06
Aug
11

saturday – the downgrade

First, the President’s weekly address:

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Zachary Karabell (The Daily Beast): Math-challenged and politically-driven, S&P’s Friday night credit demotion puts the ratings agency on par with the Tea Party. Zachary Karabell on why that’s dangerous.

…. Let’s be clear: Congress and the White House did not cover themselves with glory during the debt debate throughout July. The United States has a stalled economy and a large amount of debt. But on so many levels, this downgrade is absurd.

…. there is the question of math. When S&P informed the White House of its intention to downgrade on Friday afternoon, the Treasury Department took issue with S&P’s math and claimed that their assessment of the trends of the U.S. debt burden and its ratio to GDP was off by trillions of dollars. No matter. After a brief review, the wizards at S&P went ahead and removed an A.

… I have no criticism of an academic theory about how nations function economically. But when debatable theories become the underpinnings of decisions by unelected individuals who run organizations with significant sway (sway ceded to them by governments throughout the 20th century), then we have a problem …. drawing on theories about the “right” level of debt puts S&P in a strange bedfellow alliance with the Tea Party.

The people who run the ratings agencies are welcome to their analysis, as is the Tea Party. But if Rogoff and Reinhart or the Tea Party announced that they were downgrading U.S. sovereign debt, they would be laughed for their audacity. Yet when it is one of the anointed ratings agencies, there is this sudden need to genuflect.

… The company assailed the Washington culture of “brinkmanship” so in display during the debt ceiling fiasco, and used that as the primary reason to take us down a notch. Excuse me, but since when is a pristine political process a key ingredient to good credit? Are we supposed to have civil politics in order to maintain the rating?

…. There is not a scintilla of evidence that the political process has yet impeded the ability of the United States to meet its debt obligations, even with the debt ceiling brinkmanship….

Finally, as a symbol that the United States is sliding off the rails, the downgrade is potent … the actions of S&P are part of problem and not just an independent verification that one exists.

These agencies have been elevated to heights that should not ascend; they have been chronically wrong and late in the past; and their rationale for a downgrade sounds more like a prim distaste for a dysfunctional political process that a reasoned assessment of the ability of the United States to discharge its obligations. No defense can be offered of our current political system or near-term economic prospects. But S&P – already on overreach as “neutral” judge of American creditworthiness – has no special standing to rule on the political system, and using that as a cudgel to prove their own power is a destructive act.

Full post here

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Politicususa: … 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….

… 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.

Full article here

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Krugman

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Steve Benen: Before we get into Standard & Poor’s decision to downgrade United States debt, it’s worth appreciating the events that immediately preceded the announcement.

Officials from Standard & Poor’s provided documents to the Treasury Department, explaining the downgrade. Obama administration officials noticed a problem: the S&P numbers didn’t add up:

…..A Treasury staff member noticed the $2 trillion mistake within the hour, according to a department official. The Treasury called the company and explained the problem. About an hour later, the company conceded the problem but did not indicate how it planned to proceed, the official said. Hours later, S.& P. issued a revised release with new numbers but the same conclusion.

Got that? S&P prepared an analysis to justify a specific conclusion. The analysis was off by $2 trillion. Treasury explained to S&P that the analysis wasn’t even close to being accurate, which led the ratings agency to concede they’d made a mistake.

And a few hours later, S&P decided to reach the same conclusion anyway. The agency wanted to proceed with a downgrade; whether its numbers added up was irrelevant.

That certainly inspires confidence in the integrity of Standard & Poor’s decision making, doesn’t it?

I’m reminded of something Joe Klein said in April, after S&P first started making threats about this.

….. Hey, weren’t you the same guys who gave AAA ratings to the repackaged subprime mortgage-backed securities that, in truth, were utter dreck? And didn’t that help cause the 2008 economic collapse? And didn’t subsequent accounts reveal that you were in bed with the banks whose products you were supposed to be rating? I mean, you guys are still in business? Amazing.

Full post here


102 Responses to “saturday – the downgrade”


  1. 1 criquet
    August 6, 2011 at 7:42 am

    I am so angry about this S&P thing. It seems a deliberate move aimed against this Democratic President.
    It has to stop otherwise there will be a lot more of it, disastrous for America and the world..

    Congress needs to be brought back to deal with this mess they created right now.
    Hold hearings into this whole affair and grill these Standard & Poors people and get to the bottom of this because something is very wrong and it is not the first time they have done something like this. The severely overated bond ratings in 2008 is just the most recent other example.

    I think we need to start a twitter feed ??/ ( I don’t tweet so I am not sure what it is called) asking Congress to get back into session and deal with this. Can someone do this?

    Call these people to account for their actions now. This could cause a serious spike in interest rates, making the economy worse.

    Action is needed. , IMHO.

    I also posted this at TOAIR.

    • 2 criquet
      August 6, 2011 at 7:51 am

      I am aware of the crazy majority in the House but pressure needs to be put on them and at least hearings in the Senante might have some effect where people like Senators Reid, Kerry , Schumer , Boxer etc will take the fight to these economic terrorists and let the American people hear the truth.

      One can only hope they listen . Even if the Senators get through to a small percentage, that might make a difference.

  2. 3 Fred
    August 6, 2011 at 7:54 am

    I hope the President comes out early this AM and exposes the link between the S&P people and the Teahadists and lets the American people know they are for Mitt Romney and I hope he announces to the world that Eric Cantor has been betting against our Treasury

    Can someone PLEASE PLEASE PLEASE tweet the WSJ article on Cantor to Burton;Axelrod;Carney;DWS;the DNC;Pelosi so that the President goes public with this since the media won’t ?

  3. 10 utaustinliberal
    August 6, 2011 at 8:08 am

    This article points out everything that frustrates me about the downgrade. S&P’s statement had nothing to do with our economy, future economy and deficit, it was all POLITICAL. They said it was Washington’s brinksmanship. Not the ability of the US to pay its debts. The US will ALWAYS be able to pay its debts. ALWAYS. S&P already admitted to wonky and flawed math and when called out on it, still went ahead and downgraded our credit rating. This is a ratings agency that was part of the financial mess of 2008 when they backed junk bonds of private equity firms, private companies, and other corporations and rated them AAA. Now they want to give us a ratings analysis? Are you freaking kidding me? This is so plainly political in the fact that in 2008 a lot of democrats and some republicans took these credit rating agencies to the mat; especially S&P and now S&P felt the need to deliver some petty payback. France, Liectenstein, and other European countries have a AAA rating yet they can’t print money; but the US can and the biggest economy in the world gets downgraded to AA+? How freaking ridiculous is that.

