that this country will be destroyed because of homosexuals and Muslims. That is bullshit. Dr King warned in the 60’s that if America does not change it’s racist ways God will allow it to fail. I fear that we are on our way. Also do they seriously believe they are going to Heaven. Do they not know that God is no respector of persons and they will not be on top in Heaven because God is the top. What am I saying they won’t even see Heaven.

    • 76 donna dem 4 obama
      August 5, 2011 at 10:24 pm

      I don’t advocate violence but I have to agree with your comment.

    • 77 Kasai
      August 5, 2011 at 10:26 pm

      FTL….I believe…one of the reasons that the SS protects him..because not only that this country will see the biggest civil unrest that has ever seen…I can guarantee you that the Whole World would blow up….especially AFRICA….

      I pray that the Lord will keep our President safe everyday. We need him more than ever!!!!

    • 80 Puddin'
      August 6, 2011 at 4:12 am

      Let’s not give this kind os craziness any energy…we don’t have to worry because GOD got PBO’s back.

    • August 6, 2011 at 5:10 am

      Please tell me why are we talking about someone being kill? How did that get into the picture? I don’t want to hear things like that. Put it to rest will you?

  19. August 5, 2011 at 10:18 pm

    I really am upset about what has happened to the United States. I found myself watching AC360 and already they are saying that Obama is the only President that this has happened to.

    This just isn’t fear that this amazing president has to go through this.

    And Me4obama the S&P guy also said it will take a while to get back the S&P rating.

    I truly am very upset and I’m not even American.

    • 86 donna dem 4 obama
      August 5, 2011 at 10:23 pm

      But they always fail to say that this is the first President that has had to deal with the likes of this Congress where crisis are manufactured and rethugs hold legislation hostage whenever the feel like it even if it destroys our economy. I hate our media!

    • August 5, 2011 at 10:24 pm

      “this is the only prez this has happened to….” why the fuck don’t they talk about the psychopaths in congress who don’t give a fuck if this country blows up? the lazy media can go fuck themselves. fucking bastards. They are also culpable, someone needs to remind them of that. fuckers.

    • 89 hopefruit2
      August 5, 2011 at 10:24 pm

      “Obama is the only President that this has happened to.”

      This is the most disingenous piece of garbage I’ve eve heard from a supposed news program. Did they conveniently forget that Obama is the only president who has had to deal with a racist oppostion party who was determined to destroy the entire country because they couldn’t stand the color of the President’s skin?

      • 90 mb32
        August 5, 2011 at 11:14 pm

        Plus they seemed to forget that McConnell gleefully said he would do this shit again…polls show public blames Repubs for not making a balanced deal. I think polls will show they blame the for downgrade too regardless of what media says. Honestly, I bet Repubs are running scared tonight. Even that GOP consultant on CNN advised against pointing blame and said that Repub candidates and others should reach across the aisle. I think Anderson and John were surprised by that telling comment…

      • 91 FiredUpInCA
        August 6, 2011 at 1:28 am

        “Obama is the only President that this has happened to.”

        That’s because this is the only President that a seditious congress has ever happened to. Fox-fed voters between the ages of 64-84 delivered this unpatriotic congress to us by handing a 21-point margin of victory to the Republicans. We would not be facing Walker in Wisconsin, a debt ceiling crisis an FAA crisis and who knows what the next crisis will be, if it were not for the wholly self-centered votes of misinformed, Fox-poisoned seniors who voted Democrats out because of what Democrats would do to Medicare.

        Mind you, Democrats didn’t come up with Medicare D, which created a donut hole and forced seniors to choose betwee-pn groceries and medication. The GOP did that and the Fox-infected seniors rewarded them. The GOP didn’t send them $250 checks to offset the out-of-pocket fees. A Democratic President and Nancy Pelosi-led House and Harry Reid-led Senate did that.

        These voters showed what they thought of that $250 check and a healthcare bill that closes the donut hole by 2014 by giving a 21-point margin of victory to the party that blew a hole threw the deficit, forced seniors to pay more for medication, evaporated pensions, retirement accounts and charitable giving with the worst economy since the Great Depression.

