It’s Official:

It happened. After quite incredible reports of miscalculations, it happened. The thing that is perversely both meaningless and full of meaning was announced on Friday evening New York time. The United States of America is now rated AA+ with negative outlook by Standard & Poor’s.

But, but, UNEXPECTEDLY!

After all, weren’t we told that through the heroic efforts of McCockless and Boner sure disaster was averted? That their historic “cuts” were bound to set us on the path to recovery and assure the world’s financial markets that we were serious about getting the DC spendaholics under control?

Of course, there were some of us “hobbits” out here who insisted that said financial markets really weren’t as worried about a not-going-to-happen-unless-Ogabe-decides-to-MAKE-it-happen “default” as they are about the insane spending trajectory that DC has set us spinning out of control along, but what do WE know compared to the sage, brilliant minds of McCockless, Boner and the entire editorial board of the Weakly Standard?

Apparently quite a bit.

Thatisall.

35 comments

  1. 1
    LC Gladiator growls and barks:

    Obama loses our AAA credit rating
    August 5, 2011 by Don Surber

    S&P held the bad news until Friday evening so the president would have 3 days to prepare his excuse.

    But no matter what his excuse is, Barack Obama did this to the nation.

    Make no mistake.

    He borrowed $3 trillion-plus.

    His call.

    His failure.

    Hope. Change. Third World.

    Never has America’s credit rating been this low, the Washington Post reported, but I am thinking it was lower at times in the 18th and 19th centuries.

    The president’s intransigence on making any — and I mean any — budget cuts whatsoever on his watch just cost us billions.

    Truman said the buck stops here.

    Today, the IOU stops at the Oval Office.

    President Obama should resign.

  2. 2
    LC Gladiator growls and barks:

    Rotties=any bets on how long it will be before a certain liberal/marxist poster blames;
    a) the TEA party
    b) the Republicans
    c) Bush

    Closest guess wins

  3. 3
    LC HJ Caveman82952 growls and barks:

    Don’t forget our refusal to raise taxes, Gladiator……
    I did compose a list of suggestions and sent it off…no replies yet…
    Eliminate, just for starters….
    Dept. of Education
    Dept. of Energy
    EPA
    NEA
    PBS
    Repeal Obama care….
    All czar positions…..staffers…
    Elininate ninety per cent of federal regulations
    Separate govt from banking, forever, aside from necessary regulatory law to protect the innocent.
    Dissolve the federal reserve.
    Kick the UN oiut….
    Eliminate all lobbying…..
    Aside from Israel, let the Middle East go to hell in a handbasket.
    Stuff I can’t remember right now…
    Seal the border, no welfare for illegals, none, send them home. Bring back a Devils Island, send their convicts there. Hard labor, mining sould about right, for life. You can work here, get a green card. You want citizenship? Serve a tour, honorable discharge, you are a citizen. Or leave, your call…..
    Open up oil leases, creates hundreds of thousands of new jobs….
    Buy Canadian oil….eliminate the Middle East dependency.
    Eliminate obamas regulations regarding coal power generation.
    Aside from national parks, sell all federal land.
    I could go on for a hell of a long time…
    A sadistic glee overwhelms me from time to time, many of the very policies he endorses are the same ones presently destroying our economy……..
    Damn, I haven’t got enough time….

  4. 4
    LC fxpcpa growls and barks:

    His most gracious and benevolent majesty says

    But, but, UNEXPECTEDLY!

    Quite frankly I’m wondering what took them so long. A fifty percent increase in the national debt since 2008 and trillion dollar deficits based on overly rosy scenarios(4% growth when the country over the last 60 or so years has grown at about 2.5%, believe me at the astronomical amounts it make a big difference) of economic growth and a fraudulent underestimation of the costs of Obamacare by the meretricious and utterly useless CBO should have sent up fireworks,let alone red flags, back when the Prevaricator in Chief sent up that laugh riot of a budget in March. You remember that one don’t you??? The one that was voted down NINETY-SEVEN TO NOTHING!!!

    The whole “raise the debt ceiling meme” was a made in the West Wing trope in order to fool the economically illiterate, The ratings cartel, who by the way are regulated by the SEC, went along with this transparently idiotic canard because they know who can shut them down. Even in S & P’s downgrade statement they refer to this asshattery. S & P can expect SEC and Justice Department investigations and IRS audits in it’s immediate future by the notoriously thin skinned and vindictive thugs in the ruling junta. BTW as fiull disclosure I predicted they would never do it. Hats off S & P for belatedly putting your credibility before capitulating to a bunch a puerile thugs.

