Gulp: U.S. to lose AAA debt rating?

posted at 8:16 am on May 22, 2009 by Allahpundit

I guess my question would be, if we haven’t lost it already, how fantastically huge would our annual deficits have to be before we do lose it? $3 trillion? $4 trillion?

Something for Obama to shoot for now that national health care’s on the way.

“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television yesterday. He added that the target is reducing the gap to about 3 percent of gross domestic product, from a projected 12.9 percent this year.

The dollar extended declines today after Treasuries and American stocks slumped on concern the U.S. government’s debt rating may at some point be lowered. Bill Gross, the co-chief investment officer of Pacific Investment Management Co., said the U.S. “eventually” will lose its AAA grade…

It’s “critically important” to bring down the American deficit, Geithner said.

It’s “critically important,” and by The One’s own admission our debt is “unsustainable,” and yet his two attempts at reducing spending thus far produced an initial budget cut of .0029% followed by a further cut of roughly one-half of one percent, later cannibalized by an upward revision in spending. Believe it or not, S&P was sounding alarms about America’s debt rating eight months ago, after the financial crisis first hit and Bush dumped $85 billion in AIG’s lap. Trillions of dollars in bailouts and stimulus later, with enormous new entitlements on the way, the problem’s considerably worse — and yet The One’s defenders insist there’s technically zero risk of a lower rating because the U.S. could simply print more money to pay off its debt and avert any looming default. Which, as far as I understand, means we’re facing the following choice eventually: Either increase the monetary supply to meet our obligations and risk massive inflation, or refuse to meet our obligations and suffer a lower debt rating, thereby triggering even more massive deficits. What am I missing here?

Fortunately, The One has a super secret plan by which nationalizing health care will actually bring down spending, so let’s look forward to that.


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Regardless, it’s all Bush’s fault.

Mr. Bingley on May 22, 2009 at 8:18 AM

And now the slide really begins.

BuckeyeSam on May 22, 2009 at 8:22 AM

That’s not the “AAA Debt Rating” I knew…

So sad…..

Sigh…….

/sarc

Dale in Atlanta on May 22, 2009 at 8:22 AM

I can’t wait for the Liberal spin on this one,

and,the Lefty new term,descibing the*AAA* downgrade!!!

canopfor on May 22, 2009 at 8:23 AM

This is Alinsky school , no need to be consistent. First you spend more borrowed money on spending then ever been done in history laughing at the critics. Then you talk about how important it is to cut spending.

This is also the inherent contradiction in Keynesian economics. It just doesn’t work.

the_nile on May 22, 2009 at 8:25 AM

The super-secret plan?

You smoke? X10 rate increase.

You don’t jog? X3 rate increase.

You eat Big Macs? X5 rate increase.

No sunscreen receipts? X7 rate increase.

Skydive? Motorcycle? Scuba? Rock Climb? Your ER co-pay jumps to $1,000,000.

Ve kno vhat is best for u!

Limerick on May 22, 2009 at 8:25 AM

Print more money to pay off our debts?

Why not just hand China a bunch of rocks and pebbles and tell them it’s our new currency which is worth a billion dollars per stone? We could even use sticks and twigs as they would not be as heavy.

myrenovations on May 22, 2009 at 8:27 AM

People are gonna panic. There’s gonna be gold riots, atonal music…

– Peter Falk, The In-Laws.

jeff_from_mpls on May 22, 2009 at 8:27 AM

Libs tell me its corporate greed. I ask them which corporations, and they have a blank stare. I ask them if they have thought about these things other than saying slogans.

They look at me with a “How dare you question the politically approved world view.”

billypaintbrush on May 22, 2009 at 8:27 AM

Seriously it was just a matter of time. It is amazing that in less than 200 days of being in office, one person can totally destroy what took our grandparents and great grandparents a lifetime to achieve.

milwife88 on May 22, 2009 at 8:27 AM

The Dems will just blame Bush and do whatever the hell they want. Lapdog media will echo.

snickelfritz on May 22, 2009 at 8:28 AM

What am I missing here?

