I have long said that Republicans politicians are seditionists who are intentionally working against economic recovery in their lust for power. In their most recent act of economic terrorism, they brought the country to the brink of default, and would have driven it over the edge had not Democrats caved in, trying to prevent Republicans from destroying the economy, more so than they already have. It came too late. One of the three credit rating agencies downgraded the US credit rating from AAA to AA+ for the first time in history. While Obama and Democrats struggled in vain to prevent the downgrade, Republicans remained silent, but the moment the downgrade came, they immediately blamed Obama for what they caused themselves. Republican mission accomplished.
The Republicans, led by the Tea Party, have finally succeeded in another step in their quest to wreck the US economy, oddly believing that it will help them win the 2012 election. Their slash and burn, no-revenue dogma that won out in the manufactured debt crisis that came to a head last Monday failed at the one goal it should have set for themselves; that is, to calm the markets and provide assurance of the strength of the US economy. Their 24/7 assault on the economy and job recovery, all in the name of taking down the President, only succeeded in inflicting the damage that business leaders, banks, and the Treasury begged them not to do.
We are now reaping what the Republican Congress has sown. Not only are the markets jittery after the plunge of worldwide markets yesterday, we were just rewarded with a nice weekend starter:
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics."
"More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011."
"Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon."
… [emphasis added]
Inserted from <Huffington Post>
The S&P evaluators recognize what Republicans refuse to admit. Balancing the budget on the backs of the poor and middle classes is not possible. Republican trickle-down economics have already gushed-up most of our nation’s wealth into the hands of the top 2% and criminal corporations. But these are the people that Republicans represent, and their refusal to compromise, combined with their criminal blackmail, brought S&P to their conclusion. The straw that broke the camel’s back may well have come Thursday when Bought Bitch Mitch McConnell promised to repeat the blackmail anytime the nation requires a debt limit increase.
Rachel Maddow dedicated five segment of her show to this. Here are two of them. In the first, Rachel interviews Business Editor Louise Story, who explains how S&P is merely reflecting the market’s response.
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The only thing that weakens US credit is Republican intransigence and blackmail.
In the second, Rachel discusses the practical effects of the downgrade with Columnist Ezra Klein.
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The decision was based on political, not economic criteria. How can we expect the world to trust our credit when Republicans want us to default for political gain?
The Republican Party is a cancer on the US body politic. That cancer must be excised.
15 Responses to “Republican Mission Accomplished”
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This is not quite true Tom, this whole budget ceiling could have been fought out last December in the continuing resolution fight instead of being saved for another day. The cowards called Democrat could have taken the fight to the fuckers than and not caved in then instead of caving then and caving again last week. But no, they feared their constituencies and got bent over the table anyway. Why do you suppose that is? BECAUSE THEY ALWAYS LET THE RIGHT FRAME THE DEBATE! Obama is the one who should be doing that not Boehner.
Besides who the fuck is Standard and Poors to be trusted in anything they are one of the houses that rated CDO’s and Credit Default swaps as AAA. You know that Goldman Sachs created market that ruined the economy for 15 million used to be working people?
You know I would never protest an election by not showing up I have never missed one since I was 18 but I do NOT have to mark every box on the ballot and that counts as a none of the above. which the way I see it here in Detroit where everyone on any form of state aid for 4 years or more come October is CUT OFF period. No appeal just cut off. NONE OF THE ABOVE is who I want to vote for.
For the first time in 57 years I am armed, ammoed and ready to kill the first fucker inside my fence line. That is what the current American politic has reduced me to. Fuck them all. The roosters and the chickens.
