Dems resist Standard & Poor's diagnosis

  • Follow Letters

Treasury Secretary Timothy Geithner, economic adviser Robert Reich and other leading Democrats are furious at Standard & Poor’s for slightly downgrading the debt rating of the United States. It is implied that the downgrade itself is the main cause of turmoil and loss of confidence, and that this diagnosis of our looming inability to pay debts is actually itself the problem.

Consider this: A patient who has been drinking in binges for many years looks a little yellow and is feeling unwell. His physician, after careful examination, tells him that he now has serious liver disease and cannot live long unless he abstains from alcohol.

The patient, if a Washington politician, would loudly condemn the doctor for not making a more acceptable diagnosis – i.e., one that would not interfere with his desired lifestyle. It is the doctor’s diagnosis, not my habits, that actually magnifies this petty problem, the politician decides.

A few more years of Washington’s binge spending, at home and abroad, may bring all of us near the end.

Everett Schultz Jr.

Augusta

Comments (9) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
allhans
23546
Points
allhans 08/10/11 - 02:48 am
0
0
This is par for the course.

This is par for the course. You will find video clips of different Democrats blaming it on the TEA Party folks, saying the downgraded TEA Party or some silly such, and you will find many more blaming S& P.
Nobody plays the blame game better than the Obama White house. Always have and always will, at least until we can get a replacement for him.

thewiz0oz
9
Points
thewiz0oz 08/10/11 - 04:55 am
0
0
If Obama had any class at all

If Obama had any class at all he would acknowledge that his background provided no management or fiscal experience or knowledge and would resign immediately. He is not capable of any original thinking and can only regurgitate worn out slogans driven by Social Justice. He doesn't even understand that his destruction of the U.S. Economy hurts low incomers the most. Unfortunately, his empty promises will still attract the 40% plus of non-thinking voters.

allamr18
41
Points
allamr18 08/10/11 - 06:22 am
0
0
mm, i think a few people

mm, i think a few people dismissed it. The markets were up the next day. I think S&P has developed a bad name for itself and people just dont trust their word or methods. If the downgrade was truly in effect why havent we seen more rating agencies come out and say something similarly? I think one is just an outlier. if more come out and downgrade the credit rating then yes its an issue.

southernguy08
499
Points
southernguy08 08/10/11 - 07:22 am
0
0
Haven't you all heard? Its
Unpublished

Haven't you all heard? Its all George Bush's fault. Obama is the great leader of "hope and change." Yeah, I'm laughing.

augusta citizen
9122
Points
augusta citizen 08/10/11 - 08:40 am
0
0
Well sure, they're acting

Well sure, they're acting furious, that's what is scripted. Convenient how this downgrade was revealed on Friday night, when banks and the markets were closed for the weekend giving banks, brokers and the government time to put together their strategies and reactions prior to the start of trading on Monday. No coincidence that was announced when average people were at their least ability to respond. When the next big event occurs it will be timed the same way...bank holiday maybe? Everyone should always have cash on hand and food in the pantry.

allhans
23546
Points
allhans 08/10/11 - 09:39 am
0
0
It doesn't matter what we

It doesn't matter what we think, the world sees us as downgraded.

The stock market regained some (not all) of the loss after the Feds promised not to raise interest rates until at least 2013 in an effort to stop the bleeding...
This in itself is a huge problem. The rates can't go any lower so if the country can't gain traction with what we now have , there is no place left to go.

hounddog
0
Points
hounddog 08/10/11 - 09:47 am
0
0
The S&P just wants Obama to
Unpublished

The S&P just wants Obama to fail. They are probably a bunch of racist.

AndrewLafa
27
Points
AndrewLafa 08/10/11 - 11:22 am
0
0
Yeah Augusta citizen. We

Yeah Augusta citizen. We Democrats close the banks and markets EVERY weekend to purposely foul up your nest.

Let me clue you in a tidbit of information. The downgrade has been a threat for many months now. Most investors planned way ahead for a potential downgrade by putting a stop loss order on their investments long before calamity kicked in. This is not a perk that is only afforded to wall street brokers, it's available to every average joe investor out there.

kmb413
533
Points
kmb413 08/10/11 - 01:09 pm
0
0
RA- the market sure doesn't

RA- the market sure doesn't think it matters being down approx 330 today....

augusta citizen
9122
Points
augusta citizen 08/10/11 - 03:56 pm
0
0
AndrewLaFa, well certainly I

AndrewLaFa, well certainly I didn't say they close the banks and markets every Friday. I said that the S&P made their announcement Friday when the banks and markets were closed, they did do that didn't they??

rmwhitley
5542
Points
rmwhitley 08/10/11 - 05:10 pm
0
0
"congress spends money like a
Unpublished

"congress spends money like a drunken sailor". As a former drunken sailor, I take great umbrage at that statement. When I ran out of money, I couldn't spend anymore.

AndrewLafa
27
Points
AndrewLafa 08/10/11 - 09:00 pm
0
0
AugCitizen-I really don't

AugCitizen-I really don't think it matters when they announced it. We knew one or more of the credit reporting agencies might downgrade the US for a long time. People have been planning for this and just waiting for the other shoe to drop. It's been kind of unexpected that the markets were doing as well as they were doing for a while there, so we've been on high alert, so to speak.
It's not just the S&P rating that caused the markets to drop, it's a myriad of reasons and factors. I would speculate that the S&P was actually a very small fraction of the reason for poor performance in the markets the past few days.

augusta citizen
9122
Points
augusta citizen 08/11/11 - 06:41 am
0
0
Well AndrewLafa, we may not

Well AndrewLafa, we may not agree on many things but I agree with much of your last post. It (a downgrade) has been expected, at least by those who read and pay attention. I also thought the markets were artificially high and didn't expect it to last. I made my point because many others aren't paying attention like we are. Everyone should always have some extra cash and necessities just in case. Have a good day!

Back to Top

Search Augusta jobs