    The media is already spinning BS and carrying GOP water; reading Romney, Huntsman, and Boehner’s statements all blaming President Obama’s “reckless spending.” Pawlenty, Santorum, Bachmann, and even Gingrich of the Tiffany’s infamy are calling President Obama weak and a big time spender who messed up the governments credit card. Seriously? Yeah right. President Obama is to blame. President Obama wanted a $4 trillion grand bargain deficit deal that would include tax cuts and revenue increases and would have put us on a very fim footing for years to come (even S&P agreed with this plan. They said any plan must include tax revenue). Cantor walked out. Boehner walked out. Boehner (the weak wuss) allowed his nutjob teabagger caucus to hold him and the country hostage. Now they want to blame the one person who was the adult in the room. Who told them and everyone that this could be a slight possibility when he said we don’t have a really big problem with our AAA rating; we just don’t have a AAA congress. Boehner told CBS News that he got 98% of what he wanted. Well thank you needle dickhead – We got fucking downgraded.

    • 11 Mae who love our CIC
      August 6, 2011 at 9:19 am

      UT I like your analysis. Everybody is in bed with each other. It’s all a ploy to undermine President Obama. Bohener getting 98% of what he wanted could be the downgrade he was seeking. These people have no morals and are abunch of self serving individuals who have lost their integrity, honesty, and decency as human beings. S&P has lost its credibility. Who can trust them. And they are sitting in judgement of our credit status. Whatever happens to mitigating circumstances; for the first time in our history the debt ceiling not being raised because of the juvenile behavior of a few. The greatest country in the world

      • 12 Mae who love our CIC
        August 6, 2011 at 9:27 am

        I didn’t finish. We had to make the raising of the debt ceiling be a side show rather than business as usual. The optics are not good for us. Always looking for the next distraction. Jobs is the topic of discussion. And the market reflected the slight downgrade because it knew of S&P doings. Inside trading I think.

  4. 13 Ladyhawke
    August 6, 2011 at 8:11 am

    Senator John Kerry is brilliant and a true statesman. The Reid Report has a clip of him eviscerating the media and slamming the Republicans in the House for their intransigence. It’s a great clip, but the only problem is that he is appearing on the Morning Joe Show. Believe me, it is worth dealing with Joe and Mika to see this interview. Senator Kerry does not mince words.

    (Video) John Kerry’s prophetic plea: don’t allow tea partiers on the debt ‘super committee’

    http://blog.reidreport.com/2011/08/video-john-kerrys-prophetic-words-dont-allow-tea-partiers-on-the-debt-super-committee/#more-26038

  5. 14 Ladyhawke
    August 6, 2011 at 8:12 am

    Here’s more excellent reporting from Joy Reid: …….

    **UPDATED: They did it anyway: S&P downgrades U.S. credit rating (and stumps for tax hikes)

    http://blog.reidreport.com/2011/08/they-did-it-anyway-sp-downgrades-u-s-credit-rating/

  6. August 6, 2011 at 8:13 am

    Okay, I was angry at SAPs and sent them an e-mail. Here is their comments page. Look for the Subject title: Credit ratings, blah, blah…

    http://profile.standardandpoors.com/content/clientservicesformspcom_new

    fricking holier than though bastards. As the admin said: this was a ‘facts be damned decision.’ Yep, facts don’t matter now much like they didn’t matter in 2007/2008 when SAP was AAA backing the arbiters of this recession. 😕 The admin is letting SAP have it, so should we. They need to realize that people matter too. Bastards. Oh, their phone number is 1-877-SP-CLIENT or 1-212-438-7280. PBO should be fighting this on his own.

  7. 19 ChristiMtl
    August 6, 2011 at 8:38 am

    Good morning gang,

    I was so busy with work for a couple of days that I had to do a lot of catching up at night.
    I was so angry last night, I watched CNN a little bit because I was upstairs and didn’t have my computer, the way they were spinning the story was appalling and disgusting. I don’t know how many tweets I sent Anderson Cooper and CNN.
    As long as people go after the Tealibans, after so and so GOP congressman/woman, or GOP senators. Nothing will ever change.
    They are not the problem, they are sociopaths, psychopaths, they can’t feel shame, ever. They are not the problem, nothing can change them, nothing can move them, they don’t have normal behavior.
    Corporate media is the only problem, nothing else.
    If people don’t go after them day after day and focus on who’s responsible for the rise of the far-right, and who carry the GOP water day after day after day, nothing will change.
    I remember when the hashtag #FUWashington went viral, I didn’t like it, because for me the President is part of Washington, and good democrats as well (not all) but the majority.
    So why is it that the media picked that up? Because it fed on their lie that both sides were to blame.
    They are spinning the downgrade again. ”It happens on Obama’s watch”. Not enough cuts, bla bla bla.
    They won’t go after the tbaggers, they are protecting them, covering for the GOP.
    The hashtag that should be trending every day should be #FUmedia, something like that.
    They promoted the t-party as just good old patriots that were angry about the spending and not what they truly were. A creation of the far-right extremists Dick Armey and the Koch brothers. Who helped them get elected?
    Isn’t it amazing that they were nowhere to be seen with their signs ”don’t touch my Medicaire” after the Ryan’s plan, that was actually destroying Medicaire.
    It’s scandalous, it’s the fall of the US. As long as the media is corrupt, the right/far-right will always be protected.

    • 20 hopefruit2
      August 6, 2011 at 9:04 am

      The media is an extended arm of the Republican party – and that includes the suposed “left-wing” media with a few exceptions.

  8. 22 dotster
    August 6, 2011 at 9:00 am

    I was furious at the opening of the Today Show when they described S&P’s downgrade as President Obama’s inability to handle the nation’s economy—–just unbelievable. But then they had on Lawrence O’D who blasted S&P, saying they were just plain wrong in this decision, that this was a political decision with no basis in fact, and he made clear that it was Repub obstruction which caused this. Can’t remember his exact words, but I was cheering at the time. It was so unusual to see any truth making it through the media maze.