        Now this voting group has given us the first downgrade of the United States of America’s triple AAA rating. The next time you see a fuming tea party senior talking about wanting their country back. Remember what they did to this country by raging at townhalls and voting in this domestic economic terrorists. Remember that in 2012 that there is no time to reason with them. They proved that in 2010 when they received checks and legislation to help them that reason does not inform their vote. They must, for the sake of our survival, be overwhelmingly outnumbered and marginalized. They vote irresponsibly and they are leaving a hideous future behind as their legacy; a legacy of downgraded credit; a legacy of a war on teachers, on policemen, on fireman and all unions; a war on women’s reproductive rights; a war on progress.

        2012: Not this time. Not ever again.

    • August 5, 2011 at 11:34 pm

      I sent AC 360 an email and I told him that I know the media will not have the guts to tell the truth. You will try to blame the White House, the Democrats and the Republicans for this mess, but you are a bunch of liars, because the fault for this entire mess lies with John Boehner and the T-Republican Party. As for as Obama being the first President to have this happen too, Obama is the first President who have to try to deal with a bunch of crazy radical terrorists who wouldn’t mind destroying this country in a heartbeat. Name any other President who has had to deal with crazy radical terrorists like the T-Party, and a spineless Speaker.

  20. 94 utaustinliberal
    August 5, 2011 at 10:22 pm

    S&P is trying to justify their decision to downgrade even though their math was ABSOLUTELY flawed. The S&P guy’s voice on CNN was shaky and pathetic. He said they’ll restore us back to AAA if we let the Bush tax cuts expire. I firmly believe that with economists of all stripes calling them out, they’re realizing that they look like fools; especially once they admitted their math was wrong. I firmly expect them to give us our AAA rating back and apologize to PBO and Americans for causing this mess ;) especially since they messed up in 2008 by backing companies with junk bonds and giving them an AAA rating thereby contributing to the market crash.

  21. 95 Sue in Minnesota
    August 5, 2011 at 10:23 pm

    The entire world would riot…..and none of these jackals would be safe…not a one. The MSM is equally responsible ….pull the plug on them.

  22. 96 Me4obama
    August 5, 2011 at 10:23 pm

    CNN just read Mittens statement without any rebuttal. Shame on them.

    • August 5, 2011 at 10:25 pm

      CNN is FOX lite. Enough said.

    • August 6, 2011 at 4:44 am

      Yes Romney took the chance to blame Obama for this, but on CNN did you hear this Republican guy who said this isn’t the time to play politics, this is the time is act like a leader, this is serious business. In other word he is saying Romney miss the chance to show that he could rise above this and show leadership and put this country ahead of politics, put politics aside and speak as a leader for this country. Good old Mitt didn’t do that. The first thing to come out of his mouth is Obama did it. That’s the different between him and Obama, Obama would have talked about the error of S&P, he would have spoke of the facts, and not try to play politics with this.

  23. 99 Me4obama
    August 5, 2011 at 10:29 pm

    Ali Velsihi is speaking the truth. Called out the Teahadist for saying we will not increase the debt ceiling and that contributed to this mess.

  24. 100 Me4obama
    August 5, 2011 at 10:32 pm

    GUYS LETS STOP TALKING ABOUT THE POSSIBIlITY OF PBO BEING KILLED. NOT NOW NOT EVER.

  25. 102 utaustinliberal
    August 5, 2011 at 10:36 pm

    For those who don’t tweet, here is a trending topic AAA to AA and you can click on it to how people are responding to the downgrade.

    http://twitter.com/#!/search/%22AAA%20to%20AA%22

    For those who don’t tweet, here’s a trending topic: S&P. And you can click the link to see what people are tweeting.

    http://twitter.com/#!/search/%22S%20%26%20P%22

  26. 103 utaustinliberal
    August 5, 2011 at 10:39 pm

    Here are some twitter links.

    For those who don’t tweet, here is a trending topic AAA to AA and you can click on it to how people are responding to the downgrade.

    http://twitter.com/#!/search/%22AAA%20to%20AA%22

    For those who don’t tweet, here’s a trending topic: S&P. And you can click the link to see what people are tweeting.

    http://twitter.com/#!/search/%22S%20%26%20P%22

  27. 104 Doris
    August 5, 2011 at 10:51 pm

    Tea Party rally rocks LaCrosse — well, not exactly rocking

    The Tea Party Express began its Wisconsin tour with a stop in LaCrosse, attended, Fox News reported, by hundreds. Well, maybe scores. Or tens of people.