Having somebody in charge that can get us out of this mess.

This is not looking good if a tax cheat is saying they need more policies. I think they need a spending freeze. No new policies until they get this problem under control, but I don’t see that happening. All we here are the adults are in charge now. As things are going now I’d rather have my teenager in charge.

Brat4life on May 22, 2009 at 8:28 AM

I can’t wait for the Liberal spin on this one,

canopfor on May 22, 2009 at 8:23 AM

They’ll just dig up something on Miss California. And when all else fails, keep repeating the mantra that Obama inherited all of this.

Doughboy on May 22, 2009 at 8:29 AM

Sort of off topic (unless you focus on the last line) – but doesn’t single payer health care mean my employer would end my health benefits?

The medical benefits that are a part of my overall employment package – which generally equates to a couple bucks/hour.

So basically single payer health care means I have to take a paycut.

Why aren’t any pundits talking up that angle?

Mr Purple on May 22, 2009 at 8:29 AM

I have said this numerous times: get a foreign passport ASAP. You will need it sooner than later.

angryed on May 22, 2009 at 8:30 AM

It is the same logic used when the liberals dream of $4.00/$5.00 a gallon gas.

what they fail to understand is that it was $4.00 gas that pushed those living paycheck to paycheck to break as everything went up in price from milk to bread along with the gasoline. thus pushing those people to default on their home loans which cause a chain reaction with the MBS and credit defaults which caused Trillions in losses. But the liberals dream of pushing gas that high again. They think it is the speed with which it reaches there and not the final destination

they are using the same logic with the debt. they think it is the speed not the final figure that is important. They do not understand economic theory and instead put their feelings infront of reality

We are doomed.

unseen on May 22, 2009 at 8:30 AM

Oh, in addition to the pay cut – I’m sure my taxes will go up to pay for single payer health care.

It’s lose/lose for the working man. Lose/lose/lose when you consider the quality of health care.

…and for what? So I can pay for some slacker welfare case to get medical coverage?

Mr Purple on May 22, 2009 at 8:31 AM

Limerick on May 22, 2009 at 8:25 AM

And the new Dr. Kevorkian seniority abortion plan.

the_nile on May 22, 2009 at 8:31 AM

Time we started reminding Obama, hey you won, you broke it, now you own it.

doriangrey on May 22, 2009 at 8:31 AM

Why aren’t any pundits talking up that angle?

Mr Purple on May 22, 2009 at 8:29 AM

Good point. However the argument back would be that the govt will tax your employer the amount he would have spent on you and will give you the same benefits. Therefore your income will not change.

Of course we all know this is total BS. But that’s who Obama, CNN, MSNBC, etc will spin it.

angryed on May 22, 2009 at 8:32 AM

Sort of off topic (unless you focus on the last line) – but doesn’t single payer health care mean my employer would end my health benefits?

The medical benefits that are a part of my overall employment package – which generally equates to a couple bucks/hour.

So basically single payer health care means I have to take a paycut.

Why aren’t any pundits talking up that angle?

Mr Purple on May 22, 2009 at 8:29 AM

It is the same thought process that is pushing the two week vacation idea. To those that get more than 2 weeks vaction or sick days etc it will be a cut in time off. As companies now will only have to provide 2 weeks and not the extra time off. The same logic that thinks the min wage raises wages instead of depressing it

unseen on May 22, 2009 at 8:33 AM

I have said this numerous times: get a foreign passport ASAP. You will need it sooner than later.

angryed on May 22, 2009 at 8:30 AM

Nope, because after what Obama has done no other nation on earth is going to allow a US or former US citizen into their country.

doriangrey on May 22, 2009 at 8:33 AM

So basically single payer health care means I have to take a paycut.

Why aren’t any pundits talking up that angle?

Mr Purple on May 22, 2009 at 8:29 AM

The lefty spin will be that the company you work for will increase your actual salary once they no longer have to pay for your healtcare.

And it will be the only time in history that they will believe a “boss” will do the right thing for his employees.

myrenovations on May 22, 2009 at 8:34 AM

Let’s face it: you wouldn’t lend this government lunch money, much less anything significant.