    • 23 hopefruit2
      August 6, 2011 at 9:06 am

      The racist media is just itching to project our duly elected and most capable President as this incompetent Black man who got into the Presidency via affirmative action. I will no longer be mincing words in letters, phone calls emails or faxes – I will be calling it as I see it.

  9. August 6, 2011 at 9:24 am

    Good morning everyone.

    Found this article on Yahoo Finance. I think it’s worth a read: “Is the U.S. Credit Rating a Victim of GOP Sabotage?”

    http://finance.yahoo.com/blogs/daniel-gross/u-credit-rating-victim-gop-sabotage-021622372.html

    Have a great weekend everyone.

  10. 26 hopefruit2
    August 6, 2011 at 9:29 am

    S&P is being run by McGraw Hill CEO Harold McGraw III, who supports Mitt Romney for President. See the connection?

    • 27 criquet
      August 6, 2011 at 9:44 am

      HF2, this is really important information. It crtainly provides a strong motive and may explain why they went ahead with the downgrade even after their math error was [pointed out.

      Please email and/or twitter it to the DNC and all Democrats and even the media not that most will report it but some may.

      Some of our group will have email and tweet addresses.

      I have asked for help on this to bombard the Sunday show people with requests for an equal no of Democrats and they should do it since all they do is say ” both sides do it”.

      • 28 utaustinliberal
        August 6, 2011 at 9:50 am

        Thanks hopefruit2. Off to tweet this piece of goldmine genius. We have great undercover reporters here. Love it. Seeking truth!!!! OBAMA/BIDEN2012 Yes…We…..Can!!! 😀

    • 29 ChristiMtl
      August 6, 2011 at 9:47 am

      Holy ****, this has to be tweet and tweet all day…..thanks for the info! And people have to flood their phone lines.

    • August 6, 2011 at 9:58 am

      I found a number for McGraw-Hill. 1-212-904-2000. Option #1 for emergency gets you a live person. I tweeted this too. We can’t let them get away with this.

    • August 6, 2011 at 10:36 am

      I will also spread this on twitter

    • 32 Bobfr
      August 6, 2011 at 11:30 am

      ‘S&P anti-American owner supports Mitt by downgrading US’

      Yes.We.Can. … DO.More.Together!

  11. 33 Anonymous
    August 6, 2011 at 9:30 am

    criquet

    I hope the DNC and other Democrats push to have some people on the Sunday morning talkshows.

    This is the rating of one already discredited group. Moodys and Fitch say otherwise. So 2 out of three AAA, S&P with flawed math says AA +. Who do you believe? They also need to hammer the Repugs and the Teahadists in particular.

    Anyone seen the Sunday shows list?

    If there are no or few Democrats booked, we have to push for them.
    I am lining up my niece to Twitter them. I will email.

    I woukd be glad for addresses by email and Tweets adressses as well..

    Thanks.

    We have to act.

  12. 34 criquet
    August 6, 2011 at 9:38 am

    I hope the DNC and other Democrats push to have some people on the Sunday morning talkshows.

    This is the rating of one already discredited group. Moodys and Fitch say otherwise. So 2 out of three AAA, S&P with flawed math says AA +. Who do you believe? They also need to hammer the Repugs and the Teahadists in particular.

    Anyone seen the Sunday shows list?

    If there are no or few Democrats booked, we have to push for them.
    I am lining up my niece to Twitter them. I will email.

    I woukd be glad for addresses by email and Tweets.

    Thanks

  13. 35 utaustinliberal
    August 6, 2011 at 9:48 am

    I loooooooove Dan Pfeiffer. He’s the White House Communications Director and he’s already begun the fightback. He is going hard at the media. Calling each and everyone one of them out for reporting in a one sided manner and not calling out GOP intransigence, lack of compromise, repeated walk outs, and no agreement to tax revenues. He’s also calling out Romney and other GOP presidential candidates and pointing out the flaws in their misguided statements. Pfeiffer is a fucking warrior genius!!!! L-O-V-E him!!!!! 😀

    • 36 hopefruit2
      August 6, 2011 at 10:11 am

      Is he doing this on Twitter or is he appearing on the Cable networks?

      • 37 utaustinliberal
        August 6, 2011 at 10:36 am

        He’s doing it on twitter. He called out John Harwood of CNBC after he reported the downgrade in a one sided manner and used erroneous “facts” to support his reporting that President Obama was to blame and the GOP had no part at all in this mess.

  14. August 6, 2011 at 9:52 am

    Believe me folks a majority of Americans are not as dumb as the media and republicans makes us out to be.

    The latest NY times polling had 72% of Americans disapproving of the way republicans handled the debt ceiling comparing that to 42% disapproving of the way the president handled the debt ceiling, and I believe some of the president numbers may be from whinny progressives. So I think as a whole the president is viewed better by a wider swatch of the electorate. The republicans own this downgrade I know it and 72% of Americans also knows it.

    It’s a given that republicans would jump out and try to blame this president because they know they have really screwed up. This congress has been rated the “worst congress in history” and congressional democrats are now polling better than republicans.

    As far as the media goes every democrat should start taking it to the media just as Senator Kerry has been doing and I think our attack on the media should go into high gear, becasue just as they sat back and allowed this country to be lied into a war, they sat back and allowed the republican crazziness to cause us a downgrade.

  15. 39 Me4obama
    August 6, 2011 at 9:52 am

    GOP Downgrade: Let Them Own It

    by noweasels

    On 360 last night, Anderson Cooper interviewed John Chambers, the S&P executive responsible for the downgrade of US Treasury Bonds:
    Video here.

    Among other things, Mr. Chambers said:

    I think that there’s plenty of blame to go around. 

This is a problem that’s been a long time in the making, well over this administration and the prior administration. It’s a matter of the medium- and long-term budget position of the United States that needs to be brought under control, not the immediate fiscal position. It’s one that centers on entitlements and it’s entitlement reform or having matching revenues to pay for those entitlements that’s at the crux of the matter.

    COOPER: What could the United States have done to have avoided this?

    CHAMBERS: Well, I think it could have done a few things. The first thing it could have done is to have raised the debt ceiling in a timely matter, so that much of this debate had been avoided to begin with, as it had done 60 or 70 times since 1960 without much debate. So that’s point number one. And point number two is it could have come up with a fiscal plan similar, for example, to the Bowles-Simpson commission, which was bipartisan. Although it did not have a supermajority vote, it did have a majority vote and came up with a number of sensible recommendations. 