“BECAUSE THEY ALWAYS LET THE RIGHT FRAME THE DEBATE! ” I agree, TWM and that seems to be the case in all issues. That is why the Republicans always rope in the single issue, low information voter. The abortion issue is a prime example. But that’s another story. 👿
I tend to agree! I was furious last winter when “O” did the first “bend over” – Last week when O could have used the 14th as leverage – all the while I thought his was a genius political maneuver – and that he was playing with an ace – he proved my opinion of him was embarrassingly naive! My reaction was a call to arms and a call to civil war! (a bit much and I thought an over-reaction – a temper tantrum if you will), however I thought well he averted the lowering of the credit rating – but at the same time (being ever so negative) I told my family and friends that this indeed was the next thing to happen – don’t hold your breath! Last night when it happened I was so enraged – not just because the “seditionists” (good word Tom – and I’ve always been the one accused of it!) got their way and O is forever branded as the prez who let the country’s credit rating collapse on his watch, not to mention the economy which will tank even more! – but for myself, who became disabled while I had my own credit debts (manageable – so I thought) – now I’m doing the “tank” if they raise my interest any further! Now I would join TWM and grab a rifle! These guys really fucked us over! My idea is to find computer hackers – unite them and do a Robin Hood – get together and take our money back from the corporations – and reinvest it the way it should have been – use it for compassionate purposes! ‘CAPITAL FOR COMPASSION’! My 2011 civil war motto! It’s probably still the rantings of a nearly 65 yr. old crank – who’s been against the right wing ideologues ever since I was a kid and my father threw me out of the house for being a “pinko”! I don’t know if I’m going to recover from this particular seditionist victory – or if the country can! 😳 😳 😡
I don’t know what all of this is going to do to the economy as a whole, but I do know that it won’t be positive. Being downgraded by a credit rating agency, even if they totally missed the ball on the crap that the banks were selling, is pretty serious. Lenders, i.e., foreign countries will now think twice about lending to us and if they do, it will be at a higher rate than we were paying.
Obama should not have caved on the tax cuts for the rich last December and he basically caved again over the debt ceiling not using the 14th Amendment and saying “I’m in charge here!” It makes him look very weak in more areas than one. I think the credit rating agencies would have reacted to that much more positively and we wouldn’t be in the mess we are in now.
Lisa, I agree with you, except that he should have used a different justification than the 14th.
Lee, when Mark talked about grabbing a gun, he did so in the context to defending his own property only. I cannot continue to condemning Republican support for violence, while condoning what you are saying. Therefore, I condemn your call to violence. That is how Republicans behave. We are better than that. Frankly I know you are better than that. I don’t blame you for being angry, but respectfully speaking as your friend, you need to get a handle on that anger and direct it into doing something worthwhile.
Johnny, that is a terrible weakness Obama and the Democrats have demonstrated. I agree.
Nothing wrong with the Tea Party and the GOP that a good second amendment solution wouldn’t take care of.
I appreciate the sentiment Charles, but I am afraid that publicly stating that may come back to haunt us the next time the conservative media are sifting through liberal blogs looking to justify the next conservative that goes over the edge with a gun. On this blog the statement might be truly empty rhetoric — nobody here is going to go out and shoot someone. But their are other blogs out there where the same statement may actually incite someone to go get their guns.
For myself, I am going to take refuge in a more juvenile behavior — “FUCKING ASSHOLES!!!” That’s better.
Cheers, Paul
Agree Paul !!
Paul, you are spot-on! Thank you!
Charles, I believe your comment was tongue-in-cheek, but how can anybody understand that that doesn’t know you? I have been condemning Republican calls for second amendment solutions for many months. We on the left cannot put on the appearance of being like they are.
Mark, most of your complaints have merit, but here is the problem. The Democratic Party is a checkerboard with some good squares and some bad. The Republican Party is one big bad square. We can work to make the Democratic party better. The Republican Party is beyond redemption. As appealing as voting “none of the above” may sound, the practical effect of doing so is to help Rick Snyder and his corporate thugs stay in power.
The deficit and the wars combined with the tax cuts for the rich are intertwined here. If we don’t get more revenue coming in soon, we are screwed. That means the wars have to end and the tax rates on the rich have to be eliminated. Spending cuts alone will not get us out of this mess. And the longer the tax rates for the rich and corporations are allowed to stand, we will be in this mess. Our deficit will continue to grow, even with spending cuts and again no one will lend to us. There is a finite amount of money that the deficit can be at and we are close to getting there and we won’t be able to turn the boat around. I don’t think Congress and Obama realize this yet.
Lisa, given your professional expertise, you are in a better position to understand that than most. I agree.