printIn a world in which the written word is rapidly ceding to sound and images, good luck with finding the transcripts of President Barack Obama’s latest address. I’ve captured some of BHO’s verbal vapors for you. In responding to market madness, Obama, by the way, has said exactly what Bush or any Republican president would have said in his place—and that goes for mega Chris Christie, the Lovable Great Leader GOP devotee Ann Coulter fantasizes about.
Essentially, BHO believes that the downgrading of the US’s credit rating was a function of the country’s mischievous political shenanigans: the leadership’s wrangling over the debt ceiling, and not the debt itself.
Standard & Poor’s, the money market’s mortician, was reacting to our dysfunctional political system—to gridlock on Capitol Hill—and not to any economic reality.
US credit, says BHO, is still among the safest in the world. How does he know this? The rest of the world—Europe, Asia, etc.—are faring worse than we are. This is the sum-total of CNN and MSNBC’s “crayon level thinking”; the mantra John King USA, Ali Velshi (Egghead), Wolf Blitzer and Chris Matthews find persuasive.
But from the fact that the world is in bad shape it doesn’t follow that the US is better off.
BHO further galvanized the opinion of wealthy statist Warren Buffett who claims the USA deserves and quadruple A rating.
Yes, yes, we need to effect long-term changes, confirmed Zero, but we have already done all that can be done on the deficit and debt reduction fronts. The time now is ripe for “tax reform,” and mere “modest adjustments” to the large social programs (referred to for good reason as Third-Rail issues, because their reform is so popular with politicians and the people. The latter don’t ever want to be without the warmth of the government udder; the former don’t want to have to make a living in the real job market).
Reiterating the Matthews and Maddow “crayon level thinking,” Da Man went on to warn that any further cutting in government programs would … would… would—here I invite the reader to complete BHO’s warning with the most horrible scenario he can possible imagine. My choice: Donald Trump gets elected.
The president called on the country’s planners to show good will and promised the country—BEHOLD!—another committee, which, as this wily fox well knows, is one way to bury an issue for good.
Cutting the distribution machine that has crippled America’s private economy would be deadly to this very economy—so claims BHO. Thus, deficit spending on programs such as unemployment insurance must be extended. To be fair to this ass with ears, the president did tout the payroll-tax cut.
“Ass with ears?” Mercer, as usual you are too kind. When you toughen up a little I’ll bet you are going to be hell on wheels. As far as Obama and taxes is concerned, he has never made any bones about the fact he wants to raise taxes. Never cut spending. How else can the Democrat party grow government into a giant, pulsating, carnivorous, all controlling mass unless they get control of all our resources and our way of life. Control our money, our health care, our housing, our very attitudes and opinions and they have us by the shorts. Of course, since the average Democrat voter is not exactly a deep thinker they believe high taxes are a good thing because most of them don’t pay taxes anyway. That’s why the Democrats don’t care if they break the economy or ruin the country’s credit rating as long as they run the show and we all are living in grey tenements and taking mass transit everywhere. Soviet Union and Eastern Europe anyone? That’s where we are headed. And all the Republicans seem to care about is keeping their memberships in the country club in Washington.
Let’s see – the Social Security system is running a deficit and is insolvent and there is a Baby Boom wave retiring soon so we CUT THE PAYROLL TAX! Huh??? No wonder the debt gets downgraded. I’m surprised it didn’t get rated DDD -.
Now, you might cut SS payments to the wealthy or take away the “Over 65 Extra Tax Deduction” – but NOOOOO that hits the “Third Rail” – e.g. the Bamboozled Public might actually be led to think that the deficit means either raising taxes or cutting spending – duhhhhhhhh!!
Now, if hot air could balance the budget, we would be all set. Romney, for example, has a plan:
http://www.mittromney.com/issues/fiscal-responsibility
which could keep 1000 blimps afloat for months.
Alternatively, we can keep sending “counterfeit” fiat money to the Taliban:
http://www.washingtonpost.com/world/national-security/us-trucking-funds-reach-taliban-military-led-investigation-concludes/2011/07/22/gIQAmMDUXI_story.html
to maim and kill our own troops!!!
So how much did the average investor lose today in the market? Probably more than some dopey tax “increase” or “loophole closure”! And how much has the interest payments on the debt increased due to the downgrading? Probably a lot more than the so-called “Draconian Cuts” that Congress promised to enact on the condition that they don’t get blamed for enacting them! PATHETIC!
Dear Congress: Thank you so so so much for that payroll tax that probably saved me 18 cents. My investments dropped $ 37,690 today not counting some of my 401’s and IRA’s that are harder to track. Yes, thanks to you, I am getting younger every day because the day I can safely retire receeds faster than I am aging! With your help, I might become a fetus again! Fortunately, I do not have all my money in stocks since I have Treasury Bills that do not even keep up with the inflation that you print. Love, Myron!
Zero could have given the “market” (read: TBTF banks HFT cptr programs)a brief 100 point uptick by saying two words: “I resign”. Then, tho, a look at the next 20 in line for Prez, and down it goes again…Right now, Asian Mkts tanking again, which will flash right back into ours on 8/9. This globalization thing is one bad idea.
Please get out of my way! I’m going to the games store and buy all of the Monopoly sets and extra packets of Monopoly Money. Think about it…it’s as valid a fiat currency as the US.Dollar and I don’t pay interest on the loans!!!
ps: Why don’t we hear more about Gary Johnson, ex-Governor of New Mexico and libertarian stalwart?
[Better still, Ron Paul.]
It’s not amusing to watch all the blame being thrown at everything; BUT, the debt. My understanding from before the debt ceiling hearings, S&P, Moodys and other financial evaluating offices were saying that if the US doesn’t face its debt, it would be downgraded. Only S&P, and that was after a small Chinese ratings company led the way, did. The interesting thing is that Obama’s bill called “Cap and Trade” another massive tax measure, is getting set to be implemented or has already started. That is sure to destroy or move to China another ten percent of the US Industry. A+, here we come.
@Myron – loved the getting younger and younger everyday analogy. Ah yes if I only felt as young as my retirement accounts…
S&P just downgraded what our politicans have already degraded: the financial integrity of the U.S.
BHO got the tax cut wrong as well; one cuts employer taxes. Cutting employee taxes provides virtually no help at all.