    Pathetic. Their 15 minutes may be up.

    http://uppitywis.org/blogarticle/tea-party-rally-rocks-lacrosse-well-not-exactly-rocking
    :D

    • 105 dotster
      August 5, 2011 at 11:39 pm

      I heard someone report today that they were expecting a huge tea party rally in St. Louis, and guess how many showed up? Answer: 3. Three people. Three crazy people. I think the tea party’s damage days may be coming to a screeching halt.

      • 106 Sue in Minnesota
        August 6, 2011 at 6:55 am

        The Tea Party is a sham. The people we have been exposed to through media, at rallys and protests are useful idiots. The people manipulating these suckers are our true enemies…..Koch’s, Norquist, et al. We are up against big guns, who have no interest outside of their own agenda’s. So don’t let the poor turn outs fool you…..clearly the organizers are focused and busy.

        Interesting someone mentioned down thread that someone hedged a 1,000,000,000. bet against the USA being downgraded.
        I have zero comprehension of the ways of Wall Street, other than to consider it the ultimate Casino. But Eric Cantors investments, betting against the US government need to investigated, and scrutinized. The downgrading seems extremely contrived and manipulated for both nefarious reasons (political gain and economic damage) and personal enrichment. Some serious investigating needs to get underway STAT.

    • 107 donna dem 4 obama
      August 5, 2011 at 11:42 pm

      Not if our lazy, sloppy, useless media have anything to do with it. They are determined to keep them relevant. CNN has a debate sponsored with them later this year so they have to keep them in the forefront. Sigh!!!

  28. 108 Lovepolitics2008
    August 5, 2011 at 11:01 pm

    Good thing that people are tweeting mad.

    I’m heartbroken for President Obama. How much more can a guy take ? And I’m also thinking about VP Biden, Mr. Geitner and his team. They’ve worked so hard in very difficult circumstances, dealing with stupidity and bad faith and now this.

    Let’s send them some message of support and appreciation, ok ?

    • August 6, 2011 at 4:52 am

      Lovepolitics2008, we have a man of faith, we have a man who know what he is doing, and I believe he can and will deal with whatever comes his way. Let us keep praying for him.

  29. August 5, 2011 at 11:04 pm

    I know I got really upset a while ago but I believe the president will see the American people through this. God is on his side.

    All God’s people go through trials and tribulations.

    President Obama was meant to be president during these times simply because he was meant to do great things and the only way to test a man is to give him challenges.

    These are incredibly challenging times and President Obama will prevail! I have HOPE!

    • 111 lmrj
      August 6, 2011 at 12:21 am

      Yes, I do too! The Audacity of Hope rings true!

    • 112 Debz
      August 6, 2011 at 1:18 am

      The President may see the American people through this, but will the American people stand by the President through this.
      The fact that S&P screwed up the math and once they were caught came up with some other excuse about politics as their reason, followed by every bloody repug blaming PBO tells me this is all political. Another means to take down the President.

  30. 114 Doris
    August 5, 2011 at 11:06 pm

    The President can’t say a lot right now because he has to govern from the White House, but when he hits the road, he can play politics and play politics he will. David Plouffe is already gearing up for the President to play hardball and take the Republican to the cleaners. We just have to keep our powder dry until he hits the road. I’ll bet when says this time don’t give them the keys back the American people will listen.

  31. August 5, 2011 at 11:07 pm

    @AngryBlackLady S&P said John Boehner has to go to AA, or something.
    —– I really liked this one. :)

  32. 116 Doris
    August 5, 2011 at 11:08 pm

    Why are the post falling way out of order?

  33. August 5, 2011 at 11:16 pm

    Hi everyone; I am so upset right now that I can’t see straight. I googled some about Standard and Poors, and on The Blaze there is a web site already up called: The Obama Downgrade.com. They are raising momeny on this alread. Please check it out. I smell something. All of this is not right sounding to me. I hate the evil that these nasty people are putting our President and all of the families and good people all around the world in right now. These are some hateful people.