You could envision other recommendations, but that would have been a start. 


    DAVID WALKER, FORMER UNITED STATES COMPTROLLER GENERAL: John, thanks for coming on. 

First, obviously, S&P said back in April that you were looking for something meaningful to happen and up to $4 trillion in deficit reduction over the next 10 years. That didn’t happen.

    (NOTE: Whether we supported it or did not, the deal President Obama proposed before Speaker Boehner walked out in a huff was in this ballpark. Just noting for the record.)

    (SNIP)

    JEFFREY TOOBIN, CNN SENIOR LEGAL ANALYST: Well, I think it’s also important to recognize that Standard & Poor’s is not the voice of God here. Standard & Poor’s itself had an appalling record during the — what led to the financial collapse of 2008. They were the ones who were giving clean bill of health to all these investment banks and banks that had invested in these horrible mortgage-backed securities. 

So the idea that they have perfect insight into who is sound and who is not is simply incorrect. As for what this will mean, I mean, obviously, it will be a political football. I don’t think most voters have heard of this issue. I don’t think most voters care. Most voters care about what they see in the real world, unemployment, whether houses are selling, whether the economy is moving. I think this is likely to be a big sideshow.

    CNN

    (I think Mr. Toobin’s points here are important. I am also skeptical about S&P . . . which, given the importance of what they have to say, makes me . . . well, cynical would be too light a term.)

    But then we have this (and, yes, I am quoting a GOP operative):

    (Republican strategist Alex Castellanos):

    I’ve written a lot of campaign commercials, but as a political advisor, I wouldn’t be writing any tonight. Instead, I would be calling candidates and elected officials that I worked for and I would be telling them, settle down. This is serious. It would be better for you politically and better for the country financially to look like a leader, to reach across the aisle tonight and tomorrow and say, we all know how serious this is. We can do something about it. This is a moment we don’t have to pass on to our kids. This is one of those rare moments where what’s good for candidates politically is what’s good for the country. 



    (Wish he’d said this while the Bush Administration was busy creating every possible deficit it could, in order to bankrupt the country and make it impossible for our great nation to honor its obligations to its workers, seniors, poor, disabled and others who should and want to be able to participate in this formerly greatest of nations.)

    CASTELLANOS: It’s a missed opportunity for candidates who do that tonight chance. They have a chance to be big or they have a chance to be small. It’s a chance for big leaders to help us deal with the big problems. So the finger pointing is going to lessen them.

    Did they listen?

    more

    Ezra Klein

    2) Of course S&P is downgrading our political system. Did you see the nonsense we pulled over the past few months? The Republican Party took the country to the brink of default, and for what? A smaller and less certain deficit-reduction deal than they could have gotten if they had been willing to compromise with the Democrats. And then Senate Minority Leader Mitch McConnell said these default-driven deals would be the norm around Washington from now on. Why shouldn’t S&P downgrade our debt?

  16. 40 Left-Indie
    August 6, 2011 at 9:53 am

    Rachel is gonna be on MTP. I don’t think the media are either racist nor in GOP pocket. However, I think the Media decided to go into show business and pay lib service to the news business. The better dog fight they can set up, the better the ratings. The GOP is just better at the dog & pony. Also, this S&P thing, did I hear correctly, it seems like they are putting blame on the rethugs not willing to consider tax increases and therefore NOT serious about the long term deficit.

    • August 6, 2011 at 10:00 am

      No, sorry, The media is controlled by R-owned companies. This is a coordinated attack on the President. Period. They don’t do this for ratings. They do it because their R bosses tell them to. The sooner we realize that they are the enemy too, the more effective we will be.

      • 42 utaustinliberal
        August 6, 2011 at 10:30 am

        I absolutely agree with Proud and Hopefruit2. The media is controlled by the rightwing. Every corproration who owns the news media has a chairman/CEO who is a republican. So they send out the memo and flood the airwaves with GOP talking points. Take for example Rachel Maddow. I was glad Randi Rhodes pointed this out on her thursday show. Rachel used to be a champion fighter for truth and fair reporting. Ever since Comcast – which has a lot of republicans as CEO’s , Directors, etc and only few Democrats in management positions – took over the lion’s share of MSNBC, Rachel got her marching orders and since then it’s been blame Obama, blame Obama, mock Obama, insult Obama, suggest Obama needs therapy, blame Obama, talk about him in flippant, denigrating manner. Blame Obama again.

        Ever since the S&P downgrade all media stations have been leveling blame and erroneous lies about President Obama. It’s disgusting to watch. Even John Harwood of CNBC whom I used to look forward to his analysis has been out and out lying; so much so that WH Communications director Dan Pfeiffer said enough is enough and hit him back HARD on twitter. So yes the media is absolutely controlled by the GOP. No doubt about that.

        • August 6, 2011 at 10:48 am

          Rachel is so sicking. What sell outs. Yelling about standing up for progressive principles while selling out to right wing corporate masters. They’re hypocrites.

        • August 6, 2011 at 11:19 am

          I heard Randi speak on Rachel saying she doesn’t know what happened to her.

          As of late Randi has been taking it to progressives calling them out. I think what’s really starting to earn her legitimacy on the left is the fact that she proved Thom Hartman and other left pundits to be WRONG concerning the facts of the deficit deal.

          She blasted leftist Pundits for taking to the airways without reading the bill and passing on erroneous information.

    • 45 hopefruit2
      August 6, 2011 at 10:09 am

      “I don’t think the media are either racist nor in GOP pocket.” “…The GOP is just better at the dog & pony.”
      .
      .
      .

      Sorry Left-Indie but I have to disagree with you on all three counts.

      Without the media’s help, the GOP is NOTHING. Without the Koch-sponsored media, there would have been no ill-advised war in Iraq there would have been no Tea Party, no debt ceiling kerfuffle. GWB would have not gotten a second term in 2004. The media will follow Sarah Palin cross country on a silly bus tour but fail to cover huge anti-war rallies. Have you seen the hostility with which the WH press corps address the current administration, compared to their softball questioning and endless frat-boy style joking at press briefings during the Bush adminstration? The difference is ALARMING.
      .
      .
      .
      .
      And this from John King last night (as posted from fellow commenter Fred):

      /// “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” ///
      .
      .
      .
      .
      Sorry, but I refuse to give the media a pass on this one. It’s not just about ratings. They BENEFIT when the GOP is in power, and that drives a lot of their current attacks on the President.

