Doesn't he understand that S and P defines nothing? It wasn't S and P that called the administration's hand. It was that great anonymity, the marketplace -- the sum of millions of daily decisions and intuitions -- that called the administration on its inability to understand anything more than the politics of bashing opponents for the evidently treasonable offense of facing reality.
It's a wonder then this sort of thing didn't happen years ago -- the moral collapse of a political party for consistent and unyielding failure to acknowledge the truth and, so acknowledging it, tell it to the people. The party of Barack Obama -- its lineage traceable to Jefferson and Jackson -- seems to not really believe that something called the truth indeed exists.
This poses a challenge when it comes to setting the country's affairs correctly. What spirit of sincere cooperation does one find among the leaders of a party convinced the country should sell more debt and raise people's taxes? How do you work with such people? With care, certainly, but more to the point, with the intention to eject them from power.
The Republican Party -- the Grand Old Party -- has its share of loons, dolts and knaves. It merely seems, at the present moment, to have fewer of these in its ranks than does the party of Pelosi, Frank, Schumer and Kerry (mentioning only Congress members). If they come to power, they'll bear careful watching, however correct their rhetoric. The priority will remain: human freedom -- the sole economic recipe recent Congresses have failed to attempt.