Who Is John At-Fault? [Updated Below]
Well…if you listen to David Axelrod or John Forbes <strike>Kennedy</strike>, er, Kerry or Howard Dean, it’s The TEA Party Movement’s man-caused disaster. And President Present was happy to let his Chief Of Alinsky Staff, the Suckup Who Wants to Be The Next SecState, and the Chairthing Of The Batsh-t Crazy Party do the dirty work new talking point thing while he went off and raised mo’ money.*
-Stacy McCain is optimistic that the MSM will start turning on Our Most Gracious King:
Liberals hate Republicans and most reporters don’t know jack shit about economics, but they know failure when they see it, and Obama has proven to be an outright failure as president. One of these days, and the day might come very soon, reporters will start ignoring the White House spin machine and start reporting the truth. And then liberals will bitch, bitch, bitch about the “right-wing bias” of the media.
Call me dubious [just don’t call me late for Happy Hour].
-Claudia Rosett thinks the downgrade will, in the long run, have a positive effect:
…The problem is not S&P. The problem is U.S. government spending and borrowing so profligate that American debt now tops annual GDP. The deeper problem, driving all this, is that American politics has become a realm in which the response to every difficulty of the human condition is for government to amass more power and dole out more money. The presumption of the U.S. government by now is that Americans cannot be trusted to arrange for their own medical care, pay for their own tuition, save for their old age, or “create or save” their own jobs. Big Brother will do that for them, even if the resulting rise of the dole and erosion of the private sector means 9.1% unemployment, almost 50 million Americans using food stamps, a stalled economy, soaring public debt, and now, a long-term credit rating lower than that of Australia, Hong Kong or France.All the debate and Tea-Partying to date has made some difference. But it has not yet prevailed to change the profligate and power-hungry dynamic in Washington.There have been plenty of wake-up calls these past few years, but too often they have been smothered by Washington’s vast political fog. Among ordinary Americans, who has time to keep track of the trillions spent, the endless expanding government programs, or the to-and-fro over deficits variously projected over the next decade?
The virtue of the S&P downgrade is that it serves as a simple bottom line. For a long, long time, the U.S. government earned itself a triple-A credit rating. It’s gone. Downgraded. Maybe, just maybe, that’s exactly the sound bite Americans need to hear, to concentrate voters’ minds on how to get that AAA rating back.
From your lips, m’am…
-Matthew Vadum is spot-on:
The great unraveling, so long predicted by those who grasp the iron truths of economics, has begun.
Only fools and partisans will blame the Tea Party for the downgrade. Markets see through the Enron-style accounting used by the federal government, this colossal fraud called baseline budgeting.
Unfortunately, Speaker John Boehner and his sycophants did not. They had a chance to at least try to hold the line on spending, but they failed.
While the bulk of the blame rest squarely on the mutant heads of the Leftists in the national government, a decent portion must be laid at the webbed feet of the Useful Idiot Republicans in the Congress and in the Punditry Class.
-Mark Steyn on those who blame Standard And Poors:
…Look around you: In what sense is the United States a AAA nation? A two-trillion dollar budget deficit? Fifteen trillion in federal debt? Ten times that in unfunded liabilities plus state and municipal debt? All S&P did on Friday was very belatedly state the obvious – that nobody in his right mind would give the present finances of the nation a AAA rating. Shooting the messenger isn’t going to do anything to correct that. So either change the arithmetic, or get used to a lot more of this. I mean, do you honestly think we’re really AA+?
Why…no…haven’t been for a long time really.