    • August 5, 2011 at 11:19 pm

      meant raising money on this already. I apologize for all of the misspelling. I am just sick of these people.

    • 120 Sue in Minnesota
      August 5, 2011 at 11:28 pm

      HZ you of all people do not need the emotional upset…..I hope things are going well (enough….surgery is never easy) for you and that you are on the mend.

      Is The Blaze Glen Beck’s website? That guy is a total POS. He has no time for truth, just his power trip and his ability to manipulate the minds of those who choose not to think for themselves.

      • August 5, 2011 at 11:55 pm

        Yes, Sue. I just did some reading and I concluded that he has a lot to do with the site. However, in my reading about who are the people who are in charge at Standard and Poors, this site came up with an ad by Let Free Ring. They are asking for money from that heading: The Obama Downgrade. My question is: How did they get this ad up so fast with this name? Why are they raising money on this particular news? I believe that the Republicans are all in this together. This smells to fishy. But most of all, I know that President Obama will be fine. God has his protection over President Obama. But this s… just pisses me off at times. I hate the works of evildoers. However, I believe that we should not fret, but I am fretting now. I get tender when they pull all this shit(please forgive me, my family) on President Obama. This is nothing like what they did to Bill Clinton, trust me ,many of us were here watching that mess. This is a deep, deep hate that I have only seen in the deep red and hateful parts of the south. I know what I am talking about. But, thank God, He gave President Barack Obama a good brain.. And President Obama uses it.
        Believe me I know what GB is. I prayed that God would destroy his tv program, and look what happened. So I am soing to pray, ask for forgiveness, and go to sleep. We are going to be fine. We just need to say what we need to within our own family.

  34. 122 FTL
    August 5, 2011 at 11:17 pm

    Ok I am convienced the repugs had something to do with this. I just watched the S&P guy talking to a former comptroller and they kept saying that America will get it’s AAA rating back if they go ahead and cut the $4 trillion and he kept talking about entitlements. I guess they figured out they had been duped by the President. Also did you all not notice that the S&P guy have a slight Australian accent.

  35. August 5, 2011 at 11:17 pm

    here are some awesome tweets:

    Boehner’s Folly Leads To S&P Downgrade of US Debt

    Breaking: S&P downgrades Republican Party to junk status.

    Hey S&P, downgrade this. Wait, never mind.

    Cuz Dems started 2 wars, cut taxes and passed Medicare Part D. RT @thehill: Boehner blames Democrats for S&P downgrade

    Can the S&P downgrade the Republican party too?

    Way to go Republicans.. The S&P downgraded the U.S. credit rating.. because you tried to force laws tied to debt limit.

    If you read the S & P statement it clearly calls out Republicans unwillingness to add revenues. Repeatedly.

  36. 124 hopefruit2
    August 5, 2011 at 11:22 pm

    The reply button is not working well on this thread. This must be a problem with wordpress.

  37. August 5, 2011 at 11:45 pm

    Theory now is that S&P tipped off folks about this downgrade coming – which caused the Dow 500 point drop out of nowhere, and when the Admin pointed out their trillion dollar calculation mistake they still had to go through with the downgrade anyways because of their tip-off and Wall St folks planning accordingly.

  38. 127 donna dem 4 obama
    August 5, 2011 at 11:49 pm

    I hope we send out some really good officials over the weekend to pushback on what the media and the righnuts are more than happy to frame as this being unique to this President as if the t-thugs didn’t do anything to bring this about.

  39. 128 Walking_on_ Sunshine
    August 6, 2011 at 12:19 am

    It really describes him for me. And I find it comforting and inspiring. We have a strong and resilient leader who will overcome.

    Goodnight good people.

  40. 130 LYNND
    August 6, 2011 at 12:19 am

    I like to thank S&P for the part they played in the financial meltdown of 2008, I’d like to thank the Tea Party for the phony $h!t storm they created over the debt ceiling. and finally I’d like to thank the Republicans for perpetuating that $h!t storm. Good job helping to tank the economy guys!