      • August 6, 2011 at 10:27 am

        To your last point regarding the media, I’m in total agreement with you. As I stated up thread senator Kerry called out the media in this debacle of the debt ceiling as he stated giving equal legitimacy to the craziness of the far right aided in the insanity.

        • 47 dotster
          August 6, 2011 at 11:01 am

          I wish every Dem at every opportunity would make that same point——the media’s insistence that every issue has 2 equal and legitimate sides is wrong and damaging. There is the truth and reality on one side, and there is propaganda and lies on the other side. They do not deserve equal weight. It’s media laziness, their refusal to do any investigative journalism, any digging for facts which results in this negligence. They need to learn the truth and report only the truth, period. Otherwise, they fail our democracy in their historical vital role, which is what is happening now.

      • 48 criquet
        August 6, 2011 at 10:42 am

        I hope someone replied:

        Dah… you mean under the first African -American President, don’t you because that’s what this is all about.

    • 49 ChristiMtl
      August 6, 2011 at 10:16 am

      You don’t think they are in the GOP pocket? Well I respectfully disagree with you on that one, they are owned by corporations, they always carry the GOP water, they are responsible for the rise of the far-right. They legitimized the T-party.

      They never hold the GOP accountable for anything, they just let them spew their lies. Just observe the softball questions to the right-wing, not the same for the Democrats.

      It has nothing to do with ratings, it has everything to do with control, control of the narrative, anything to make sure that the GOP comes out blameless about anything.

      Corporations =GOP

      It’s not only Fox News, it’s CNN with Candy Crowley, John King with his ”analyst” sociopath Erick Erickson, Anderson Cooper , Jessica Yellin and the rest.
      And MSNBC, with Scarborough, Ratigan, regulars like Pat Buchanan, Halperin, Peggy Noonan, David Gregory and so many others.

      It’s frightening.

      • August 6, 2011 at 10:46 am

        All of these media folks are millionaires and are not paying their fair share of taxes. So IMO this is why they don’t want to see changes to their tax structure.. Follow the money…

      • 51 EDP4BHO
        August 6, 2011 at 12:14 pm

        LOL…..I’m beginning to think the media is the anti-Christ people try to paint our President of being. As we Christians say, the devil is a liar.

    • August 6, 2011 at 10:51 am

      I beg to differ. There is no media in the sense of the word in this country. It is wholly run and paid for by the corporations that own them. I’d like to wager that if we were to have some serious investigations in this country as that which is happening in the UK today, Americans will see and hear stuff that they never thought was possible.

      I do not trust the media. Exhibit A: President Obama leads a charge that kills Osama Bin Laden. Following the news, on every Sunday show, there were Republicans trying to tell us not to believe our lying eyes. That it was George Bush who really got the job done. Producers book people to come on these shows, cable included.

      Better researchers here would find that often when you have Democrats on these shows, it is because the producers know that they are coming on to bash the president. Even those who will give him some credit, will have to add the obligatory “BUT.” It never ends.

      This morning Walking on Sunshine posted this Kipling poem that bears repeating.

      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!

      I sent it to the folks on my media list:

      SUBJECT: WOW!! America gets downgraded

      And let me guess. The blame will be placed equally on both parties. Or better yet, the media will once again pick up the Republican talking points and thrust the fall on President Obama. Good economic news, the Republicans run out and say they are responsible, the media agrees. Bad economic news the Republicans send out their talking points that it is all the president’s fault, the media eats it up.

      Nevertheless, history will show that this crisis was manufactured by the Republicans

      Oh, well. Just another day in Washington, D.C.

      Sometimes I think when Rudyard Kipling sat down to write this poem, he had President Barack Obama in mind.

    • August 6, 2011 at 10:53 am

      Don’t know how much more evidence you need. Republicans OWN the airwaves, they own the advertisers, they own the message. It’s in front of everyone every day.

      • 54 Left-Indie
        August 6, 2011 at 11:36 am

        Folks I agree there is bias towards the Dems now mainly because we have the whitehouse. but I remember the media putting on any Gop person that would bash Bush and his wars, too. Follow the money is right, and I think the money is in setting up a good dog fight. Setting up heated she said/she saids. Sakaria just said something to the effect: the horrid debt-fight makes for a good TV, but terrible for the counrty. The CEOs who own the stations, sure they don’t want their taxes raised, but they want their station to be high rate even more. It’s all about show biz for them.

        • August 6, 2011 at 11:58 am

          Nah, still don’t think so. Sorry.

        • 56 hopefruit2
          August 6, 2011 at 6:29 pm

          Left-Indie you are either in denial about something, or you are knowingly dishonest about what’s really happening. The MSM refused to give 20 minutes of coverage to anti-war rallies in which there were hundreds of thousands of protesters – but would spend an entire day covering the 120-person strong Teabag rally in someone’s backyard. Phil Donahue who was anti-war got fired from NBC although he was a top-rated talk show host (hence bringing $$$$ to the network).

          CNN hardly mentioned Sarah Palin’s movie flop – except to announce that it was being released, but was the first to push their “Breaking” headlines about Barack Obama’s loss of 30,000 Twitter followers, while conveniently omitting the fact that he had over 9 million to begin with. When he gained back the 30000 and then some, crickets from the MSM.

          It is not simply about ratings. I will NEVER believe that.

    • 57 Keith in C-bus, Ohio
      August 6, 2011 at 11:56 am

      You Indie are in DENIAL. The MSM is ran by Corporate RACISTS and yes they are in the hip pocket of the GOP. What KOOLAID have you been drinking not to be able to realize this? Shocking post of DENIAL at its best. 😯 Not flamming you Indie just step back and take another look at what is going on please. How can PBO’s supporters be a part of the solution when there are folks in DENIAL of the truth?

    • 58 EDP4BHO
      August 6, 2011 at 11:56 am

      “The GOP is just better at the dog & pony”

      Nope. The only reason one could/would deduce this appearance is that the GOP/Corporate dynasties gave them the reins long ago. They are no better at messaging once one knocks down the lies constantly fed the nation, and all the other “glitter” they toss around. It’s very easy to influence folk when you can build on a bunch of non-truths that aim at weaknesses of uninformed people.