-A word from Roger Kimball:
It’s worth thinking carefully about this brisk reveille that Standard & Poor’s has brought us. As Amilya Antonetti noted in her interview with Neil Cavuto, the business community was not surprised by the news. Mene Mene Tekel Upharsin: they had seen the writing on the wall for months. S&P issued a warning last spring, which prompted Timothy Geithner’s little “no risk” ejaculation. The narrative is now up for grabs. The stakes could hardly be higher. The United States is at a crossroads. One way, the way advocated by our political elites, is the Keynesian path. We travel that road endeavoring to spend, and tax, our way out of debt. We have grand, economy-wrecking schemes according to which every auto shall travel 56 miles on a gallon of gasoline. Coal will be taxed and regulated to oblivion. Light bulbs will be toxic, cast a sickly light, but be “energy efficient.” And all Americans will be dependent on the federal government for their basic necessities.
Alexis de Tocqueville came up with the name for that road, and F.A. Hayek made the phrase famous: it is the Road to Serfdom. Vice President Joe Biden said that the Tea Partiers “acted like terrorists” by having the temerity to criticize the recent decision to increase the federal debt by $2.5 trillion. Here’s the question: how much more proof do you need to see that business as usual in Washington is ruining the country? Federal debt at $16.7 trillion. Unemployment above 9 percent. The credit worthiness of the United States downgraded for the first time in history. Isn’t it time to wake up and smell the latte?
You would think so, but let us not forget these truths:
1. Some of the Leftists wanted this to happen, as it helps make the situation more Chaotic, which opens the door to their grabbing of more power [call them ‘Bolsheviks‘];
2. Some of the Leftists actually believe that, if we had only raised taxes, the economic situation would have stabilized [call them ‘Mensheviks‘]; and
3. Some of the Republicans still believe that the old game of back-slapping politics is still viable [if it ever was] and that Boehner’s Bill was the best deal that could have been gotten [call them ‘The Whites‘]or the ‘Chamberlains’ or ‘The Feckless Fools’]
You may recall who triumphed.
-However, there is real hope because, as Jeff Goldstein puts it so very well and eloquently, The TEA Party movement is not what the Establishment thinks it is:
The TEA Party is an impediment, one that the professional political class needs to see weakened, if not entirely marginalized. And that’s because the TEA Party is threatening the mechanism of cheap grace, power, and perks these politicians live on.
But what they don’t seem to understand about the TEA Party is that it isn’t an actual party. Instead, it is a mindset, a counter-revolutionary impulse to the counter-revolutionary coup of Big Centralized Government against the founding and framing of this country.
They can’t kill the TEA Party. Because the TEA Party can disband only as a descriptor. The attitude and beliefs that give it its most visible shapes, from time to time — be it as the revolutionaries who broke from a King, or as the Reagan Revolution, or as teh TEA Party — cannot be disgraced or marginalized. Because the attitude and beliefs that give rise to iterations like the TEA Party are the attitudes and beliefs that in a very real sense are this country and, insofar as we really do believe in the words of our own Declaration of Independence, are the beliefs and attitudes shared by all men and women who wish to break free of tyranny and live their lives not as subjects, but rather under a set of natural rights that governments exist solely to protect.
The TEA Party the establishment ruling class is hoping to marginalize and destroy here is a kind of mist: it can disperse and then reappear in new forms, under new names and descriptions, but it is always the same, and it always has the same goals and desires. It is, in that sense, the very atmosphere of this country.
The establishment politicians are now battling a climate. And if they can’t sense the very real dangers of the storm clouds on the horizon, they’re in for an awakening of stunning proportions.
Beware the mists of the fruited plain for therein lurk the WOLVERINES.
UPDATE at 1801…
-From President Downgrade this afternoon [emphasis mine]:
Good afternoon [Bob: What’s so frigging good about it, SFB’s?], everybody. On Friday, we learned that the United States received a downgrade by one of the credit rating agencies — not so much because they doubt our ability to pay our debt if we make good decisions, but because after witnessing a month of wrangling over raising the debt ceiling, they doubted our political system’s ability to act. The markets, on the other hand, continue to believe our credit status is AAA. In fact, Warren Buffett, who knows a thing or two about good investments, said, “If there were a quadruple-A rating, I’d give the United States that.” I, and most of the world’s investors, agree.