    No one with an ounce of sense thinks that agreeing to take on more debt actually improves the chances of the already outstanding debt will more likely be paid. Just think if a bank tried to use that logic on one of their bank examiners. I will guarantee you, having dealt with those types in the course of my career as a CPA, that will fall on deaf ears and they will make you reserve for any and all loans by such a debtor.

    Obama is a petulant turd. This morning I heard on the Larry Kudlow show that the innumerate Mr Obama wanted to examine the assumptions and rationals for this over due bitch slap to the Party of Thieves and Parasites. Unfortunately I don’t think S & P has a classic comics version in order to make it understandable to this malignantly ignorant guttersnipe.

    An that goes double for his exquisitely credentialed but obviously fundamentally stupid Treasury Secretary who when asked about 18 months ago about this situation bleated “That will never happen to this country.

    Michelle Bachmann has the perfect tone for this situation right here. This malignant jackass and his band of supercilious posers need to resign en masse( I’m with ya LC Gladiator). Then maybe we might be able to restore confidence in the American economy these malevolent jackals have purposefully set out to destroy

  5. 5
    LC HJ Caveman82952 growls and barks:

    Obama sees himself as Gods gift to the planet…his ego allows no other possibility……let us help it become his undoing…..the left is freaking out, the Tea Partiers stopped them in the house..the RINOS becoming irrelevant,.this is for real, bit time stuff….and the chickens are comin’ home…..
    I’m a prepper, I hope you all are too…..the sponge vote will want your stuff, lottery tickets, Cheetos and such. Nice thing is parasites die off, denied a host.
    I can’t do a damn thing for my wife though…….should it ll fall apart…
    I’ve prepared for that possible eventuality as well….yes, I’ve thought about it…..
    For at her stage on this game, she would be triaged out….
    Beyond that, I will say nothing…….it would be handled personally….

  6. 6

    Hate to say I told you so, but…

    The house of cards is on shaky ground, pups. Unemployment levels higher, and for longer, than during the Great Depression. The stock market loses eight months of gains in a single day. More Americans than ever on food stamps and other government “assistance” programs. Homeowners watching the value of their home cut in half, or worse. A government that couldn’t efficiently manage a lemonade stand, much less a country.

    The writing is on the wall, and it’s far too late for an election to save us. Too much damage has already been done.

    I hope and pray you’ve been stockpiling food and basic necessities. You ain’t seen nothing yet.

  7. 7
    Sir Fresh Sign growls and barks:

    Jugears Owns This.. WIll be entertaining to watch the resident apologist contort to deflect this.. And if you want to blame Congress, then why don’t you apply any blame for the recession which started two years after Pelosi took the gavel in 2006?

  8. 8

    My pet lib and the ones I spar with on FaceChimp have been eager to join in the absurd cries that the S & P did it because there were no tax increases.

    Even when there will be no more discretionary spending because it will be needed to service the debt, their answer will be they can’t have free stuff because “the rich” just aren’t paying enough.

    I trust God, but I confess that I believe more and more each day that this can only be resolved in blood and fire.

  9. 9
  10. 10
    Lady H growls and barks:

    LC HJ Caveman82952 @ #:

    Honey,

    Sometimes I think the Jr Senator turned POTUS thinks he IS G-d. Well, here is yet another comeuppance for him that he is not. I’d laugh, but there are too many people hurting or will be hurting because of this President’s and his party’s (Democrats and RINOs) policies.

    We have got to take at least the Senate in 2012. Real conservative Republicans not the Country Clubber RINOs.

    Add to that list Planned Parenthood as well, Caveman. I’ve got Mary and you in my prayers–

  11. 11
    Lady H growls and barks:

    Sir Fresh Sign @ #:

    How about he resign for starters?

  12. 12
    Cortillaen growls and barks:

    LC Sir M – Imperial Tobacconist™, K.o.E. says:

    Hate to say I told you so, but…
    The house of cards is on shaky ground, pups. Unemployment levels higher, and for longer, than during the Great Depression. The stock market loses eight months of gains in a single day. More Americans than ever on food stamps and other government “assistance” programs. Homeowners watching the value of their home cut in half, or worse. A government that couldn’t efficiently manage a lemonade stand, much less a country.
    The writing is on the wall, and it’s far too late for an election to save us. Too much damage has already been done.
    I hope and pray you’ve been stockpiling food and basic necessities. You ain’t seen nothing yet.
    LC Sir M – Imperial Tobacconist™, K.o.E. recently posted..Here Come The Rattlesnakes!