      • August 6, 2011 at 12:01 pm

        Right you are. This is no ordinary dog and pony show. This is collusion at its best, not only to hurt this president, but to the detriment of this country.

        Anytime, those in the media and some have admitted that this whole crisis was manufactured by the Republicans, and the media collectively tries to make it seem like both sides are responsible or heap the blame on this president, one has to know that there is a fish rotten in Denmark.

        I am going to believe my own lying eyes.

    • 60 Puddin'
      August 6, 2011 at 10:29 pm

      The media is covered with racism and bias…who do you think own the media?

  17. 61 professorx10
    August 6, 2011 at 9:57 am

    word press is trying to censor me to let u know the truth of what is going on

  18. 62 professorx10
    August 6, 2011 at 10:00 am

    who owns word press. I am going to get down to the bottom of this. Because I wander if they have connection with what I have

  19. 63 professorx10
    August 6, 2011 at 10:07 am

    Check this out every one
    paul-coughlin is the one who downgraded us. I started doing some research because it is just too fishy. Any excellent researches here?

    I wonder if he is tied to this action here
    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajdL7eUHeUro

  20. 64 professorx10
    August 6, 2011 at 10:13 am

    This is the man who downgraded the US. http://t.co/vmPF40y
    I wonder if he is tied to this action
    http://t.co/KRpB5QC smell something fishy

  21. August 6, 2011 at 10:28 am

    “Eat up America. This is government that you voted for in 2010.”

    ^^That’s the alpha and omega of this situation, with a side helping of corruption on the part of S&P. Totally sickening. America, wake up!

  22. August 6, 2011 at 10:45 am

    The right-wing extremists have totally screwed our country. The ramifications are deep and wide. It’s unbelievable how far the Republicans have gone to ruin everything by undermining our entire economy and feeding into the strength and domnation of another superpower.

    China tells U.S. “good old days” of borrowing are over

    http://www.reuters.com/article/2011/08/06/us-eurozone-idUSTRE7712HB20110806

  23. 67 professorx10
    August 6, 2011 at 10:49 am

    Check this out yaw from our friend in tweeterville, utaustinliberal.
    Check this out..
    S&P is run by McGraw Hill CEO Harold McGraw III, who supports @MittRomney 4 Pres. See the connection? #GOPIsScum #Fishy #CoincidenceMuch

    Trademarks

    McGraw-Hill®, Standard & Poor’s® & The McGraw-Hill Companies™, are the respective proprietary trademarks of The McGraw-Hill Companies, Inc. and TMHC in which all rights are reserved and which are protected by registration in a number of territories.

  24. August 6, 2011 at 10:54 am

    Like Howard Dean said: “You can’t trust Republicans with your money.”

    The dismantling of the middle class has been a long time coming, starting with Reagan. However, this latest rapid decline of the American economy was hastened by Bush’s stroke of the pen on his tax cuts, and then his disastrous wars and drug prescription plan. At least bin Laden isn’t alive to see his plan come to fruition, thanks to Bush’s assistance. Then, add a group of economic ignoramuses and illiterates in the form of the Know-Nothing teabaggers, and you have a perfect storm.

    I am convinced that unless Americans feel enough pain and see enough drama from these idiotic teabaggers, they will not wake up. That’s the case in Wisconsin, and hopefully it will spread throughout the country.

    I guess we won’t change until we hit rock bottom. This downgrade may be it, or maybe there’s a lower bottom coming. I truly don’t know.

  25. 69 P
    August 6, 2011 at 11:01 am

    I went to bed early last night..I am now seeing this..wow…wow…wow! I am in shock……..

  26. August 6, 2011 at 11:09 am

    Damn, this man never gets a moment’s rest. White House Press Corps is reporting:

    Obama may be headed back to the White House early from Camp David – pool has just been told to assemble at the White House.

    • 71 hopefruit2
      August 6, 2011 at 11:11 am

      That’s the plan of the GOP and Koch-sponsored Media. To stress him out so badly that he is unable to do his job properly.

      • August 6, 2011 at 11:14 am

        hopefruit2, that may be their plan but it is going nowhere. PBO is not going to let anybody down. It’s not in his DNA. He has a Herculean task before him but I will never stop believing in his ability to handle each and every crisis before him. Like I said a couple of days ago, it’s August. The MSM and the extremists always go off the deep end more than usual in August. You can set your watch to it.

        • 73 hopefruit2
          August 6, 2011 at 11:59 am

          True, and mind you, I didn’t say that their plan would work. In fact, just the opposite – which is why they are getting more enraged and resorting to more extreme measures that include destroying the entire country just to take him down. Kind of like burning down an entire house just to kill a butterfly that lives in the house.

      • August 6, 2011 at 11:38 am

        You are right, Hope. But what happens in the dark always comes out to light. President Obama was called for this moment in history. I fail to see any of the others on the political stage that could have brought us this far.

        PBO is and indomitable warrior. As strong and entrenched as the opponent is, we will just have to use our Davidian smarts to take on those Goliaths.

        It is frustrating, but we have to work 100 times more to help this man out.

        • 75 Puddin'
          August 6, 2011 at 11:27 pm

          Not only do we have to “work 100 times more to help this man out”, but we have to keep the faith. I see what happened yesterday is a good thing, it is a piece of the bigger picture…all of the junk/stuff that has been going on (in the dark) for years and years, is finally being revealed…all of it. We are going to feel some “pain” before everything flushes out…at the “end of the day” everything is going to be alright…continue to pray for the man who will go down in history as the greatest president in our history, pray for our country, pray for each and every one of us here at TOD and pray for the folks on the dark side.

          Keep the faith!!!!!!!!

    • 76 utaustinliberal
      August 6, 2011 at 11:22 am

      I saw that too on twitter. I felt so bad for him. Crying out loud he’s been in insane intense debt negotiations for more than three months. He finally gets a debt deal. Congress flees Washington; leaving him to deal with the FAA mess. He deals with it. Finally celebrates his birthday. Heads off to Camp David for some justly needed and justified R&R and BAM! S&P plays politics and downgrades us. This is so messed up especially since S&P is run by McGraw Hill CEO, Harold McGraw Hill III, and he supports Romney for President. Very very suspicious and fishy.

