Famous Last Words


And for some bizarre, unexplained reason, Tim Geithner is still the U.S. Treasury Secretary.

Credit rating downgrade hits markets

U.S. stocks tumbled, following the biggest weekly drop in the Standard & Poor’s 500 Index since 2008, amid concern that a downgrade of the nation’s credit rating by S&P may worsen an economic slowdown.

The U.S. credit rating downgrade extended a rout that wiped out $1.94 trillion in market value from the country’s stocks. S&P lowered the U.S. long-term rating one level to AA+ after markets closed on Aug. 5 while keeping the outlook at “negative” as the company becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements.

See also:
The Impact Of The S&P U.S. Credit Downgrade On Small Businesses
sting Icons Weigh In On U.S. Credit Downgrade
2ND UPDATE: Goldman Sachs: S&P’s US Downgrade May Be ‘Material And Adverse’ -Filing
U.S. Credit Downgrade Leaves ‘Horrible Impact’
Wall St. panics as Washington dawdles and the wheels come of the economy
GOP candidates slam Obama on US credit downgrade
Senate panel reviewing S&P downgrade
Was S&P downgrade an act of revenge?
Rating Agencies in Spotlight Following Downgrade

Of course, the Democrats got their talking points together and tried blaming the Tea Party.

Seriously, blaming the Tea Party is about as ridiculous as blaming the fireman for starting the fire.

/the obvious problem, to any sane observer, is that Obama and the Democrats just spend too damn much money

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