    It says a lot that I’m hoping for a partial collapse, now. As things stand now, nothing will change, but if a couple states actually go under or, better yet, the federal government trips up big time with its shell-game of welfare “fund” mismanagement, we might get a shot at ripping the whole bloated, putrescent thing apart. Of course, that slim chance is me being optimistic.

  13. 13
    LC FX Phillips growls and barks:

    Blackiswhite, Imperial Consigliere @ #:8 says

    My pet lib and the ones I spar with on FaceChimp have been eager to join in the absurd cries that the S & P did it because there were no tax increases.

    From the American Thinker the press release accompanying Standard and Poor’d decision on the down grade.

    The money quote about half of the way through for your liberal correspondents.

    Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing.

    In other words they don’t care how we get there just that we DO get there.

    Of course this doesn’t address the abject ignorance that the raising of tax rates automatically leads to an increase in tax revenues.

    Tax receipts are more a function of non-governmental GDP than they are of the rates charged as taxpayers adjust to new rates and either shelter income or just say fuck it and not work as hard.

  14. 14
    LC HJ Caveman82952 growls and barks:

    I need to tweak my stuff…fill in some blanks.but we could go a looooong time. But Mary and her treatments……man, this is a bitch. And if any rotties were in the area and needed a place to eat and crash…….not a problem….ants welcome, grasshoppers keep walkin’……I’m just glad I did what I did when I could………

  15. 15

    My question is, will Obama admit he inherited the AAA rating from Bush?? 😀

  16. 16

    LC HJ Caveman82952 says:

    ants welcome, grasshoppers keep walkin’

    LOVE IT! :em01:

  17. 17
    LC Light29ID growls and barks:

    The Dow loses 500 points and he has a hip-hop birthday party.

    We lose our AAA rating and he flees to Camp David

    31 brave Warriors killed today and *crickets*

    We need The Lord Almighty to lay some good old fashioned Old Testament wrath down on us to get this country’s collective head out of its ass.

  18. 18
    noahquackenbush growls and barks:

    Gotta hand it toO’bumbles…he keeps being an innovator/pioneer…

    1) First black president Check
    2) Most debt eva Check
    3) Downgrading of U.S. credit rating Check

    See, he is a God, you folks are just to dumb to know it.

    Sarcasm off

    A quick question for those inclined to respond.

    I have often wondered what the ramifications would be if say a state like Alaska decided to
    ignore the Federal government. Say, ignore drilling bans, etc. If the money the state sends to
    D.C. is more than what they get back, for things such as SSI, Medicare, and Medicaid, what could
    the G do. Invade? I’m not talking recession. Just having a state treat the G like a parent who has a whinny
    child. Ignore it.

    Your thought and ideas are welcome.

  19. 19
    Radical Redneck growls and barks:

    LC Aggie Sith, a goddess, only different, G.G.O.R. @ #:

    My question is, will Obama admit he inherited the AAA rating from Bush?? 😀

    ” rel=”nofollow”>Here you go Aggs! :em01:

  20. 20
    Shaitana growls and barks:

    DOn’t forget about the roving gangs of ‘kill whitey’ people out there… just watch the news (oh wait, you have to goto drudge cuz the MSM doesn’t want to touch it. I am trying to prepare, but with 4 kids and just barely enough money it’s slow going. Lord help us all, I just hope we have enough ammo.

  21. 21
    LC CiSSnarl5.7 Chariot Builder growls and barks:

    noahquackenbush says:

    Gotta hand it toO’bumbles…he keeps being an innovator/pioneer…

    A quick question for those inclined to respond.
    I have often wondered what the ramifications would be if say a state like Alaska decided to
    ignore the Federal government. Say, ignore drilling bans, etc. If the money the state sends to
    D.C. is more than what they get back, for things such as SSI, Medicare, and Medicaid, what could
    the G do. Invade? I’m not talking recession. Just having a state treat the G like a parent who has a whinny
    child. Ignore it.
    Your thought and ideas are welcome.

    I would think it would be much like back in the mid 80’S.

    Ohio, my home-state, hadn’t quite turned into the workers paradise it is today, Maybe it was, and I just didn’t realize it as I was young, but to me Ohio of today is much different that the blue collar steel and corn state I grew up in.

    During that time OH had a running battle with the Fed over the drinking age being mandated as 21. Ohio held out, and if I remember correctly was the last state to raise the legal limit to 21.

