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scottw · 08-07-2011, 05:56 AM

S&P= Terrorists?

the Progressives and dems are in all out panic..Spence has been a fine example here as he jousts at windmills with tired talking points and displays a deep understanding of the DNC playbook that I posted earlier

didn't see this coming... Treasury Department, Democrats etc. attack S&P
Aug. 7 (Bloomberg) -- The U.S. Treasury Department said there is “no justifiable rationale” for Standard & Poor’s move to downgrade the nation’s credit rating as global finance ministry officials prepared responses to the historic announcement.

In the wake of Standard & Poor's decision to downgrade the United States government's credit rating from AAA to AA+, a number of commentators on the left are directing most of the blame not at high levels of government spending, and not even at tax rates they would like to increase, but at the ratings agency itself. Since S&P made enormous mistakes in rating securities backed by subprime mortgages prior to the economic meltdown, they argue, the ratings agency has no right to judge the U.S. government today.

"These are some of the people who have the worst records of incompetence and irresponsibility around," top House Democrat Rep. Barney Frank told MSNBC. S&P analysts, Frank continued, are "trying to justify their reputation" by being tough on the U.S. An unnamed White House official, quoted by CNBC, called S&P's performance "amateur hour" and cited a $2 trillion math mistake made in an earlier S&P assessment. Another anonymous administration official added: "A judgment flawed by a $2 trillion error speaks for itself."

Farther along on the left, the New York Times columnist Paul Krugman called the downgrade "an outrage" and accused S&P of "just making stuff up." "After the mortgage debacle," Krugman said, "they really don't have that right." Later, Krugman approvingly passed along a tweet from the lefty blogger Atrios, who wrote of S&P: "Apparently we're supposed to care about what some idiots at some corrupt organization think about anything."

Barney Frank referring to anyone as incompetent and irresponsible is hysterical

08-07-2011, 05:56 AM	#35
scottw Registered User iTrader: (0) Join Date: Nov 2007 Posts: 12,632	S&P= Terrorists? the Progressives and dems are in all out panic..Spence has been a fine example here as he jousts at windmills with tired talking points and displays a deep understanding of the DNC playbook that I posted earlier didn't see this coming... Treasury Department, Democrats etc. attack S&P Aug. 7 (Bloomberg) -- The U.S. Treasury Department said there is “no justifiable rationale” for Standard & Poor’s move to downgrade the nation’s credit rating as global finance ministry officials prepared responses to the historic announcement. In the wake of Standard & Poor's decision to downgrade the United States government's credit rating from AAA to AA+, a number of commentators on the left are directing most of the blame not at high levels of government spending, and not even at tax rates they would like to increase, but at the ratings agency itself. Since S&P made enormous mistakes in rating securities backed by subprime mortgages prior to the economic meltdown, they argue, the ratings agency has no right to judge the U.S. government today. "These are some of the people who have the worst records of incompetence and irresponsibility around," top House Democrat Rep. Barney Frank told MSNBC. S&P analysts, Frank continued, are "trying to justify their reputation" by being tough on the U.S. An unnamed White House official, quoted by CNBC, called S&P's performance "amateur hour" and cited a $2 trillion math mistake made in an earlier S&P assessment. Another anonymous administration official added: "A judgment flawed by a $2 trillion error speaks for itself." Farther along on the left, the New York Times columnist Paul Krugman called the downgrade "an outrage" and accused S&P of "just making stuff up." "After the mortgage debacle," Krugman said, "they really don't have that right." Later, Krugman approvingly passed along a tweet from the lefty blogger Atrios, who wrote of S&P: "Apparently we're supposed to care about what some idiots at some corrupt organization think about anything." Barney Frank referring to anyone as incompetent and irresponsible is hysterical Last edited by scottw; 08-07-2011 at 07:29 AM..