      When I found that out I immediately tweeted this: S&P is run by McGraw Hill CEO Harold McGraw III, who supports @MittRomney 4 Pres. See the connection? #GOPIsScum #Fishy #CoincidenceMuch

    • August 6, 2011 at 12:22 pm

      Do you think the President will be speaking some time to the public?

  27. August 6, 2011 at 11:16 am

    Chipsticks, I hope you will do a full expose on Grover Norquist soon as former Senator Simpson Bowles challenged everyone to find out where he gets his scratch from and who is he slave to..

    Norquist 
history 101
    By Karen Finney – 07/25/11 06:59 PM ET

    Perhaps a case of selective amnesia explains the exalted platform given to Grover Norquist both in the media and among congressional Republicans. Just a few years ago, Norquist was a central figure in the GOP culture of corruption and cronyism that helped Democrats retake control of Congress in 2006.

    From his longtime friendship with Karl Rove to leadership of the K Street Project with convicted former House Majority Leader Tom DeLay (R-Texas) to the money-laundering scandal involving convicted Republican lobbyist Jack Abramoff, Norquist has long wielded unchecked power in Washington. Norquist and his Americans for Tax Reform (ATR) are key players in an influential web of GOP donors, operatives and organizations working to implement a Republican agenda and consolidate power benefiting their special-interest friends. ATR funding reportedly comes from right-wing organizations like Olin and Scaife — conservative foundations set up by millionaires and billionaires like the Koch brothers — to support a set of policy goals favorable to their corporations. ATR has also received significant funding from the tobacco, gambling and alcohol industries.

    It was Norquist, working with then-Majority Whip DeLay, who launched the scheme known as the K Street Project in 1995. Run out of ATR offices, it controlled access to key government figures and rewarded GOP cronies by pressuring Washington lobbying firms to hire Republican operatives. Those who were loyal and willing to “pay to play” were granted access. As part of this cozy relationship, corporate “friends” were able to participate in the drafting of legislation affecting their industries. (Can you say Dick Cheney energy task force?) The Senate liaison to the project who met regularly with Norquist to review openings and candidates at lobbying firms was none other than former Pennsylvania Senator and current GOP presidential contender Rick Santorum.

    During this time, Norquist worked with Abramoff, Ralph Reed and Abramoff’s partner Michael Scanlon in a money-laundering scandal that bilked millions of dollars from Indian tribes. Abramoff and Scanlon grossly overcharged the tribes for work on casino gambling issues, using Norquist’s ATR and the ATR Foundation as a pass-through to support their lobbying effort. Contributions were made to ATR, which then skimmed a fee off the top before passing the money on to Ralph Reed and other anti-gambling activists.

    In one example, the Choctaw Indian tribe in Mississippi paid Americans for Tax Reform $1.1 million in 1999. Norquist passed the money to Reed, who ran the powerful Christian Coalition and a for-profit political consulting company. Reed used the money to run a religious-based anti-gambling campaign with the veiled purpose of preventing a rival tribe from cutting in on the Choctaw casino business.

    This allowed Norquist, Reed and Abramoff to disguise the fact that the money used to fund anti-gambling activities was generated through Indian gambling. Abramoff utilized Norquist’s cachet and access, referring to him once in an email as a “hard-won asset.”

    Investigations in 2006 by the Senate Indian Affairs and the Senate Finance committees (then chaired by Republican Sens. John McCain, Ariz., and Chuck Grassley, Iowa, respectively) found that Norquist not only used ATR as a cash “conduit” for Abramoff’s clients, but that ATR and four other conservative nonprofit groups “appear to have perpetrated a fraud” on American taxpayers.

    Which raises the question: Just what is it that 236 GOP House and 41 GOP senators fear from an operative known to be involved in illegal activity involving taxpayer fraud and influence peddling?

    Karen Finney is a political analyst for MSNBC and Democratic consultant.

  28. August 6, 2011 at 11:17 am

    I have been hearing quite a bit of buzz about a move by new investors to breakup S&P’s parent company McGraw-Hill. The NYT ran a story about it.

    There is a shakeup occurring in S&P’s parent company. It makes me wonder about the impact to the profitable S&P division. Could Standards and Poors become a separate company or be sold to another company? Who would own it if it did? I did a quick search for some of the investors involved.

    The McGraw-Hill investors pushing for the breakup– Ontario Teachers’ Pension Plan and Jana Partners

    Ontario Teachers’ Pension Plan
    ——
    Jana Partners (Hedge Fund) – I don’t know about the investors in this fund, but here’s what I could quickly dig up about the guys running it and their political contributions.

    *Barry Rosenstein (Co-Founder and Managing Partner)

    *Gary E. Claar (Co-Founder and Co-Portfolio Manager)

    *Charles G. Penner (Chief Legal Officer)

    *Dominic Joseph Varrialle (CFO) and Ken Mak (Principal and Director of Investor Relations)
    I could not find much of anything on either of them.

    —–
    I don’t know it this is significant, but I think it’s a good idea to keep an eye on anyone in a position to seriously influence the economy (for better or worse).

  29. August 6, 2011 at 11:20 am

    Benen has a very useful timeline. Tweet and FB and email to everyone you know:

    http://www.washingtonmonthly.com/political-animal/2011_08/a_timeline_of_events031362.php

  30. 86 ChristiMtl
    August 6, 2011 at 11:45 am

    Just read the latest about ALEC, good read from Think Progress. It’s like David and Goliath. What a mess.

    http://thinkprogress.org/politics/2011/08/05/288823/alec-exposed-corporations-funding/

  31. August 6, 2011 at 11:51 am

    President Obama Speaks on Deficit Negotiations

  32. August 6, 2011 at 11:54 am

    OMG, as many as 20 Navy Seals killed in NATO copter crash in Afghanistan.

  33. 91 Keith in C-bus, Ohio
    August 6, 2011 at 12:00 pm

    They don’t want the President to have any rest. They want to drive him into a comatose stuper from exhaustion and want him to call it quits. The Prez continues his efforts at being bi-partisan and Centrist to include everyone, but the Teathugs continue to work their EVIL on our economy and nation as a whole. I mean Americans have got to see what is going on here. Are the American people just going to allow a FRINGE group of FASCIST in our government take us to oblivion to gain power?

