Obama On Downgrade, Market Plunge: ‘The Buck Stops With (Anyone BUT) Me’

A quote from Fox News Special Report on Obama’s remarks today:

“He didn’t offer much new or take responsibility for the exploding debt. …  The White House doesn’t seem to want to admit it’s been adding to that debt handily.”

Turbo Tax Timothy Geithner (that’s the guy who wasn’t smart enough or honest enough to pay his own taxes before taking a job making him responsible for everyone else paying their taxes) was asked if the White House accepted any responsibility for this disaster.  And nope (see also here for video):

Harwood: Do you feel that you or the administration’s policies are in any way responsible for this downgrade?

GEITHNER: Absolutely not. You’ve seen the president work incredibly hard and make really amazing progress trying to heal the damage caused by this terrible crisis. And you saw him work his heart out to try and bring both parties together to reach agreement on a long-term fiscal deal. Made some progress, didn’t solve it all, but a very good down payment.

Mind you, this is the same utterly clueless idiot – who represents the arrogance and stupidity of the Obama administration – who said there was “No risk” that the U.S. would be downgraded to begin with.

Nothing to see here folks.  The White House had nothing to do with any of this.  Don’t look to us for any answers.  Go talk to President Bush and blame HIM three years into the Obama administration. 

At the White House press conference, Jay Carney repeated the party line that no one should look to the White House to be responsible for anything.

On the TV circuit, Democrats repeatedly trotted (or is that “Trotsky’d”???) out the poll-tested talking point that this is the “Tea Party downgrade” because the Tea Party wanted to reduce America’s debt which is clearly stupid in any debt crisis, right?  I mean, so what if America’s debt just crossed the tipping point threshold of being more than its ENTIRE gross domestic product?!?!?

Democrats are crawling out to any mainstream media venue that allows cockroaches (that’s pretty much any mainstream media venue, mind you) and calls the Tea Party “terrorists.”  But the vote on the debt ceiling extension combined with the fact that Democrats never bothered to offer any plan of their own on top of the fact that they still haven’t come up with an F-ING BUDGET after 832 days really ought to point out that when they point a finger at us and call us “terrorists” three fingers are pointing back at themselves.

Democrats would have to quadruple in maturity to even qualify as “infantile.”

Sadly, Bush is the only president who is responsible for anything these days.  Did I mention we’re well into the third year of the failed Obama presidency?

Here are a few write-ups in the blog world that I found interesting:

50 Minutes Late Obama FINALLY Speaks About S&P,He Takes NO Responsibility More Lecturing and Blames Congress!

Barack Obama says the U.S. always is and always has been a triple-A country, despite its rating agency downgrade.

He said also the U.S. didn’t need a rating agency to tell it that it’s political system was having trouble functioning.

Speaking at the White House on the Standard & Poor’s downgrade, Obama renewed a plea to Congress to take action in September of help create jobs and cushion Americans from a still weak economy.

Obama said financial markets around the world “still believe our credit is triple-A.  I and the world’s investor’s agree.”

Well, if “agree” means “panic-selling that puts us into bear-market territory” with a 635 point smackdown that constitutes the sixth largest loss on the Dow in history, then Obama ISN’T completely out-of-touch with reality.

Obama offered no solutions whatsoever.  That after not bothering to speak at ALL for the entire weekened after the downgrade was announced on Friday, and apparently after showing up fifty minutes late to his own pony show.  The markets were down when Obama started speaking, and after he reasurred the world the markets pretty much said, “That’s it; we’re outa here.”

Obama’s Address to the Nation: Draws line in sand, there must be no lines in sand other than the ones I draw
Posted by William A. Jacobson   Monday, August 8, 2011 at 2:03pm

Barack Obama read a statement today, my paraphrases and quick transcription:
 
Disputes downgrade. Quotes Warren Buffett that U.S. should have AAAA rating.
 Need “balanced long term approach” — needed “day I took office.” Blames “prolonged debate over debt ceiling” for downgrade, and string of economic disruptions in Japan, Europe and the Middle East.
 
Solution is simple: “Tax reform that will ask those who can afford it to pay their fair share.” And “modest adjustments” to entitlements.
 
Not a lack of plans, “insistence on drawing lines in the sand.”
 
Most immediate concern of Americans is slow pace of recovery coming out of “worst recession” in our lifetimes. Extend payroll tax cut as soon as possible, and extend unemployment insurance payments. One million fewer jobs if don’t do this. Plus, more infrastructure spending.
 
These are proposals Republicans had agreed to in the past and should agree to now.
 
“This is the United States of America, no matter what some ratings agency says, we will always be a AAA country.”

So put on your make-believe pirate hats, boys and girls.  Because we’re going to live in a fun pretend world where we AREN’T downgraded and all of Obama’s utterly failed policies are just working swell.

I like the way the headline brings out that only Obama’s line in the sand demanding tax hikes will be accepted.  If you have your own ideas, you’re responsible for the crisis because OBAMA IS HE WHO MUST NOT BE HELD RESPONSIBLE.

Obama set this crisis up in two ways: 1) he demanded the largest debt ceiling increase in history which in turn forced Republicans to demand concessionsn (see here for the historic asininity of that demand).  Just so he could get through the 2012 election for his own political ambition at the expense of the country; and 2) He NEVER offered his own plan and took any personal leadership whatsoever; and 3) he repeatedly used the horrific spectre of a “default” which forced Standard & Poors to take his idiot fool warning seriously.  Republicans repeatedly tried to assure the nation that we were never in any risk of default; on top of the fact that we had enough revenue coming in to pay all of our fundamental obligations, we could simply print more money if we truly had to.  But Obama chose to fearmonger and demonize us into this credit downgrade.