Jaibones on May 22, 2009 at 8:34 AM

Hey, if the US defaults, the only people who will lose money are greedy speculators and investors who bought the government debt in an attempt to make profit. Why should we care about that?

gridlock2 on May 22, 2009 at 8:34 AM

This will not be over quickly. You will not enjoy this.

That’s what being onboard the hopenchange economic express feels like.

BadgerHawk on May 22, 2009 at 8:35 AM

Hey, if the US defaults, the only people who will lose money are greedy speculators and investors who bought the government debt in an attempt to make profit. Why should we care about that?

gridlock2 on May 22, 2009 at 8:34 AM

What a maroon, bet you’ll be here all week too…

doriangrey on May 22, 2009 at 8:35 AM

Allahpundit: Which, as far as I understand, means we’re facing the following choice eventually: Either increase the monetary supply to meet our obligations and risk massive inflation, or refuse to meet our obligations and suffer a lower debt rating, thereby triggering even more massive deficits. What am I missing here?

You’re missing that increasing our monetary supply WILL cause inflation, and the more money we print to pay the bills, the more massive that inflation will be.

Welcome to the United States of California.

Instead of stimulating the private sector economy, Obama has stimulated government growth and debt, bringing us to the brink of a depression and hyper-inflation.

Loxodonta on May 22, 2009 at 8:36 AM

The medical benefits that are a part of my overall employment package – which generally equates to a couple bucks/hour.

So basically single payer health care means I have to take a paycut.

Why aren’t any pundits talking up that angle?

Mr Purple on May 22, 2009 at 8:29 AM

This is money that your employer won’t have to spend, so it’s like a tax cut!

Tax cuts! Tax Cuts!!!

(…to be consumed by whomping tax increases, three times the size, of course…)

Oh, and BTW, your care is not cost-effective. Go home and die.

gridlock2 on May 22, 2009 at 8:37 AM

That’s what being onboard the hopenchange economic express feels like.

BadgerHawk on May 22, 2009 at 8:35 AM

Am I allowed to hope that the One finds the same end as the Spartan Senator that made that statement???

doriangrey on May 22, 2009 at 8:37 AM

HERE’S THE SALIENT POINT:

This isn’t about the financial crisis. Our credit rating is faltering because of the profligate spending and the quadrupling of deficit spending, and that’s all OBAMA’s doing.

If the US loses it’s debt rating, it’s crucial to make this point.

snickelfritz on May 22, 2009 at 8:38 AM

Well, American Idol is over for now. What shiny thing will distract the public from this one? The puppy has gotten old already. People aren’t even surprised anymore when the idiot Vice President says something idiotic. What will they come up with to keep the public from focusing on this? Maybe now would be a good time to start delivering those unicorns.

aero on May 22, 2009 at 8:38 AM

Regardless, it’s all Bush’s fault.

Mr. Bingley on May 22, 2009 at 8:18 AM

Obama: Yeah, it’s his fault. I haven’t spent much of anything…

Upstater85 on May 22, 2009 at 8:38 AM

Survival kit, 2012:

1. Boomerang

2. Dog skin coat

3. Music box (spring operated)

4. Friend with a 1971 Javelin and a blue heeler.

Limerick on May 22, 2009 at 8:39 AM

What a maroon, bet you’ll be here all week too…

doriangrey on May 22, 2009 at 8:35 AM

I forgot The First Rule of Blogs: There is no satire so broad or so obvious that somebody, somewhere will not get it.

gridlock2 on May 22, 2009 at 8:39 AM

Its the Zimbabwe option….
It’s very easy to pay off a ten trillion dollar national debt, when your printing presses print currency with a face value of 1 billion dollars (USD) per piece of paper. Couple of truckloads of those puppies, and your debt is gone.

Skandia Recluse on May 22, 2009 at 8:39 AM

Jimmy Carter II: Stagflation Boogaloo, featuring a cameo appearance by Iran.