    I love the Prez with all my HEART, but it is time for him to actually tell the American people the whole truth. I just listened to his weekly address and he continues to use a wide net when speaking of Congress needing to help create jobs and stimulate the economy. We all know who needs to get in line and its those Teabagger Fascist in the House. I have a feeling that PBO will not be able to rest for the next 15 months. Mitt Romney and his PALS are using any method NECESSARY to steal the Whitehouse. THEY MUST BE EXPOSED!!!!

    August 6, 2011 at 10:46 am

    Reply

    Leave a Reply

    Enter your comment here…

    • 92 lmrj
      August 6, 2011 at 12:05 pm

      Rev. Al said something a few months ago that rings true for me. Not only does everyone blame PBO for any and everything that goes wrong, but he’s expected to do all of the dirty work too. Rev. Al said that PBO is doing what he’s supposed to be doing; he’s the President of all Americans. He’s the Chief Executive. It is not his job to do the dirty work. It’s our job!

      • 93 EDP4BHO
        August 6, 2011 at 12:43 pm

        It hurts my heart that this man cannot have a “weekend”…just a weekend, to get a bit of rest and be with his family. He has an administration, subordinates, and supposedly a congress, hired to actually work for the American people. So far, a great portion of this lot has been in cahoots with satan to annihilate not only PBO but this nation as well, and IMO any American who so faithfully follows the rethugs has a death wish. At this point and with all that has gone on in this session of congress, not to mention the mess left behind from that house-wrecker, GWB and his evil puppeteer Cheney, all willing parties are driven by bigotry and racism, jealousy and hate. Hence, even followers of the annihilators are themselves unpatriotic, and very dangerous to our very livelihood. I will unwaveringly keep my President and his family in prayer, and whatever funds I have, on a tight budget, I can afford honestly to give him, he will get. And I will flame anyone who ever approaches me, via whatever means, to put him down. When I believe in something and/or someone, that person has my full support, and no need for me ever to broadcast any disagreement I might have. Love, after all, is loyal.

  34. 94 Anonymous
    August 6, 2011 at 1:55 pm

    I have been coming here daily for quite a while now. Up until now, I’ve never commented but enjoyed the site a lot. I know that some may be upset about this new development but I believe the US Credit Rating should have been downgraded since 2007/2008. They just decided to do it now. They are 4 C’s that must be taken into consideration when evaluation credit – Collateral, Capacity, Character & Capital. When we are evaluating sovereign debt, Character(Political Will) weighs heavily in the decision. Countries such as Venezuela, Argentina & Brazil have been penalized heavily in the past because of their perceived political state and potential unwillingness of their leaders to honor their debt – not because of a lack of capacity but the lack of political will – or Character.

    In the US case, after seeing what happened with the Debt Ceiling debate, I think very few can argue that it is questionable whether the US has the political will – character – to pay their obligations. The talk by some was – how bad can it be, if we default. Such talk would have been more than enough to lower the rating for other countries – the US has gotten away with much. As a professional in the investment world, I would have downgraded the US back in 2008. I wouldn’t want to do it because it would be detrimential to many but based on facts, that’s what should have happened.

    Some say the S&P is basing it’s entire case on politics, but this is sovereign debt and the agency has to evaluate this. Especially since the US was on a slippery slope to begin with, it played a major part in the down grade.

    I think that everyone who runs for Congress should take an introductory course in Economics and the Financial Markets. They clearly don’t know much about this topic.

    I no some may question my credentials but for the record, I’m a CPA & MBA.

    • 95 lmrj
      August 6, 2011 at 2:58 pm

      Actually, the fact is that the republicans are not interested in educating themselves with an economics. They knew exactly what they were doing. They have been telegraphing their punches since Inauguration Day 2009. From limbaugh to mc connell, they have said time and again that they hoped that PBO would fail and it was their intention to make PBO a one-term president. They have been so sure of themselves because they have the Kochs of the world buying the media as their message machine, maneuvering the market and engaging in voter suppression schemes. Since PBO became POTUS congressional republicans have blocked any legislation that would create jobs and obstruct economic progress and destroy the middle class. That’s been their mission for 30 years. The election of PBO was the last straw and they merely found a vehicle in the tea party crazy enough to embolden them to accelerate their plans for destruction.

    • 96 EDP4BHO
      August 6, 2011 at 6:43 pm

      I don’t dispute anything you’ve said, and I concur. The US has been riding on a false sense of security in its “exceptionalism”. Still, the politics of it all is questionable.

  35. 97 Anonymous
    August 6, 2011 at 1:56 pm

    Sorry, last sentences… “know”

  36. 98 lmrj
    August 6, 2011 at 3:08 pm

    Hope I don’t offend anyone, but I feel the need to post an appropriate Bible verse:
    2 Timothy 1:7 (NKJV)
    For God has not given us a spirit of fear, but of power and of love and of a sound mind.

    As soon as I have finished my budget today, I’m donating some more $$$ to OFA and DCCC.
    FIRED UP & READY TO GO!!!
    Landslide: Obama/Biden 2012!

  37. 100 Titti
    August 6, 2011 at 5:04 pm

    from the Guardian: “In particular, the news may force Republicans in Congress to reconsider measures to raise revenue – and strengthens President Obama’s hand in any plans to allow the Bush-era tax cuts to expire, raising an additional $3tn over the next decade.” http://www.guardian.co.uk/world/richard-adams-blog/2011/aug/06/us-credit-rating-downgrade-debt

    Sad that in trying to undermine the Prez, these effers ended up undermining the US economy.

  38. August 6, 2011 at 6:45 pm

    Pardon me for referencing something in Huff n Puff, but this is full of important information about the S&P downgrade: http://www.huffingtonpost.com/dean-baker/how-to-think-about-standa_b_920148.html

  39. August 6, 2011 at 9:07 pm

    I truly believe that the GOP is hell bent on ruining the US economy to try and get a GOP candidate in the White House. McConnell said from day one that his goal was to make PBO a one-term president. This is the best they can do. Democrats & reasonable Independents need to rally behind President Obama. It is plain as day that the debt crisis has been created by the GOP. We cannot let them succeed by being staying home on election day. Re-elect President Barack Obama. Then get the Dems back in charge of the House. Vote!!!!


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