Thank you, Donald Chump. I feel much better now than you have given the world your crack [or is it ‘crackhead’] investment advice. I value your financial experience, John D. Oddfeller.
You can read the rest if you want to by following the link up above – that is, if you’re into ingesting pablum puke.
-William Jacobson has a pithy assessment here.
-Jim Hoft reports that after Little Lord Hemorrhoid spoke, the Dow plummeted 634 points. Way to go, Sparky.
-Andrew McCarthyexposes some of Team Downgrade’s lies and give The Wall Street Journal Editors a well-deserved tickle.
-Rush was on fire today. A few highlights:
Does anybody now doubt that this is on purpose? I mean, after all, Barack Obama inherits a AAA credit rating from George W. Bush, and look what he does to it. Obama is always running around complaining and whining and moaning about all that he inherited from George W. Bush. Well, he inherited a AAA credit rating, an unemployment rate of 5.7%. Does anybody doubt that this is on purpose? Well, look, my credit rating doesn’t suck. There are a lot of individual Americans whose credit ratings aren’t in trouble. The United States has never been in this position — and the next thing that’s gonna happen is that Fannie Mae, Freddie Mac, and others are going to be downgraded.
Sure as hell seems like it’s on purpose and such a thing fits right in with the Leftist Playbook.
This is the fault of the Democrat Party. Greetings, my friends, I am Rush Limbaugh: America’s Anchorman fighting the rising forces of socialism. They want us to believe now that France is better than we are? And of course you can talk about S&P all you want, folks, but the real problem that we’ve got and the real referee we’re dealing with are the loan sharks, and that’s the ChiComs. The ChiComs are dictating the terms of this. They are our number one lender; and, you know, ask the banks about what happened when Trump was having trouble paying them back. What did they have to do? If Trump went down, they went down. Well, the ChiComs are in much the similar situation.
This is just so outrageous. Even my old buddy Pete Wehner who worked for Rove in the White House and who has been reluctant… Pete’s the epitome of fairness and evenhandedness and so forth. Even Pete, at his Commentary magazine blog today, said this: “It reinforces, perhaps, like nothing else has the impression that Obama is overseeing — and some respects engineering — the decline of the American republic.” There can be no doubt! It now just takes the courage to admit it. This is why I said, “I hope he fails,” because I didn’t want to see this happen to our country. I am mad and I am depressed at the same time over what happened to the SEALs in Afghanistan.
Folks, this is not who we are.
It’s what we’ve become, however, thanks to we Americans taking an extended nap for the last century.
Obamageddon. That’s what we have witnessed since Friday. Obamageddon. Barackalypse Now. The only silver lining I can find is that as far as 2012 goes, Obama’s a Debt Man Walking. Anybody want to tell me he’s not landslidable now? Let me repeat this as the Media Tweak of the Day: “What we have witnessed since Friday is Obamageddon, Barackalypse Now; and the only silver lining out there is that as far as 2012 goes, Obama’s now Debt Man Walking.” What’s he gonna say? He’s gonna make a speech at one o’clock. “We gotta all work together! Construction workers, go out there and rebuild America.” Balanced approach? Yeah, balanced approach: Tax increases!
One last bit:
World War II, we had a AAA credit rating, and we lose it now, and for what? For what great purpose did we lose it? Except an ideological hatred of American capitalism and a love of class warfare, what did we lose our AAA rating for? A naked effort to get still more and more money to buy votes. A never-ending quest for power, that’s why we lost our AAA credit rating. Think about it: Obama’s finally managed another major accomplishment on that list he told us he had, that list that he said he’d only done about 70% so far. At long last, Obama and his fellow Democrats have finally been able to convince the world that we are just another country, after all. There’s nothing exceptional about us or our economy. For crying out loud, France has a higher credit rating than we do. France! They produce cheese and perfume, for crying out loud.
And this was just from the first twenty minutes of Rush’s show today.
Congratulations Barry Arnold.
-WOLVERINES to the rescue!
*How’s that for some shameless blogwhoring!