Kafir on May 22, 2009 at 8:39 AM

Am I allowed to hope that the One finds the same end as the Spartan Senator that made that statement???

doriangrey on May 22, 2009 at 8:37 AM

I’m not sure who the Queen would be represented by. Lynn Cheney, maybe?

BadgerHawk on May 22, 2009 at 8:40 AM

If the US loses it’s debt rating, it’s crucial to make this point.

snickelfritz on May 22, 2009 at 8:38 AM

We know Gingrich and probably Cheney will. Rush too. I guess pointing out the precedent’s flawed logic makes you the leader of a failing GOP…

Upstater85 on May 22, 2009 at 8:40 AM

Seriously it was just a matter of time. It is amazing that in less than 200 days of being in office, one person can totally destroy what took our grandparents and great grandparents a lifetime to achieve.

milwife88 on May 22, 2009 at 8:27 AM

Obama didn’t do it alone. Never forget the Democrats in Congress and their handmaidens in the MSM and academia. Also, there are too many of us who were duped, and still are smoking the hopium. Time to wake up, America!

Loxodonta on May 22, 2009 at 8:40 AM

I forgot The First Rule of Blogs: There is no satire so broad or so obvious that somebody, somewhere will not get it.

gridlock2 on May 22, 2009 at 8:39 AM

ROTFLMAO… Hey… what’s a little sarc tag among friends… ;p

doriangrey on May 22, 2009 at 8:40 AM

Live within your means….

elderberry on May 22, 2009 at 8:41 AM

No, this can’t happen! The One, he’s in control now he won’t let them! Did they forget? Everything is great now. There is world peace and everyone has healthcare and we are all amazingly happy.

boomer on May 22, 2009 at 8:41 AM

what’s a little sarc tag among friends… ;p

doriangrey on May 22, 2009 at 8:40 AM

sarc flags are for the timid ;)

Limerick on May 22, 2009 at 8:41 AM

The Republicans are doing what, exactly? Are they disowning Schwarzenegger, saying that California is what America will be like in five years if we don’t do something to stop these crazy people in Congress and the White House?

In Bizarro World, I guess.

amkun on May 22, 2009 at 8:42 AM

Well, American Idol is over for now. What shiny thing will distract the public from this one? The puppy has gotten old already. People aren’t even surprised anymore when the idiot Vice President says something idiotic. What will they come up with to keep the public from focusing on this? Maybe now would be a good time to start delivering those unicorns.

aero on May 22, 2009 at 8:38 AM

Apparently ABC has a full slate of crappy reality television programming planned for the entire summer.

One of those is bound to take the nation by storm so that people will chit-chat about that rather than our debt rating and ObamaCare.

myrenovations on May 22, 2009 at 8:42 AM

Mr Purple on May 22, 2009 at 8:29 AM

Good point. As others have noted, we’ll probably notice a “raise,” to be swallowed up with taxes to pay for govt. healthcare. Oh, and the initial spin will be that private/employer plans will continue to coexist beside the new plan for “uninsured/underinsured” patients, with the goal of watching the govt. plan increase while employer/private plans dwindle.

Messy process, to be sure. It also has the possible side benefit of “see, wages are going up under the Obamaconomy!!”

cs89 on May 22, 2009 at 8:43 AM

The Republicans are doing what, exactly? Are they disowning Schwarzenegger, saying that California is what America will be like in five years if we don’t do something to stop these crazy people in Congress and the White House?

In Bizarro World, I guess.

amkun on May 22, 2009 at 8:42 AM

Last I heard from the RINOs, they were kicking RINOs like Schwarzenegger out of the party… Hmmm…

Upstater85 on May 22, 2009 at 8:43 AM

Obama: “I’m the decider and we’re closing Gitmo… this is THE most important thing on my plate….”

