At this point, roughly mid-day,
– The DOW is down 500 points;
– Gold rose more than $70 an ounce;
And who is to blame?
Mr Obama & Minions says that the TEA Party is to blame (I was certain he’d go for Bush):
David Axelrod, a former senior adviser to President Obama, used the exact same phrase in dubbing the credit rating drop the “tea party downgrade,” as Democrats tried to position themselves as reasonable, pragmatic leaders and conservative Republicans as irresponsible ideologues who caused the downgrade by refusing to accept any new taxes.
Barney Frank blames our military (which, read correctly, is himself and DC):
WASHINGTON (AP) — The senior Democrat on the House Financial Services Committee says the biggest reason the United States is seeing its credit downgraded is that it spends too much money being “the military policemen of the world.”
Rep. Barney Frank tells CBS’s “The Early Show” that reining in defense spending is “going to be my mantra” for the next few months.
China blames DC spending and fiscal irresponsibility:
If the world’s largest debtor kept eating May’s grain in April and kept robbing Peter to pay Paul without fiscal discipline, eagerness to balance budget or effective efforts to boost sluggish economy, how can the creditors keep lending without doubts?
What else is happening?
– The S&P extends its US downgrade to Fannie Mae, Freddie Mac, etc;
– Moody’s is now threatening to do the same thing: AAA to AA+;
– S&P itself says there a good chance the US will be downgraded AGAIN;
– Gas prices are up despite Mr Obama having opened reserves (a stupid thing to do);
And what of the future?
It’s not happy. The One is not looking quite so god-like these days.
It’s just like an alcoholic, ladies and gentlemen: day-by-day.
BZ
The President of the United States got on TV today and he rambled, he stuttered, he was *lost in space*, he made NO sense in his speech and he offered no words of confidence, and he was READING from the teleprompter, and he was still less than confident in his speech.
Obama talked for several minutes and he blamed this money crisis on anything and everyone he could think of; the TEA Party, the GOP, Conservatives, the tsunami in Japan, the earthquakes in Japan, the recession that he came into in 2009 when he assumed office, read that as BLAME BUSH.
Obama blamed the wars in Iraq and Afghanistan, and in that I can agree with him, we need to be GONE in both places.
The only group that didn’t get blamed was Obama himself and his administration…imagine that!
I watched a little of Obama’s speech today; I happened to catch part of it just as I walked in the door.
His eyes looked dead!
He sees his own defeat for 2012 on the horizon. For the first time I think that he realizes that he’s in deep, deep trouble — and in over his head.
And he’s delusional too. That part about America always being a triple-A-rated country. He refuses to throw Geithner under the bus.
I think that he’s smoking crack cocaine. Literally. He’s that far out of touch with reality now.
The Dow tanked even further when Obama made his position of stonewalling clear.
TF, everyone and everything is responsible and to blame BUT him. And I concur; I admitted that a while ago. Either we level all that can be leveled and kill all that need be killed, or we pull out.
AOW, I missed the speech and consequently missed those observations. I wonder if anyone else made that observation?
And that’s TRUE: that DURING his speech the market tanked ANOTHER 200 POINTS.
BZ