  41. 131 dotster
    August 6, 2011 at 12:34 am

    OT, but I just checked Chgo Trib site to see what they’re reporting on the downgrade, and I see this headline, “Governor’s prayer rally for Obama draws criticism”. What??? Now Gov. Perry’s day long prayer fast or prayer fest, or whatever the hell it is, is now all about Obama, a prayer rally for Obama??? Perry is quoted as saying, “We’re going to pray for the president of the United States to have God’s wisdom poured out over him, to have his eyes opened.” This makes me furious, beyond furious. It’s creepy and scary and dangerous. I want all politics separated from all religion—-here and everywhere. Those 2 subjects do not belong together for any reason. Period. It’s just asking for a boatload of trouble, and we’ve got our hands full.

    • August 6, 2011 at 5:00 am

      dotster, there is some things I will read and some I will not, because I know it is alot of B.S. So why put yourself through it. To hell with Perry.

  42. August 6, 2011 at 1:05 am

    Times like this …Need extraordinary actions…I’ve said this to many times….
    We need to roginize..Call OFA..The DNC…and let us say where we need our funds to be spent on….

    On Buses headed to Washington….. March, Demonstrate….Enough is Enough.
    Just like the primaries we kept on giving to Some Deomocrats that were just Damaged Goods and voted against PBO’ Agenda…Then we had Tim Kane reassuring us that we will win…The messaging was poor and the TEAPARTY WERE ABLE TO PUT THESE IDIOTS IN CONGRESS…
    The Administration needs to get creative FAST…they can’t just depend on technology….If there’s something we learned, we can no longer on activisit to take our hands…WE owe it to our country We owe it to President Obama…..all the other stuff is nothing but distractions…that are preventing us to do what’s right…..I know I know…I’ve been preaching this for a while now….I am supposed to volunteer tomorrow, but I am so sick of this drama…that I can’t even begin to talk about the goodness of PBO….it’s like talking to a brick wall…it’s amazing how the media has infiltrated the minds of angry unemployed….They have every right not to listen to me…They lost hope, I would to if I was out work for over 3 year with kids to feed. This BS has gone way too long!!!

    PBO needs to see us March….just like they marched for Martin……….Just like they marched for Mandela. Our President hopes are in our hands, that’s what keeps him going.

    If anyone has any ideas please send them to OFA or the DNC…I ‘ve already sent them plenty of email..and will not donate unless they use their funding where it belongs, proper representation on TV….and the use transportation for us that want to march…They have 9.1% population unemployed that are willing to demonstrate.

    Thank you for allowing me to rant

    • August 6, 2011 at 1:06 am

      so angry..sorry for all the typos…I meant “Organize”

      • August 6, 2011 at 6:30 am

        we do need to organize, but how. thats the question

        • 136 Sue in Minnesota
          August 6, 2011 at 7:03 am

          I am clueless, but have felt a deep urgency that we take to the streets. Technology is great, can be an extremely useful tool, but real people, organized and united, puts a very sharp ‘real’ point on the message.

          I keep mentioning Rev Sharpton’s NAN is marching August 27th….anyway we could mobilize people to swell those ranks.

          • 137 mb32
            August 6, 2011 at 7:47 am

            Sharpton’s rally on Aug 27 with the unions is a good start. It’s the weekend of the MLK monument dedication. A lot of people will be in DC for that. Check NAN’s website for busses across the country that are headed to DC. I signed up for one going to the dedication on Sunday…I wanted to do the rally two but can’t do both…

        • 138 Kasai
          August 6, 2011 at 11:23 am

          We need to write OFA…the DNC…..When they ask..tell us how to improve..or ask for money…Please let them know that we need help in organizing……We can do this…Wisconsin is doing it…..if Egypt did it……….I am sure we can find a way.

        • 139 prettyfoot58
          August 6, 2011 at 12:03 pm

          FOLKS ARE HURTING…THEY ARE AFRAID….THEY ARE ANGRY….THEY DO NOT KNOW WHO TO TRUST…PRESIDENT OBAMA HAS TO FIND A WAY TO EASE THE FEARS OF THE AMERICAN PEOPLE….TO GET THEM TO HOPE AGAIN…TO TRUST…THAT THINSS WILL GET BETTER…..