    The Fed’s response was “do it or else”. They threatened with such things as withholding of funds for Interstate and other Public works projects unless they raised the drinking age to 21.

    Ohio eventually Caved, I believe it was 1986 when they raised the drinking limit officially.

    If you have ever driven Ohio Hi-ways and By-ways you know full well just how critical it is for the state to have money to keep up with the harsh winters and destruction of the road surfaces that entails, and even with Federal funding, the roads up there are a teeth rattling pothole infested nightmare in a lot of areas.

    So in answer to your question, should a state refuse the Feds, and go it’s own way, I can see the same tactics employed against it, Unfortunately every state in the Union is in the same boat, they get money from the Federal Government to help meet their budgets.

    Would the employ force? 5 years ago I would have thought the idea laughable, today? Not so much.

  22. 22
  23. 23
    sleeper growls and barks:

    LC HJ Caveman82952 @ #:

    …and BATFE.

  24. 24
    LC CiSSnarl5.7 Chariot Builder growls and barks:

    Shaitana says:

    DOn’t forget about the roving gangs of ‘kill whitey’ people out there…

    You were saying ??

    Gangs at State Fair

    http://www.jsonline.com/news/milwaukee/126828998.html

  25. 25
    DarkStar growls and barks:

    LC HJ Caveman82952 @ #:

    “Eliminate all lobbying…..”

    The only way to eliminate lobbying is to change the tax code. The lobbyists exist to get the tax code changed to give a break to some company so they can either compete or eliminate the competition. The lobby/congress-critter CORRUPTION happens when the congress-critter gets a BIG payoff, as in campaign contribution. If the tax code was changed such that EVERYONE paid in something, as in consumption tax, then the lobbying would end. There would be no deductions to worry about, the cost of doing business is the cost of doing business…NO DEDUCTIONS for ANYONE and if you make less than a certain threshold, YOU file a form for reimbursement of the tax you paid. Everyone else doesn’t file anything, thus reducing the size and scope of the IRS.

    While you’re at it, add term limits and congress critter compensation to something like…you can serve in the House for two(2) terms and in the Senate for one(1), you get no retirement, you pay into SS and have the same kind of healthcare package the Little People can get, you can not receive political contributions from outside your district and repeal the 17th Amendment.

    That pretty well covers the subject…comments are welcomed.

  26. 26
    Odahi growls and barks:

    In unrelated news: Armed citizen takes gunman into custody in Seattle. The quote from the Sheriff’s Office:

    “That’s very unusual, very surprising, and not recommended,” Urquhart said of the citizen who intervened. “This guy did a great job, but we don’t recommend doing that. You certainly do that at your own risk.”

    And he might have injured the poor choirboy who did the shooting! Oh, the humanity!

  27. 27
    LC Gladiator growls and barks:

    noahquackenbush @21

    The National Guard would be dispatched to arrest the Governor.
    Should the LtGov not comply they would be arrested too,etc,etc
    Eventually, martial law would be declared by DC and a military governor appointed to take charge.

    Crisis over

  28. 28
    Odahi growls and barks:

    Linkee no workee- let’s try again…

    Or maybe I’m just dense… “Never mind” /Emily Litella

    [Odahi, Gunsniper covered you, but I figured I’d fix it anyway, just for the practice. (You’re welcome. (grin)) -The Management™]

  29. 29
    LC Gunsniper growls and barks:

    Don’t worry Odahi, I have your back.

  30. 30
    LC Gladiator growls and barks:

    But, but, UNEXPECTEDLY!

    Dear pResident 0bama,
    HOW friggin STUPID do you have to be to understand that collecting $1.00 in taxes and turning around and spending $1.41 will lead to disaster????

  31. 31
    LC HJ Caveman82952 growls and barks:

    Bambi has overplayed his hand.
    He thought he could delay, then move the goal posts…..then bluff….
    He guessed wrong………
    The Tea Party saw to that
    We simply need to make sure blame is given to whom it belongs.
    The demos screaming we must raise taxes….
    No we don’t.
    Make more cuts……a lot more…………
    We could send suggestions……
    I do have one in mind…… :em07:

  32. 32
    LC Big Evil growls and barks:

    Need to adjust that. It’s Collect $1.00 in Taxes. Throw $.25 of that, in the Golf/Vacation/Party Fund. Then take $.25 of it, and send it as Aide to anyone BUT an ally.
    Now take $.25 again, and spread that out amongst the cronies and to support the greenies and unionistas, another $.10 goes to the “I got my Hand Out Gimme!” crowds, another $.10 gets lost in ObamaDoesn’tCare and it’s brethren, and the last $.05 goes to the support of the Agenda/Blame the Rich! fund.

