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Title: Who's Really Downgrading America? [By Pat Buchanan]
Source:
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URL Source: http://lewrockwell.com/buchanan/buchanan178.html
Published: Aug 10, 2011
Author: [By Pat Buchanan]
Post Date: 2011-08-10 11:01:37 by Capitalist Eric
Keywords: None
Views: 35245
Comments: 57
The decision by Standard & Poor's to strip the United States of its AAA credit rating, for the first time, has triggered a barrage of catcalls against the umpire from the press box and Obamaites. S&P, we are reminded, was giving A ratings to banks like Lehman Brothers, whose books were stuffed with suspect subprime paper, right up to the day Lehman Brothers fell over dead. Moreover, S&P made a $2 trillion error in its assessment of U.S. debt and used political criteria in making its downgrade. All of which may be true. But none of which is relevant. This downgrade is deeply deserved. For no one really believes the United States is going to pay its creditors back the $14 trillion it owes them, or the $21 trillion it will owe them at decade's end, with dollars of the same value as those that the United States is borrowing today. In the last year alone, the U.S. dollar has lost 30 percent of its value against the Swiss franc. A Swiss citizen who exchanged francs for $100,000 in dollars in June 2010 to buy one-year T-bills, then cashed those T-bills in this June, would have gotten back $100,000 in U.S. dollars. But those dollars would now be worth 30 percent less in Swiss francs. On "Meet the Press," Alan Greenspan insisted that the United States is not going to default. Why not? Because our debt is denominated in dollars, and we can print dollars to pay off our creditors. Which is pretty much what Chairman Ben Bernanke and the Fed have been doing. With the dollar down 5 to 10 percent this year alone against the world's more respected currencies, we are engaged in what the Romans called coin-clipping – official stealing from citizens and foreigners. Why are the Chinese so upset? Because they are sitting on more than $1 trillion in U.S. bonds and Treasury bills bought with dollars we paid them for Chinese-made goods, while the purchasing power of the dollars that those bonds and T-bills represent withers away every week. "I believe this is, without question, the 'Tea Party downgrade,'" says Sen. John Kerry. How so? Because the Tea Party blocked the big deal President Obama sought to cut with House Speaker John Boehner to resolve the deficit-debt crisis. The president, we are told, was prepared to accept $3 trillion in reduced future spending for entitlements like Social Security, Medicare and Medicaid, but the Tea Party caucus refused to let Boehner agree even to $1 trillion in "revenue enhancement." But here, a question arises: If the president believes entitlement reform is essential to get America's deficit-debt crisis under control, why does he need Tea Party cover to do his duty? He doesn't. Tea Party intransigence on taxes is not the reason for Obama's failure to cut spending. It is his excuse. Indeed, if Obama announced tomorrow that he was going to cut future spending on entitlements by $3 trillion to restore our AAA credit rating, he would have the full support of the Tea Party. His opposition would come from Kerry's colleagues in the Senate and Nancy Pelosi's in the House. To see how absurd it is to blame Tea Party Republicans for the downgrading of America's debt, imagine this scenario: Rep. Ron Paul is speaker of the House, Sen. Rand Paul is majority leader, and Rep. Paul Ryan is president of the United States. Does anyone doubt this trio would restore the U.S credit rating in a New York minute? Every sacred cow in the federal pasture, from food stamps to foreign aid, would be hanging in the meat locker. The American people have come to like the president, but a majority is coming to believe he is simply not the decisive president we need to lead us out of the morass in which he found the country and from which he has failed to extricate us. "He made it worse!" is shaping up as the GOP slogan for 2012. If Obama wishes to restore the AAA rating of his country, he might consider two separate and bold steps, both consistent with his professed beliefs. First, tell the Republicans that if they will not agree to revenue enhancement, he will nonetheless do his duty and pare back spending in the entitlement programs. He would get instant GOP support. Following this, he could go to the Republicans and tell them that if they agree to eliminate the clutter in the tax code – exemptions, loopholes, deductions – he will agree to cut tax rates for individuals and corporations alike, to make America more competitive. Again, he would have the support of Republicans and the Tea Party. It might even advance his re-election prospects, if he could get renominated by his own party, which would rebel at both reforms because they would mean a suspension of the politics of tax and spend. As for the S&P downgrade, again, the only surprise is it didn't come sooner.
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#1. To: Capitalist Eric (#0)
S&P mentioned the Tea Partyized GOP as the main cause for the downgrade.
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
Provide the exact link showing that. I know it's difficult, but you're a liar, so you don't get the "benefit of doubt" when you post something.
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
Here you go, stupid. With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
Nice try, Propagandist. The Tea Party doesn't run the Fed nor Congress nor the DomRat Party. DEAL WITH IT: S&P blamed 0bama's sh*tty policies and his arrogant cabal of economic saboteurs.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Here's the full S&P report. Where, exactly, does it say that? It does say this: "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy." Who was it who threatened to send the US into default?
