I am troubled by the prospect that Obama will become the first President to get smacked down by Moody's, then again, what's Moody's. America is still the most powerful and richest nation on the planet, it's just a pitiful shame that this knucklehead President was so blind to think he could put on brakes and have no plan whatsoever for accelleration.
"I just want to share the wealth." will go down in history as one of those moments in which the President's facility with that economic thing we are is proven to be woefully inadequate.
Boehner is demonstrating that he can't add either. Apparently his plan, now accounted for by the CBO, doesn't even meet his own criteria. He's about to be a day late and a couple hundred billion short. Thursday is voting time, and Harry Reid, super-genius has got several crates of Acme products just a-waitin'.
In the meantime, I just read a remarkable story about a man with an 800 FICO score, 30K in the bank and 20% down was not approved by Wells Fargo for a condo loan. We are back, ladies and gentlement. Back to 1981 - well, not quite yet. We don't see the inflation yet, but we are in those days of liquidity crisis. And guess what, you don't get no credit, suckas.
My man David Goldman tells us that Moody's is the company for people to lazy and/or inept to do their own credit analysis, and those that know already know and have hedged appropriately. When America goes AA, we'll still be America, and the deals we will do, we will do. This is the realpolitik that Obama is expecting he can play, like the rest of the Social Democrats who find nothing particularly upsetting about banking on the IRS' abillity to collect rain or shine.
The IRS will be hacked.
That's what happens in banana republics. Realpolitik and deals will be done because of powers that will force them to be done. To hell with merit. We don't even talk that language any longer. Once upon a time, there were no gambling casinos in California and we approved them for the tax money. Once upon a time there was no lottery in California and we approved it for the tax money. Today marijuana and same sex marriage await their day in the legal sun. Tax it! That makes it OK, so goes the logic. That's Double A ball. Bush league thinking.