          LAWDDDDDDDDD HAVE MERCY ON US….AND OUR PRESIDENT

  43. 140 Bobfr
    August 6, 2011 at 1:10 am

    Thought in only appropriate that I write our spectacular President and share just how I view the vile Teahadist and their newstainer enablers.

    5 August 2011

    The White House Online

    Dear Mr President,

    Thank you again for your outstanding leadership.

    Regarding the S&P (farcical) downgrade, I’ve posted a few ‘tweetables’ for various colleagues to use. Many are doing so enthusiastically, I might add.

    Wanted to share them with you and your team – maybe they will be helpful :)

    ‘Norquist treasonous pledge’s first success – US downgraded’

    ‘Tea Party Outperforms bin Laden in destroying US economy’

    ‘bin Laden no match for Boehner in wrecking US economy’

    Onward!
    Bob

    Yes.We.Can. … DO.More.Together!

    • 141 Bobfr
      August 6, 2011 at 2:01 am

      Decided to share the letter so I’ve sent it to Leader Reid, Leader Pelosi, Rep Hoyer, Senators Cantwell, Sanders, Ben Nelson, Kerry, Murray, Boxer, Schumer, Levin, Baucus and a few others :)

      The introduction to the letter, in each case, was:

      Dear xxx,

      Wanted to share my most recent email to our great President Obama.

      Thought in only appropriate that I write our spectacular President and share just how I view the vile Teahadists and their newstainer enablers.

      Please feel free to pass along to all your colleagues in the Legislative Branch and beyond.

      Thank you,
      Bob
      ======================

      Yes.We.Can. … DO.More.Together!

  44. 142 globalcitizenlinda
    August 6, 2011 at 1:14 am

    we MUST politically fight these extreme rightwingers and its a fight we must win!!!!! these people will do ANYTHING to this country because of the hatred they feel towards this President.

    this downgrade belong to the republicans and there is no ifs and buts about it. we must stick to this line

  45. 143 Frenchie08
    August 6, 2011 at 1:24 am

    Hey Guys! This should cheer you up!

    Hollywood Stars Contribute In Droves

    WASHINGTON — In a sequel to President Obama’s celebrity-laden 2008 campaign, many of Hollywood’s biggest stars are on his donor rolls again in 2012, according to the latest FEC records.

    Since April, big-screen stars George Clooney, Will Ferrell and Tom Hanks have all contributed to Obama’s re-election campaign, as have Gwyneth Paltrow, Jennifer Garner, Michael Keaton and Eddie Murphy.

    Small screen stars also donated in droves, including talk show host Ellen DeGeneres, “30 Rock’s” Alec Baldwin, “Glee’s” Jane Lynch, “House” star Jennifer Morrison, “Lost” creator JJ Abrams, “Monk” star Tony Shalhoub, Yeardley Smith (aka Lisa Simpson), “The Big C’s” Oliver Platt, “Frasier” star David Hyde Pierce and former “ER” star Anthony Edwards.

    And while it may come as little surprise that Hollywood’s elites are backing a Democratic candidate, the sheer number of headlining stars who have donated to a candidate this early on in a presidential campaign is unprecedented.
    In addition to the actors, movie producers and studio executives also dot the donor list, like Brian Grazer, Steven Spielberg, Dreamworks’ Jeffrey Katzenberg, Disney chairman John Pepper and “Sex and the City” co-creator Michael Patrick King.
    Grammy-winning musicians James Taylor and Will.I.Am also sent in donations, as did singer-songwriter Lisa Loeb. From the ranks of radio came “Prairie Home Companion’s” Garrison Keillor and Tom Joyner, of the syndicated “Tom Joyner Morning Show.”
    Unlike most wealthy political donors, celebrity backers can offer a candidate more than just a lot of money. Obama’s campaign harnessed their endorsements through a series of video messages that became instant YouTube sensations. Celebs can also add star-power to otherwise mundane campaign rallies. In 2008, thousands of Oprah Winfrey fans attended Obama campaign events where she appeared in person. Winfrey has already said she’ll help the president with his 2012 re-election efforts.