Skywise on May 22, 2009 at 8:43 AM

are smoking the hopium.
Loxodonta on May 22, 2009 at 8:40 AM

Considering what’s coming it just might be time to take up smoking something considerably stronger than hopium… Just sayin here… ;p

doriangrey on May 22, 2009 at 8:43 AM

This man disgusts me.

blatantblue on May 22, 2009 at 8:43 AM

Hey Allah:

1000 comments or bust

broker1 on May 22, 2009 at 8:44 AM

One of those is bound to take the nation by storm so that people will chit-chat about that rather than our debt rating and ObamaCare.

myrenovations on May 22, 2009 at 8:42 AM

If not, Obama plans to unveil the 3 man circus staring Bo, Biden, and Michelle Obama (with buffed arms spitting fire).

Upstater85 on May 22, 2009 at 8:44 AM

No, this can’t happen! The One, he’s in control now he won’t let them! Did they forget? Everything is great now. There is world peace and everyone has healthcare and we are all amazingly happy.

boomer on May 22, 2009 at 8:41 AM

Raymond Shaw Barack Obama is the bravest, kindest, warmest, most wonderful human being I’ve ever known

gridlock2 on May 22, 2009 at 8:45 AM

Not to worry, Obama will reduce the deficit by building more windmills.

Buy Chinese currency.

petefrt on May 22, 2009 at 8:45 AM

What shiny thing will distract the public from this one?

aero on May 22, 2009 at 8:38 AM

Mandatory two-week paid vacations?

Loxodonta on May 22, 2009 at 8:45 AM

“bring those deficits down to 3 percent” Sooooo–who has to pay what tax, who will become subject to which fees and/or hidden taxes? And….if a lot of countries decide to use their own currencies for commerce I am guessing that the cost of doing business can only go up, up up just supporting the bureaucracies alone that will burgeon because of this–let alone any other consequences. I think this is just a ‘see how great I’ve become’ play on the part of China. As for Brazil, I can’t imagine what they hope to get out of this. Don’t pretend to understand all this but it’s pretty plain that Obama and company don’t understand it either–scarey!

jeanie on May 22, 2009 at 8:45 AM

…and for what? So I can pay for some slacker welfare case to get medical coverage?

Mr Purple on May 22, 2009 at 8:31 AM

You already do that. It’s so that smug liberals can feel good and know that Europe is no longer quite as superior as it was. It is so the rich elites can truly set themselves apart with expensive private health care that the peasants will never be able to afford. In my opinion going towards socialism is class warfare but not in the way most people think. It’s not to spread the wealth and make people equal it’s all about creating an class barrier between the elite rich and the peasants. That problem is that the peasants really are too stupid to see it and end up with a lowered lifestyle that they can never escape.

jmarcure on May 22, 2009 at 8:45 AM

sarc flags are for the timid ;)

Limerick on May 22, 2009 at 8:41 AM

;p>>>>>>>>>>>>>>>>>>>>>>>>pt

doriangrey on May 22, 2009 at 8:45 AM

So, what’s the current U.S. credit score?

cs89 on May 22, 2009 at 8:46 AM

Mandatory two-week paid vacations?

Loxodonta on May 22, 2009 at 8:45 AM

Oh, that’s right…

Next year he’ll give away free Cow Pies (about the most valuable thing in America by that point)

Upstater85 on May 22, 2009 at 8:46 AM

If not, Obama plans to unveil the 3 man circus staring Bo, Biden, and Michelle Obama (with buffed arms spitting fire).

Upstater85 on May 22, 2009 at 8:44 AM

They’ll have to use Biden’s dog, it’s way smarter than Bo. Or so I have been told.

myrenovations on May 22, 2009 at 8:47 AM

The Republicans are doing what, exactly? Are they disowning Schwarzenegger, saying that California is what America will be like in five years if we don’t do something to stop these crazy people in Congress and the White House?

In Bizarro World, I guess.

amkun on May 22, 2009 at 8:42 AM

What exactly can the GOP do? They don’t have the votes to stop Obama. The best they can do is be the vocal opposition until November 2010. Hopefully the speeches by Steele and Cheney this week are a sign of things to come.