Predictably, Propaganda-Boy provided JACK-SQUAT as the source of "Tea Party" blame. Propaganda-Boy would blame the Tea Party for the boil on his azz and burnt toast. In any case we should all be grateful that SOME body had the balls to tell 0bama's irresponsible Admin and DimRat Party that they just can't be running up the open tab into the ionosphere.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Skippy, why don't YOU give me an overview?
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Why? The S&P report is only five pages long. Even you should be able to work your way through it.
Thanks. America's governance and policymaking becoming less stable, less effective = 0bama and his Admin. DUH.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
WTH is wrong with you?? Irresponsible US fedgov economic policies of spending beyond their means and stiffing/paying late their creditors.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
You should change your screen name to that. It fits. In case you forgot, America's governance is split between Congress and the Executive branch, as S&P says over and over in their report.
Which we've been doing for as long as I can remember, although I'm unaware of us "stiffing" or "paying late" any creditors. I'll need a citation from you to back that up.
For no one really believes the United States is going to pay its creditors back the $14 trillion it owes them, or the $21 trillion it will owe them at decade's end, with dollars of the same value as those that the United States is borrowing today. Yet, the liberal/leftist/0bama Sycophants are stomping their petulant little feetsies blaming the "Tea Party" for saying "NO!" to further fiscal escalation and irresponsibility. My God - no wonder this country is going down the crapper. These selfish childish bastards think ONLY of "ME-WANT-ICE-CREAM-TODAY!!!" Economics 101: BALANCE YOUR CHECKBOOK.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
I'm shocked- SHOCKED- that gobsheit fails to provide the direct link to the Tea Party. The reality is that, had they done the "cut, cap & balance" deal (which didn't cut enough) the credit would NOT have been downgraded. It happened because the establishment GOP and DNC parasites stopped any REAL reform from happening. THAT'S a fact.
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
In case YOU forgot, the Executive Branch, Senate and House were ALL controlled by the DimRats until recently; Moreover, the House was controlled by the DimRats since 2007 when Pelosi took a sledgehammer...er...I mean gavel and jackhammered fiscal irresponsibility into the fedgov budget. Face it - your 0bama and the Dim cratered the dollar AND economy. Thanks a lot for your "Hopey-Changey" Money-Bomb.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Then we would have had a much lower than AAA rating years ago. Evidently according to you S and P was being negligent.
Yes, the fedgov HAS been fiscally irresponsible - even with Bush. 0bama and the DimRats just took a match to the budget though. As to a "citation," it's time that YOU read S&P's criteria for its rating system.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
The ball is in your court. Time to prove your allegations.
Yeah, imagine MY surprise....bwaahaa! The "Tea Party" is the Left's Talking Points Bell. What a bunch of Pavlov's Dogs. The reality is that, had they done the "cut, cap & balance" deal (which didn't cut enough) the credit would NOT have been downgraded. Ssssshhh....You'll ruin the "Tea Party" fantasy for them. It happened because the establishment GOP and DNC parasites stopped any REAL reform from happening. THAT'S a fact. True.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Speculation. Don't you agree that at SOME point the fiscal brakes needed to be used? Evidently according to you S and P was being negligent. Or intimidated. In fact THAT'S EXACTLY what 0bama's vindictive Admin is engaging in right now: Intimidation and threats of S&P decision-makers.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
The bottle is on your table.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Another one of your lies.... heh, Lieberator?
That would be F16Fighter to you!
Another one of your lies.... heh, Lieberator? Can you prove the bottle is NOT on your table??
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Now, Fred...You and the Gin Dispenser have it wrong. Technically "Liberator" did NOT post at LP, did he? ;-)
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Tea Party runs the GOP and the GOP runs the House and the House has the power of the purse. I thought "constitutionalist" GOPers would know this basic fact......
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
Can you prove it's not up your ass and The Yukons put it there in some sort of homo rear-otic ritual? Just askin'...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
You're not a "he" then.
Just askin'... If there's an orifice within striking distance, of course the yukons will attempt to insert whatever is available. I thought that was common knowledge. Are you looking for the video tape? Oh....and have you a midnight confession to make yourself? Just sayin'.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Libby a girl?!? Nah...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Right. I'm an "it." Happy now, Fred?
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
I'm happy 99 percent of the time. When my lawn mower doesn't start or my dog stumbles due to old age, then I'm not.
Oh....and have you a midnight confession to make yourself? Just sayin'. Why don't you stop with your obsessive distractions and just show your proof of S and P's historical malpractice.
That's all you ask for in life. Thank the Lord, Fred.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Am I REALLY supposed to take you seriously?? As though you care either way. Lol Like yukon, you have fallen into a tiny, exclusive class of posters who are just so defectively antagonistic and agenda-driven, it's a complete waste of time ( I mean other than for providing the occasional chuckle.)
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
They only know it when it suits their purpose.
No, it's a real simple question. Who did the US government "stiff" or "pay late" while it was up and operating? The S&P rating system has nothing to do with the question.
