7/27 http://www.cbsnews.com/stories/2011/07/26/politics/main20083934.shtml The Tea Party just doesn't want to govern. Threats to the full faith and credit of our nation, yes. Compromise, no.
7/27 I was going to blog this yesterday when I heard about what appeared to be a done deal of the rating services downgrading the USA from a AAA rating. The irony of this is awesomely stupendous. It's the definition of "Oh no they didn't..." :) The same rating agencies that actively lied about the CDO's and derivatives would now be rating what they have wrought in regards to the US Economy? I've looked long and hard to find all the villains in the Bank Deregulation Depression but it is hard to top these guys. And now, with all the retirement funds and the like struggling, the retirement funds that could only purchase AAA and were assured that these CDO's and the like were as safe as "treasury bills", white collar criminals at the rating agencies have not gone to jail, but are responsible for rating the USA which they hurt so badly. At the very least, they should recuse themselves. :) Anyway I was going to write about this rather obvious story but as I was looking up on the internets whether or not they had actually rated us below triple A, I came across this: http://gretawire.foxnewsinsider.com/2011/07/26/ratings-agencies-whats-wrong-with-this-picture/ The story must be obvious to all. Even Fox News gets the story, well with a few twists. You see, it's the fault of congress, not then but now. And that graphic of the upside down Whitehouse, well that ties them in, too. You gotta wonder why that graphic was considered. Maybe this graphic has been too dull and lame to use in the past and this is it's moment of glory. I kinda doubt it. :)
This self parodying piece ends with the amazingly dull and cliched rhetorical question "Am I wrong?" Well Greta, you have grasped the obvious and dared to speak it but yes you are slightly wrong that the Congress has only just recently been at fault. Weren't they far more at fault when they sat on their hands when Brooksley Born was warning about the lack of regulation in the derivatives market? They were wrong then and the Clinton adminstration Whitehouse was upside down, trusting the Wall Street guys with the keys to the deregulation car. Asking congress to do something now, to cheat the ratings, is to avoid responsibility for the past. The avoiding of personal responsibility again. *sigh* I remember saying in one of my blogs that I was surprised the credit agencies didn't proactively ding the USA earlier so that they could innoculate themselves and be able to say that any guff from congress after the fact was retaliation. I'm guessing they had their finger on the pulse of Washington and now have decided the time is ripe for a little vacination shot. It will only hurt just a little when Nurse Greta jabs it in a little to deep.
Am I wrong?