Doughboy on May 22, 2009 at 8:47 AM

Raymond Shaw Barack Obama is the bravest, kindest, warmest, most wonderful human being I’ve ever known

gridlock2 on May 22, 2009 at 8:45 AM

I really need to get something to smoke that will make me feel like that………………….. And then not smoke it… ;p

doriangrey on May 22, 2009 at 8:48 AM

In my opinion going towards socialism is class warfare but not in the way most people think. It’s not to spread the wealth and make people equal it’s all about creating an class barrier between the elite rich and the peasants. That problem is that the peasants really are too stupid to see it and end up with a lowered lifestyle that they can never escape.

jmarcure on May 22, 2009 at 8:45 AM

Yeah, even though the Donks try to “reach out” to the middle class, I have seen nothing in their plans that actually helps the middle class remain in the middle class. It’s more to “equalize” the middle class with the lowest class. Then all you have left are Obama’s evil (so called Republican) Corporate buddies.

Upstater85 on May 22, 2009 at 8:49 AM

They’ll have to use Biden’s dog, it’s way smarter than Bo. Or so I have been told.

myrenovations on May 22, 2009 at 8:47 AM

And who told you that? Oh, Joe…

Upstater85 on May 22, 2009 at 8:49 AM

Time for Obama to blame the mess on the budget he inherited from the bills that his party wrote and he voted for.

PackerBronco on May 22, 2009 at 8:50 AM

Did Biden say that his dog was smarter than Bo or his dog was smarter than BO?

Either way… probably true…

gridlock2 on May 22, 2009 at 8:51 AM

Obama will have to run against the ‘are you better today than you were 4 years ago’ mantra. It’s looking like the answer will be ‘no’. He’ll blame Bush, obviously.

These projections are based on the rosiest of scenarios. Imagine another major terrorist attack on America. Imagine a nuclear war between Pakistan and India. Imagine Iran obtaining and detonating a nuclear warhead in Israel. All of those scenarios are very likely.

Oil is going up (backdoor tax on Americans) because the dollar is falling. Our DEFICIT is 13% of GDP – wow.

Save your money. Stay out of debt. I’m seriously thinking of moving to Asia. It’s going to be bad for a while.

ThackerAgency on May 22, 2009 at 8:51 AM

Guys don’t worry. We have the Geithner promise…

Geithner Pledges to Cut Deficit Amid Rating Concern

Upstater85 on May 22, 2009 at 8:51 AM

Time for Obama to blame the mess on the budget he inherited from the bills that his party wrote and he voted for.

PackerBronco on May 22, 2009 at 8:50 AM

IF he voted at all.

Upstater85 on May 22, 2009 at 8:52 AM

What I picture Obama’s plan might be were trying to lose weight:

I’m going to eat cheeseburgers every day for a year and gain 50 lbs.

Next year I will go on a diet and lose 5 lbs. And do the same in 2011 and 2012.

So you see, I’m losing weight for the next 3 years and and anyone who says I’ll be fatter and on the verge of a stroke/ heart attack in 2012 is a racist.

angryed on May 22, 2009 at 8:52 AM

My God. We are screwed.

Mayhem on May 22, 2009 at 8:53 AM

Considering what’s coming it just might be time to take up smoking something considerably stronger than hopium… Just sayin here… ;p

doriangrey on May 22, 2009 at 8:43 AM

Well, there’s always changium.

I’m hoping for an injection of changium in 2010. Maybe we’ll get hooked on that.

Loxodonta on May 22, 2009 at 8:53 AM

Obama will have to run against the ‘are you better today than you were 4 years ago’ mantra. It’s looking like the answer will be ‘no’. He’ll blame Bush, obviously.

ThackerAgency on May 22, 2009 at 8:51 AM

Time for Obama to blame the mess on the budget he inherited from the bills that his party wrote and he voted for.

PackerBronco on May 22, 2009 at 8:50 AM

He can try to blame Bush for this, but he clearly had something to do with it.

Upstater85 on May 22, 2009 at 8:53 AM

What I picture Obama’s plan might be were trying to lose weight:

I’m going to eat cheeseburgers every day for a year and gain 50 lbs.

Next year I will go on a diet and lose 5 lbs. And do the same in 2011 and 2012.

