This is just another act in the dramatic play that we call Washington and Wall Street. First of all these credit agencies discredited themselves by aiding and abetting the players behind the toxic mortgage securities bundling and credit default swaps transactions. They were issuing triple A ratings to loans that were worthless and now they are playing all high and mighty about the credit worthiness of the United States. This is ludicrous and should be called out as such by the democrats and the President. Standard and Poor’s is part of the Wall Street gang who tango with the GOP, this ratings “downgrade” feeds right into their strategy of blaming President Obama for not cutting spending even more. Our disaster is a combination of issues but it is certainly not a spending issue, we have been hit by a humongous JOBS crisis coupled by a severe lack of revenue caused by unaccounted for tax cuts. Don’t forget the two wars, the prescription part D of medicare and those are examples of GOP spending, they somehow have mastered the art of portraying democrats as the spenders when in actuality it is the GOP that loves to spend.
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