Monday, August 8, 2011

Downgrade

I give myself a downgrade for the prolonged silence here. I've been paralyzed by the freak show of the spectacle of the Congress in Paralyse. The horrible prolonged haggling over the debt ceiling and the President's caving to the Tea Party's hostage taking of our future has led to a downgrade by S&P.  Frankly I think it's long overdue.  Today they've downgraded Fannie & Freddie who happen to hold the Mortgage on my house. This doesn't make me feel too terribly safe, but I've never felt terribly safe so...nothing new here, move along, nothing to look at, just another old wreck...

Friday anybody watching news (like I do, obsessively) saw the Dow fall off a cliff and then, when the Market's closed, heard the news that S&P dropped our Credit Rating from AAA to AA & 1/2.  Is this a wake up call to the Tea Party that their brinkmanship is disastrous as a governing strategy? Fuck no! It's exactly what they wanted. Bring us to our knees, starve the beast! And in so doing defeat Obama! Well then, mission pretty much accomplished!

Now it's Monday, a little after noon and the Dow is plummeting again. The news is bad all over the world. Happy Tea Party?

12 comments:

Nan said...

The downgrade means interest rates will go up. Interest rates go up, banks and Wall St. make more money.

Liberality said...

It's like Nan said--the banks, in the short term, are going to make more money. Average investors will lose their retirement and big fat cats on Wall Street will return to sop up the mess--to their advantage of course.

Yep, nothing new here at all!

jadedj said...

What the hell, those guys have to pay for their untaxed corporate jets somehow...to get their kids to summer camp, you see. It's a bitch out there in the upper 1.

Utah Savage said...

This is precisely why they didn't want Elizabeth Warren as our Watchdog at Consumer Protection Agency.

Fran said...

On the other hand, the US has been in this pretend economic bubble- pay no attention to this whopping debt. Wars as usual???

I don;t want things to totally unravel just to prove someone's political point, but somewhere along the line, there needs to be a reality check.

Kay said...

amazing how the tea baggers love to defend their rich masters by crying out..no new taxes...well who is paying for this Republican led debacle? sigh...

Michelle said...

Nice to see you back. I have nothing else (constructive) to say. There really is nothing constructive to say. I'm just sitting here trying to invent new catfood salad recipes. ;)

Truth 101 said...

Corporations are flush with cash. 1.2 trillion at last count. In the end, the Exxons and GE's don;t suffer. They have money and clout. The small businessman and working stiff get the shaft.
Then hundreds of them show up at tea bagger rallies. Ignorance is easily exploited.

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