So you see, I’m losing weight for the next 3 years and and anyone who says I’ll be fatter and on the verge of a stroke/ heart attack in 2012 is a racist.

angryed on May 22, 2009 at 8:52 AM

Obama might even pay you to lose the weight.

Upstater85 on May 22, 2009 at 8:54 AM

And I’m sure nobody remembers because it was so flippant and so long ago. . . but I remember one fed meeting where they mentioned that inflation wasn’t a problem because oil had come down so much. They were counting on oil being low. If oil goes up and stays up, our economy won’t be able to sustain itself.

Karma is an interesting thing. Obama spends all his time blaming Bush. Bush rarely blamed any problems on Clinton. It won’t be long until Obama is the but of jokes and all of America’s problems are blamed on him. What comes around goes around. If Obama keeps on bashing other people, he’ll get his.

ThackerAgency on May 22, 2009 at 8:54 AM

Instead of stimulating the private sector economy, Obama has stimulated government growth and debt, bringing us to the brink of a depression and hyper-inflation.

Loxodonta on May 22, 2009 at 8:36 AM

That’s exactly what California has done. Increased government, increase regulations on business,and increase taxes.

I have seen nothing in their plans that actually helps the middle class remain in the middle class. It’s more to “equalize” the middle class with the lowest class.

Upstater85 on May 22, 2009 at 8:49 AM

Yep. That is exactly what he is doing. What a mess.

Blake on May 22, 2009 at 8:54 AM

I’m hoping for an injection of changium in 2010. Maybe we’ll get hooked on that.

Loxodonta on May 22, 2009 at 8:53 AM

Actually I was thinking of something a bit stronger, perhaps Insanium….

doriangrey on May 22, 2009 at 8:55 AM

Doughboy on May 22, 2009 at 8:47 AM

The Democrats went a long way towards destroying the country even when they were out of power for 6 years.

What can the Republicans do? They can
1. Disown Schwarzenegger and throw him out of the party (even though I sympathize with his plight in a state full of idiot voters, they should show they mean business)
2. Make coherent arguments.
3. Confront the leftists/media who destroy people who don’t agree with them. Why was Sarah Palin the only one who defended Carrie Prejean?

Just a few things.

amkun on May 22, 2009 at 8:55 AM

Massive inflation will still cause the ratings agencies to downgrade the US’s credit rating.

The money owed is being paid off, but the value of that money is much less than was promised.

So even printing money will not prevent a downgrading of US debt.

MarkTheGreat on May 22, 2009 at 8:57 AM

1. Disown Schwarzenegger and throw him out of the party (even though I sympathize with his plight in a state full of idiot voters, they should show they mean business)
2. Make coherent arguments.
3. Confront the leftists/media who destroy people who don’t agree with them. Why was Sarah Palin the only one who defended Carrie Prejean?

Just a few things.

amkun on May 22, 2009 at 8:55 AM

Good points. The only one I would disagree with you on is the actual throwing Ahnold out of the party. Let him leave of his own accord and endorse other people, but don’t kick him out – it would be the first time the RINOs would be correct to say someone kicked them out.

Upstater85 on May 22, 2009 at 8:57 AM

S+P rated the now nearly worthless securitized mortgages as AAA. Truly, they don’t know what the hell they’re doing.

Also, any country that can print fiat currency can’t technically go bankrupt. You just print more and pay people back in US toilet paper.

Luckily, it’s easier these days to diversify your savings into other countries that have better growth prospects than us and don’t have the Ogabe. Foreign currencies and precious metals, oil and other commodities, and foreign stocks/bonds can all help to insulate you from future dollar falls–as long as you can self-direct your savings, a big if for many in 401K’s with narrow options.

Remember, you already have a big asset denominated in dollars (your house) and you get paid in dollars, so your dollar exposure is already significant. Why add more to it by investing only in things denominated in dollars? The days when someone can have everything in dollars and trust that the gov’t will keep the currency strong or at least stable is over.

JiangxiDad on May 22, 2009 at 8:58 AM

In the meantime nobody is paying attention to the backyard.