    The donors listed above gave to one of Obama’s two main campaign entities, the Obama For America (OFA) fund and the Obama Victory Fund (OVF). The OFA fund is a direct campaign account, and individual donations are limited to $2,500. The OVF is shared with the Democratic National Committee, and individuals are allowed to contribute much more — a maximum of $35,800 each.
    Plenty of celebrities took this route: Ferrell, Paltrow, Clooney, Hanks, Smith, DeGeneres, Murphy, Taylor, Spielberg, Glazer, Katzenberg and Joyner all gave $35,800 to the OVF. Lynch and Pierce each gave $10,000.
    The next step for Obama campaign strategists is to determine how best to utilize each of the famous faces. In addition to campaign trail appearances and videos, Hollywood royalty can host splashy, high-profile fundraisers on the L.A. party circuit, recruiting more donors and garnering valuable free press for the campaign. But there’s a potential drawback for Obama to all this Hollywood love. Republican challengers will likely use the president’s famous (and famously liberal) fans to feed the perception that Obama is out of touch with everyday Americans. Until the U.S. economy improves, expect to see celebrities deployed very cautiously on the president’s campaign trail.

    • 144 utaustinliberal
      August 6, 2011 at 7:42 am

      Thanks for this piece of wonderfully awesome news Frenchie08. I’m glad a lot of hollywood heavyweights backed President Obama in 2008 and haven’t lost faith in him this time around.

  46. 145 LYNND
    August 6, 2011 at 1:28 am

    Day after day, a calm, cool, reasonable President Obama took his case to the American people, and the media. When he asked people to get involved by calling their reps, they responded by flooding Washington with phone calls, and e-mails. As the debt ceiling drama dragged on, even some on the right were referring to the TP’s as extortionists. The Tea Party/ GOP has increased the stoopid quotient in congress by a hundredfold. Let’s get work and elect a smarter, saner congress in 2012.

  47. 146 LYNND
    August 6, 2011 at 1:30 am

    Day after day, a calm, cool, reasonable President Obama took his case to the American people, and the media. When he asked people to get involved by calling their reps, they responded by flooding Washington with phone calls. As the debt ceiling drama dragged on, even some on the right were referring to the TP’s as extortionists. The Tea Party/ GOP has increased the stoopid quotient in congress by a hundredfold. Here’s to a sane congress in 2012.

  48. 147 chiara
    August 6, 2011 at 2:44 am

    Anyone want to take bets on how hard the media will be bending over backwards on Monday to lay the blame “equally” on both sides. They will be working so hard to create a false balance that they will jump right over the truth. Mark my words they will say this was “the government” or “politics as usual” or the inability of “both sides” to compromise. Oh lord, it’s making me mad already because I know exactly how they will portray this.

    If this level of extremism and the results of it don’t motivate every single Democrat in the country to get off the couch and vote next year then don’t know what will.

    • 148 Dee
      August 6, 2011 at 9:44 am

      They already started this morning with equally blaming both sides. They made sure to mention President Obama first. It made me so furious.

  49. August 6, 2011 at 4:43 am

    The $1 Billion Armageddon Trade Placed Against the United States Bond Market

    http://www.marketoracle.co.uk/Article29477.html

    Jack Barnes writes : Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating.

    In one moment, an invisible trader placed a single trade that moved the most liquid debt market in the world.

    The massive trade wasn’t placed in bonds themselves; it was placed in the futures market.

    The trade was for block trades of 5,370 10-year Treasury futures executed at 124-03 and 3,100 Treasury bond futures executed at 125-01.

    The value of the trade was about $850 million dollars. In simple terms, if that was a direct bond buy, no one would be talking about it.

    However, with the use of futures, you have to have margin capacity behind the trade. That means with a single push of a button someone was willing to commit more than $1 billion of real capital to this trade with expectations of a 10-to-1 return ratio.

    You only do this if you see an edge.

  50. August 6, 2011 at 5:07 am

    We have a leader we can be proud of. Just let him and his people do what they have to do. And we have to keep putting it out there who’s to blame for this entire mess. The T-Republican Party.

  51. 152 Fred
    August 6, 2011 at 6:51 am

    I saw that yesterday evening and have been too fucking mad to have posted last night so I tried to sleep on it to see if my anger would go away to no avail.

