It all speaks for itself really. S&P thinks our Herculean efforts to cut the deficit begot a Satan Sandwich of lies. Why didn't they just downgrade us before all the deficit debate? My instinctual logic tells me that had they timed it like that, the fear used in the debate would have been far less effective: no carrot to hope for and a stick that had already hit our backside
What we need for the middle class and the poor is not more deficit cuts but increased investment in our economy. Tightening the monetary policy is exactly the policy that deepened the Great Depression until finally the government had no choice but to inject monetary investment into factories to build the military machinery for WWII. Remember hearing about War Bonds? It's too late for lessons from history anyway. We seem to be committed to failed policies from the past.
Can a reporter please ask Speaker Boehner if the downgrading of the credit rating of the United States falls within the 2% of the legislation that he disapproved of?
Can a reporter please ask S&P whether their opinions of the U.S. government credit results from a new and improved valuation system and not the one they used to launder the mortgage debt products that got us into this depression in the first place?
Can a reporter please ask S&P whether they now feel inoculated and protected against criticism from the governing authorities of their malfeasant role in the mortgage financial instrument scams? And has the company done anything since those dark days to distance themselves from the corporations who paid them for AAA ratings on the obviously lower grade debt instruments?
I see 98 everywhere. :)