    Then you BORROW the $1.41 from another country to start the list over.

    ~Big Evil

  33. 33
    lc purple raider growls and barks:

    HOW friggin STUPID do you have to be to understand that collecting $1.00 in taxes and turning around and spending $1.41 will lead to disaster????

    What is worse is that Obongo wanted to have $3.00 in taxes and $5.41 in spending.

    If we have an election, November 2012 can’t come soon enough.

  34. 34
    VonZorch Imperial Researcher growls and barks:

    Odahi says:

    “That’s very unusual, very surprising, and not recommended,” Urquhart said of the citizen who intervened. “This guy did a great job, but we don’t recommend doing that. You certainly do that at your own risk.”

    I have to agree with that, don’t try to arrest the goblin, just weight it down with some lead.

  35. 35
    LC Gladiator growls and barks:

    The Signs of Recession 2.0 Continue To Grow

    This week is only half gone but signs of a downturn continue to pile up.

    Job Openings still low: The number of job openings in June was 3.1 million, essentially unchanged from May. Openings have been relatively flat since February 2011 and remain well below the 4.4 million openings when the recession began in December 2007. There is some good news, the same report shows June layoffs/firings down slightly (2.5%) from May.

    Productivity Down/Union Labor costs up:Nonfarm business sector labor productivity decreased at a 0.3 percent annual rate during the second quarter of 2011, the U.S. Bureau of Labor Statistics reported today, with output and hours worked rising 1.8 percent and 2.0 percent, respectively. Unit labor costs in nonfarm businesses rose 2.2 percent in the second quarter of 2011, because hourly compensation increased 1.9 percent while productivity decreased 0.3 percent. Over the last four quarters, hourly compensation increased more than output per hour, and unit labor costs rose 1.3 percent. The bottom line… businesses are paying more for less, which will lead toward lower earnings.

    Housing Prices continue to slip: Prices of existing homes fell 2.8% in the three months ended June 30 compared with the same period in 2010, according to a report issued Wednesday by the National Association of Realtors (NAR). Even worse is the fact that the spring months are the heaviest months of the year for realtors.

    The Federal Reserve Says so: The fed didn’t actually come out an say, “look out here it comes!” but they took an unusual action which indicated that they think the economy will be in the toilet for the foreseeable future. The Federal Reserve announced on Tuesday that it plans to hold the benchmark interest rate at “exceptionally low levels” through at least mid-2013, breaking from the central bank’s usual less precise timelines. With the Fed’s decision, the target interest rate will stay flat at between 0 and 0.25 percent for close to the next two years, if not longer….the Fed ….painted a grimmer picture than it did just two months ago. Data since the committee last met in June show that economic growth this year “has been considerably slower than the committee had expected,” the statement said. The committee, it said, “expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the committee judges to be consistent with its dual mandate” to promote maximum employment and price stability. And, the committee said, “downside risks to the economic outlook have increased.”

    Voter Confidence:

    Job Market: Overall confidence in the U.S. job market is at its lowest level in two years. The latest Rasmussen Reports national telephone survey of American Adults shows that 50% of American Adults think the U.S. job market is worse now than it was a year ago. That’s up 11 points from June and the highest negative finding since August 2009.

    Economy: The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, fell a bit further on Wednesday to reach another two year low. At 60.1 consumer confidence is down five points from a week ago, down eight points from a month ago and down 16 points from three months ago.

    Gallup concurs: Americans’ economic confidence plunged to -53 in the week ending Aug. 7, a level not seen since the recession days of March 2009. This deterioration coincided with the final wrangling over the U.S. debt ceiling and Standard and Poor’s downgrade of the United States’ debt rating. Economic confidence is now far worse than the -43 of two weeks ago and the -34 of a month ago. Seventy-seven percent of Americans said the U.S. economy is getting worse in the week ending Aug. 7. This is up from 71% two weeks prior and 64% a month ago. Substantially more Americans say the U.S. economy is getting worse right now than said so at this time a year ago. Fifty-five percent of Americans rated current economic conditions “poor” in the week ending Aug. 7 — up from 49% two weeks ago. This is 10 percentage points worse than the 45% of a month ago and a year ago.

    The drop in confidence means that the public will be less likely to spend money, rather they will hold on to it for the coming rainy day period.

    At least one economist is predicting a second recession would be worse than the one that just passed, because the government has already used many of its recession-busting weapons

    h/t Big government