    THANK YOU and FUCK YOU Teahadists and FUCK YOU John King for being a fucking Republican hack doing their work for them while being a paid “journalist” for CNN when you should be neutral

    he basically came up with a devastating ad (like he said for free) for the GOP saying that there is 1 President;that the USA has NEVER been downgraded until THIS President and that the leaders have some blame but THE President promised change;we got NONE;he promised to change the way in Washington;he didn’t;he said the President would restore the honor of this country around the world and that he didn’t and that the President has been humiliated and that he can’t do his job

    I came close to foaming at the mouth and almost got appoplectic so I switched channels

    • August 6, 2011 at 10:12 am

      Hi Fred,

      I heard John King and was just stunned at the words coming from his mouth. A freaking republican hack! He was laying total blame on the President and ignoring everything the republicans did & then telling republicans how to take this President down. John King is a bias POS to the 10th power! He needs smacking!

  52. 154 Ladyhawke
    August 6, 2011 at 7:04 am

    Republicans Kill The Hostage As S&P Downgrades US Debt
    ———————————————————————————

    Reality denying Republicans have already tried to shift the blame to Obama for the debt downgrade, but it is important to state the obvious. If Republicans would have passed a clean debt ceiling extension, the downgrade would have never happened. The GOP’s political recipe for bringing Obama down of one part chaos and one part obstruction was never going to allow that to happen. Many Republicans wanted the debt downgrade because it plays into their political strategy for 2012.

    Whether or not S&P’s numbers are off, and with Standard and Poor’s track record they very well could be, the political point can’t be ignored. S&P downgraded our debt because our political leaders can’t agree on anything. Standard and Poor’s said that the US still can pay its debt, but the Republicans in Washington can’t be trusted to allow the government to function.

    The Republican caused dysfunction in DC was one of the main reasons why S&P downgraded. They had already let it be known that a downgrade was possible if the US didn’t agree to the $4 trillion deficit reduction package, but would anyone be talking about using debt as criteria for a downgrade if Republicans had not linked it to the debt ceiling? I doubt it.

    The S&P can be described as a troubled and flawed organization at best. They took a justified beating from Democrats for their role in helping to cause the financial crash of 2008. It wouldn’t be much of a surprise if the people at S&P saw this as a chance for a bit of reputation enhancement and political payback.

    In economic terms, S&P is one of three ratings agencies. As long as the other two agencies keep the US rating at AAA there should be little impact from S&P’s decision. The biggest impact will be likely felt politically, not economically.

    Republicans can try to blame Obama all they want, but they the ones who ginned up a crisis out of thin air, and they are party that has forced the United States of America’s debt to be downgraded for the first time in this nation’s glorious history.

    The message to Obama and the Democrats is simple. They can’t fix this. Republicans are hell bent on making sure that the economy doesn’t recover. This reality leaves Democrats with two choices. They can either battle with the Republicans thus adding to the gridlock that is trashing the economy, or they can compromise and flush the economy down the drain.

    It is a lose-lose situation that has no hope of improving unless the voters wake up and remove the Republicans from the House majority in 2012. Until then the American people are going to force fed a buffet of embarrassment, humiliation, and failure prepared by the master chefs of economic destruction in the Republican Party.

    Eat up America. This is government that you voted for in 2010.
    ———————————————————–

    http://www.politicususa.com/en/s-and-p-downgrade

    • August 6, 2011 at 7:21 am

      fricking SAPs. and fricking Repugs. How are they gonna blame the president when they are on record talking about getting 98% of what they want and how default and downgrade doesn’t matter….. and in regards to SAPs……. they have no credibility, i watched the John Chambers guy on AC360 and his voice was shaking…. fucker. Hope PBO puts his foot so far up SAPs ass it has to be surgically removed. A CBS poll released yesterday said a majority of americans viewed the debt ceiling fight as political crap…….. now they will see the results of a manufactured crisis, hopefully they’ll give credit where it is due……. thanks Greed Over People party.

      • 156 Ladyhawke
        August 6, 2011 at 8:08 am

        I hear ya lisa. I am furious about this. And I heard that John King was harping on the fact that something like this has never happened. What he should be saying is that no party has ever held the country hostage for raising the debt limit. It’s as if he conveniently glosses over why we are in this mess in the first place. If the debt limit had been raised as it routinely has been for the last 50 years, we would not be here.


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