Putin goes into the Ukraine, an Iranian missle goes into the Straits, China hammers Taiwan, or PAK decides India is asleep, and the west will collapse. The jackals are just over the ridge. The joke is on us, we are tomorrow’s red meat headline.

Limerick on May 22, 2009 at 9:00 AM

Actually I was thinking of something a bit stronger, perhaps Insanium….

doriangrey on May 22, 2009 at 8:55 AM

Insanity runs in my family. It practically gallops.

I take it we’re cousins, because your wear those genes so well.

Loxodonta on May 22, 2009 at 9:01 AM

Fitch has sovereign debt ratings charts that I check out from time to time, but they too seem to be behind the 8ball imo.

JiangxiDad on May 22, 2009 at 9:02 AM

Dammit Bush. Look what your doing.

J.D. Power and his assosicates aren’t gonna like this one.

johnnyU on May 22, 2009 at 9:02 AM

Putin goes into the Ukraine, an Iranian missle goes into the Straits, China hammers Taiwan, or PAK decides India is asleep, and the west will collapse.

then Barry’s work will be done, and he can hoist his “MISSION ACCOMPLISHED” banner.

JiangxiDad on May 22, 2009 at 9:03 AM

Putin goes into the Ukraine, an Iranian missle goes into the Straits, China hammers Taiwan, or PAK decides India is asleep, and the west will collapse.

then Barry’s work will be done, and he can hoist his “MISSION ACCOMPLISHED” banner.

JiangxiDad on May 22, 2009 at 9:03 AM

We are all Georgians Ukrainians Brits Canadians today…

Upstater85 on May 22, 2009 at 9:05 AM

Guys don’t worry. We have the Geithner promise…

Geithner Pledges to Cut Deficit Amid Rating Concern

Upstater85 on May 22, 2009 at 8:51 AM

Maybe when all the Obama appointments pay their back taxes, the deficit will plummet. That is his secret weapon!

txdoc on May 22, 2009 at 9:05 AM

Maybe when all the Obama appointments pay their back taxes, the deficit will plummet. That is his secret weapon!

txdoc on May 22, 2009 at 9:05 AM

Oh, how could I forget. He’ll go around with a satin bag collecting money from Obama cabinet appointees.

Upstater85 on May 22, 2009 at 9:06 AM

The ‘Soros Plan’ is working.

locomotivebreath1901 on May 22, 2009 at 9:06 AM

Just one more mile-post flying by on the road to hell….

At least everybody here had the brains to know exactly where we were headed on Nov 5th 2008. Imagine the shock amongst the simple-minded droolers who voted for this idiot and actually thought he was going to make things better.

The irony is, if The Messiah had just sat on his hands the day after he was sworn in and done absolutely nothing except admire himself in a mirror in his office all day, we would be well into a recovery by now.

AUINSC on May 22, 2009 at 9:08 AM

How in the hell can geithner cut the deficit?

Every time this clown speaks I can’t even believe it. The Dems would do well to muzzle him and Pelosi.

ORconservative on May 22, 2009 at 9:11 AM

And the not-so-stealthy distruction of our dollar continues. It’s the game. It’s the goal.

marklmail on May 22, 2009 at 9:12 AM

It’s Smart Power! I tell ya.

Terrorist only hate us because we’re rich. If we can successfully achieve third world status then they will have no reason to hate us.

I’m doing my part by pulling up all my grass down to the bare dirt and rocks. Then I’ll take a sledge hammer to my vehicle and shoot holes in my walls. It’ll take time, but eventually I hope to also have a sewage pit in what was once my back yard.

The neighbors think we could get the roads torn up by the fall. One suggested this was a “shovel ready” job and thus qualified for stimulus money. What a boob. That money is going to road crews that have to break up 24″ thick interstates. They need it more than we do.

What are you doing to aid in the struggle against man-caused disasters?

I’ve got to hand it to Obama. He’s one sharp cookie.

Smart Power!

Onus on May 22, 2009 at 9:12 AM

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