Mind you, I am asking the question that if “making the people who are already paying ALL the taxes pay their ‘fair’ share” is the answer, THEN WHY THE HELL IS SOCIALIST TAX-HELL EUROPE going down the toilet and out into the stinky sea?

Barack Obama NEVER bothered to offer a plan so that anybody could have any idea where he was at any point to actually intelligently negotiate with him.  His budget was such a sick, pathetic DISGRACE that it got voted down 97-0 in his own Democrat-controlled SenateAnd did I mention that Democrats STILL HAVEN’T BOTHERED TO SUBMIT A BUDGET AFTER 832 DAYS?!?!?

This downgrade is a national disgrace.  And the man with whom the buck stops whether he’ll ever actually accept any responsibility or not is the FIRST DOWNGRADED PRESIDENT IN AMERICAN HISTORY.  What I said remains true: this entire fiasco proves that Obama is dishonest, polarizing and in over his head.  And at no time has Obama ever once demonstrated ANY leadership whatsoever.

Let me ask you something.  I’ve said repeatedly that Barack Obama – the president of God damn America and the symbol of God’s wrath on this nation until this disgrace leaves office IN disgrace – would lead us into a Great Depression with his reckless and depraved spending.  Meanwhile, Obama, the Democrat Party and the left said that Obama would lead us unto a glorious recovery.

I’ve been pointing out since December 2008 right after Obama was elected that we would be staring into the abyss of a Great Depression due to this evil man’s failed policies.  I pointed out in that article that the Great Depression began with a market tank, followed by a series of failed liberal-progressive policies that were like sugar for a diabetic; at first things seemed to get better, and then we had the real crash.  You look at what I wrote in that article and tell me that we aren’t right on schedule. 

We have the worst economy since the LAST time a failed socialist ran it into the ground in the 1930s.  Surprise, surprise.

Let me point out that as early as October of 2008 I was pointing out the FACTS that CEOs “went as far as to say that “some of his programs would bankrupt the country within three years, if implemented.”  Let me point out that I pointed out that same fact again in February 2009 after Obama’s foolish and wicked policies started taking shape.

Who was right?  And who has been totally full of CRAP from the getgo?

Conservatives have been right again and again and again and Democrats have continued to demonize us even as their own failed policies have kept failing just like we said they would.

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6 Responses to “Obama On Downgrade, Market Plunge: ‘The Buck Stops With (Anyone BUT) Me’”

  1. Free Market Capitalist Says:

    Looks like the SPX has a good chance that it will test the 1040-1050 area soon. That level better hold or we could see 950ish or even lower.

    It looks like the FED will probably institute another round of quantitative easing, as it is obvious the markets cannot support themselves without pumping from the FED. They will continue to kick the can down the road by injecting liquidity into the system. One of these days, no matter what those idiots do, the market is going to crash and not look back! Maybe the FED has become impotent and now incapable of creating another bubble. Not that we need another one.

    Right now, the Treasurey is getting a little break despite the downgrade, as money is flowing into treasuries as a result of the stock and commodities melt down. Crude oil has been slammed, touching 80 intraday, which should help lower gas prices in the near term. I guess it all ain’t bad, though. It seems as if deflation is appearing again, as liquidity is drying up. Don’t know how long it will last, as I am sure Bernanke is looking wild eyed at the printing press again. Maybe food prices will recede some, too.

  2. alanstormalanstorm Says:

    “Honest… I ran out of gas. I… I had a flat tire. I didn’t have enough money for cab fare. My tux didn’t come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake. A terrible flood. Locusts! IT WASN’T MY FAULT, I SWEAR TO GOD! “

  3. Michael Eden Says:

    Pretty good list.

    I came across this just today. After your comment, it’s appropriate to consider these, too:

    The top ten secret White House excuses for the poorly performing economy:

    1. Loch Ness Monster threatening to make an appearance in Lake Superior.

    2. Economy still reeling from failed 1980s introduction of New Coke.

    3. Bo ate my economic plan.

    4. Bernanke hooked again on Afghani hashish.

    5. Economic time bomb planted by Richard Nixon finally going off.

    6. Thousands unable to work after being injured trying to learn the Macarena.

    7. Evil spell cast on the country by Dick Cheney has yet to wear off.

    8. Obama never should have listened when Bush said, “Obama, wreck the economy.”

    9. Lady Gaga accidentally allowed to provide economic advice during first year of Obama’s presidency.

    10. Obama not getting in enough golf.

  4. Michael Eden Says:

    Free Market,

    Did I just hear someone hint at the possibility of QE3???

    https://startthinkingright.wordpress.com/2011/08/05/on-the-juneaugust-market-correction-obama-and-qe2/

    And watch the video I’ve embedded there:

    Oh, yeah. A little sugar will be nice. Don’t worry about that diabetic coma later.

  5. Free Market Capitalist Says:

    Sitting here… It is about a quarter til nine Eastern Time. Watching September crude oil futures slide even more. currently at 78.60. I am looking to go long and pick some up just above 78. Just looking for a short-term bounce, then unload them and wait for the opportunity, whether long or short.

    From it’s Friday close of 86.88, crude has fallen nearly nine dollars.
    These moves are unbelievable.

    Since Thursday, the E-mini S&P 500 futures have dumped about 170 pts. Reminiscient of 08’….Surreal!

  6. Michael Eden Says:

    Free Market,

    Not a bad idea.

    Oil, of course, is tanking in value because oil is the lubricant of a strong economy. And if we’ve got a weak economy we don’t need nearly as much oil.

    There’s going to be a sucker’s rally because there are ALWAYS sucker’s rallies.

    Because there are ALWAYS suckers, as Obama’s election itself proved.

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