IF that were so, ALL the RINOs and GOP Dem-humpers would have been jettisoned, or order restored to the House. Do you really believe this is the case? No, seriously?? ....and the GOP runs the House and the House has the power of the purse. I thought "constitutionalist" GOPers would know this basic fact...... Are you familiar with the calender, Van Winkle?? Look it over since 2007 and get back to me.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Lol Like yukon, you have fallen into a tiny, exclusive class of posters who are just so defectively antagonistic and agenda-driven, it's a complete waste of time ( I mean other than for providing the occasional chuckle.) Oh No..... don't tell me you are seeing yukon AND all those bottles of gin under my bed again?
Without raising the debt ceiling, guess what? DUH. The S&P sees the writing on the wall. Skippy - now why don't YOU tell me what S&P criteria forced them to downgrade to US's rating.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
THAT was funny.
"It's not surprising, then, they [White Pennsylvanians] get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." ~ Comrade-in-Chief Barry Hussein 0bama
Comments (42 - 57) not displayed.
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#2. To: Godwinson (#1)
(Edited)
Freedom is slavery.
Ignorance is strength.
#3. To: Capitalist Eric (#2)
Provide the exact link showing that. I know it's difficult, but you're a liar, so you don't get the "benefit of doubt" when you post something.
#4. To: Godwinson (#1)
S&P mentioned the Tea Partyized GOP as the main cause for the downgrade.
#5. To: Liberator (#4)
(Edited)
DEAL WITH IT: S&P blamed 0bama's sh*tty policies and his arrogant cabal of economic saboteurs.
#6. To: Capitalist Eric, Godwinson, aka Propaganda-Boy (#2)
Provide the exact link showing that. I know it's difficult, but you're a liar, so you don't get the "benefit of doubt" when you post something.
#7. To: Skip Intro (#5)
#8. To: Liberator (#7)
#9. To: Skip Intro (#5)
It does say this: "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy."
#10. To: Skip Intro (#5)
Who was it who threatened to send the US into default?
#11. To: Liberator (#9)
DUH.
#12. To: Liberator (#10)
Irresponsible US fedgov economic policies of spending beyond their means and stiffing/paying late their creditors.
#13. To: Capitalist Eric, 0bama Groupies (#0)
This downgrade is deeply deserved.
#14. To: Liberator, Godwinson (#6)
Predictably, Propaganda-Boy provided JACK-SQUAT as the source of "Tea Party" blame.
Freedom is slavery.
Ignorance is strength.
#15. To: Skip Intro (#11)
In case you forgot, America's governance is split between Congress and the Executive branch, as S&P says over and over in their report.
#16. To: Liberator (#10)
(Edited)
Irresponsible US fedgov economic policies of spending beyond their means and stiffing/paying late their creditors.
#17. To: Skip Intro (#12)
Which we've been doing for as long as I can remember, although I'm unaware of us "stiffing" or "paying late" any creditors. I'll need a citation from you to back that up.
#18. To: Liberator (#17)
As to a "citation," it's time that YOU read S&P's criteria for its rating system.
#19. To: Capitalist Eric (#14)
I'm shocked- SHOCKED- that gobsheit fails to provide the direct link to the Tea Party.
#20. To: mininggold (#16)
Then we would have had a much lower than AAA rating years ago.
#21. To: mininggold (#18)
The ball is in your court.
#22. To: Liberator (#21)
The bottle is on your table.
#23. To: mininggold (#22)
#24. To: mininggold (#22)
(The bottle is on your table. )
#25. To: Fred Mertz (#23)
That would be F16Fighter to you!
#26. To: Liberator (#4)
The Tea Party doesn't run the Fed nor Congress nor the DomRat Party.
#27. To: Liberator (#24)
Can you prove the bottle is NOT on your table??
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#28. To: Liberator (#25)
#29. To: war (#27)
Can you prove it's not up your ass and The Yukons put it there in some sort of homo rear-otic ritual?
#30. To: Fred Mertz (#28)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#31. To: Fred Mertz (#28)
You're not a "he" then.
#32. To: Liberator (#31)
#33. To: Liberator (#29)
If there's an orifice within striking distance, of course the yukons will attempt to insert whatever is available. I thought that was common knowledge. Are you looking for the video tape?
#34. To: Fred Mertz (#32)
I'm happy 99 percent of the time. When my lawn mower doesn't start or my dog stumbles due to old age, then I'm not.
#35. To: mininggold (#33)
Why don't you stop with your obsessive distractions and just show your proof of S and P's historical malpractice.
#36. To: Godwinson (#26)
Tea Party runs the GOP and the GOP runs the House and the House has the power of the purse. I thought "constitutionalist" GOPers would know this basic fact......
#37. To: Liberator (#17)
As to a "citation," it's time that YOU read S&P's criteria for its rating system.
#38. To: Godwinson (#26)
Tea Party runs the GOP...
#39. To: Liberator (#35)
Am I REALLY supposed to take you seriously?? As though you care either way.
#40. To: Skip Intro (#37)
No, it's a real simple question. Who did the US government "stiff" or "pay late" while it was up and operating? The S&P rating system has nothing to do with the question.
#41. To: mininggold (#39)
Oh No..... don't tell me you are seeing yukon AND all those bottles of gin under my bed again?
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