Standard & Poor’s removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear financial implications.It was unthinkable that this nation would default on its debt until you folks dragged the Republican party into Crazy Land. It was unthinkable until you fools began babbling about defaulting and how that might even be a good thing. It was inconceivable until you clowns turned the Congress into a toxic waste pit of ideological imbeciles.
This is all on you, conservatives. You brought this about through you fiscal irresponsibility, your belief that "deficits don't matter", which you acted on for the twenty years of the last 32 years that Republicans held the White House. You brought it about because you now are playing games with the economy in the hopes of wrecking it, just enough, that you win the next election.
There is no "country first" with you people.
This is all on you.
I infer from this that there's no thick file at the SEC, containing evidence of malfeasance by S&P when they rated those mortgage-backed securities.
ReplyDeleteLet's see if Moody's follows suit.
Sorry, Comrade Misfit, but on this you're absolutely incorrect. This isn't a partisan political matter at all. Go read the facts for yourself - it wasn't about the Tea Party's insistence on its policies, any more than it was the Democratic Party's insistence on its perspective.
ReplyDeleteThis whole mess is the result of a debt crisis caused by both parties. S&P were explicit that the reason for the downgrade is that they can't see any meaningful attempt by ANY of our political parties to come to grips with the debt problem, and find a solution.
You're wrong to blame one party. They're ALL to blame. Those are the plain and simple facts. I'll be writing about this on my blog later tonight, if you're interested.
Peter, S&P complained that there was no move by the government to address increasing revenues (raising taxes) and that partisan wrangling meant that there was little chance of anything meaningful happening anytime soon.
ReplyDeleteThe blame for not looking at raising taxes rests wholly with the Republicans, whose one idea is to slash programs that benefit people on the lower half of the economic sale.
This is on the Republicans and mainly the Tea Party. (And Grover Nyquist.)
Totally right, Comrade Misfit. The downgrade and market uproar set off by the S&P report is because of the Republican's crazy threats.
ReplyDeleteHere's the 8 page report pdf.
First sentence of the rationale, italics mine:
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process."