In retaliation for the unpardonable sin of questioning the U.S. Treasury's credit worthiness, the Obama Administration is sending a loud and clear message to Wall Street: mess with the bull and get the horns.
There are no winning plays for Japan, given a debt load set to hit 230 percent of gross domestic product. The US would be advised to pay attention.
Bad year, 2011, even though some bad guys and charlatans got a karma blast. Osama bin Laden got it up close and personal from a Navy SEAL, while his cohort al-Awlaki got drilled from the sky. Gadhafi went down, and al-Assad is tottering.
"This is the record the president will try to defend... he can't."
Something just doesn't seem right. It appears the Department of Justice has launched a probe of the nation's largest credit ratings firm, Standard & Poor's. As I told Martha MacCallum on Fox News, the timing of this development certainly raises a few questions.
But hating the Tea Party for being so insistent and single-minded in its focus on cutting spending is like hating a fire hall siren for calling attention to a potentially devastating blaze. And blaming the S&P downgrade on Tea Party-backed House Republicans makes about as much sense as blaming a raging fire on the 911 dispatcher.
What offended the fiscal pundits of S&P was the "brinksmanship" in Washington that failed to deliver a $4 trillion budget cut. That's why we had the "tea party downgrade." What's odd is that if the tea party didn't exist, there would have been no deficit reduction -- and little demand for it.
Where are we in terms of a really juicy August story in 2011? Credit rating agencies, 10-year bond returns, credit default swaps, and ECB interventions.
Much of the interpretation of the Standard and Poor's downgrade of U.S. debt focused on the "dysfunction" of the U.S. political process. And certainly the S and P (which, let's not forget, contributed to the 2008 financial crisis by failing to downgrade bad mortgage debt) invited such analysis by citing "the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate . . ."
One thing is for sure: It's not in Barack Obama to accept personal responsibility for the consequences of his actions and policies. He still won't own this economy and the exploding spending spiral, reminding us at every turn that our problems are a result of what he "inherited".
The problem isn't the debt ceiling, but out-of-control spending. The bipartisan compromise increased the government's borrowing limit by nearly a trillion dollars but cut less than $2 trillion in spending over the next 10 years, which hardly makes a dent in the problem.
Presidential hopeful Ron Paul blames out-of-control spending for the downgrade and predicts coming inflation.
S&P downgrades Fannie Mae and Freddie Mac just three days after downgrading the US credit rating.
Ignoring S&P downgrade, President Obama says that investors know that US is a AAA country...on the same day that the stock market crashes 500 points.
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