It’s About a President Who Will Now Be Relentlessly Tagged w/Responsibility For A Rating

[Chimichurri]

given by a disgraced organization whose victims should have liquidated them long ago.
As Politico reported, White House officials feared a downgrade more than they feared default. They know what it means, too. The Masters of the Universe have spoken.

“Pressure.”
That’s what Rep. Randy Neugebauer, chairman of the House Financial Services Subcommittee said on April 29, when he requested documents from the administration: Treasury officials “may have exerted too much pressure on S&P.” The Republicans were already laying the tracks for S&P’s defense in April.
April 18: Mitt Romney: “The Obama presidency was downgraded today.”
April 20: Mitt Romney: “Standard & Poor’s, one of the rating agencies, just downgraded their view of the future for America…If you will, they downgraded the Obama presidency.”
July 15: WSJ — “The Obama downgrade.”


But even if the market response is underwhelming, it is hard to imagine that Obama will not take a political toll for his colossal miscalculation. It was he who stoked the debt ceiling phony crisis to implement a neoliberal agenda, who refused to reverse course and threaten to circumvent the debt limits when the process had clearly spun out of his control.

So even if S&P fails to land a body blow in the markets, its ploy has garnered press that seems certain to taint the Administration, and thus confirms the power of its reckless conduct. Thus the cost is not likely to show up in bond yields, but in something far more fundamental: in yet more destruction of the foundations of our society for short-term, selfish ends.

http://www.nakedcapitalism.com/2011/08/will-sp-downgrade-be-another-y2k-scare.html

[Demeter]

1. Don't forget, Corruption is the Standard

http://www.marketoracle.co.uk/Article29477.html

The $1 Billion Armageddon Trade Placed Against the United States Bond Market

[Chimichurri]

2. It's a two-fer. Let the POTUS know who really runs things and make a fortune doing so.

We have the mob running things. By Obama not re-regulating them when he had the political capital and the justification to do so was his own undoing. It's back to business as usual for the banksters and this time they are emboldened to keep it that way.

[roguevalley]

3. Don't forget he had the 14th amendment to avoid all of this but he

didn't use it. It was used before by ballsy presidents but he didn't use it. He owns this too.

[Cool Logic]

5. He didn't have that option...period. That is why he didn't do it.

[Fire1]

4. Fuck it!! Off with his head!! n/t

[Cool Logic]

6. It's interesting to note how the President always get's the blame...

or the credit.

Meanwhile, members of the House and Senate skate by under the radar.

It's the same thing with deficit spending...even though not a single President has ever spent a dime.

[Yo_Mama_Been_Loggin]

8. Someone who gets it.

:applause:

[roamer65]

7. The teabag traitors are responsible for the downgrade, not Obama.

There needed to be tax increases and they stopped it.

I am not a big Obama fan, but even I recognize where the blame lies on this one.