DAILY MAIL
July 27, 2011 by Don Surber
Following the Drudge links this morning, one reads a scenario of failure that should (but likely will not) force President Barack Obama to tender his resignation by year’s end.
Let us review.
From the New York Post:
WASHINGTON — Americans are fed up, and they’re letting Congress have it.
Furious over the bipartisan foot-dragging on the nation’s debt crisis, the US public yesterday unleashed a massive barrage of phone calls, e-mails and even a nasty Twitter campaign, #F- -kYouWashington, to vent their fury over DC’s dithering.
The deluge was unleashed after President Obama called on Americans Monday night to phone their representatives and urge them to compromise on a deal that would raise the federal debt level and stave off the first US default in history.
We know what this group really is: another liberal Astro Turf.
Obama-ites are going to try to get everyone to go Howard Beale and blame Congress for his screwing up of the nation’s credit rating.
This was what the president demanded on Friday in his press conference Monday night’s prime-time speech (so much hot air, one gets confused when he said what foolish thing) in which he showed what a (rhymes with grass knoll) he is. #F- -kYouWashington is MoveOn for a new century as liberals try to save another Democratic president. Sheep baa. It is what they do.
From Bloomberg News:
U.S. Credit Rating Rides on S&P’s London View of Politics on Capitol Hill.
The British are coming! The British are coming! The British are coming!
The world watches and says the gods of Washington are crazy. From the guy at S&P who will make the call: “For us, the issue is not the debt limit — it’s the underlying fiscal dynamics. It’s not obvious to us that this political divide that is proving so difficult to bridge is going to be any more bridgeable three months from now or six months from now or a year from now.”
The buck stops at the White House. Democrats could have resolved this in December when they still owned Congress and could have passed a budget — with a debt ceiling increase and taxes on the rich — with a simple majority in the Senate (no filibuster allowed under the Byrd Budget Act of 1974).
Only a fool would risk our credit rating for political Brownie points.
Meet Barack Obama.
He has no deficit plan.
From the Washington Post:
Washington barreled closer to crisis Tuesday as House Speaker John A. Boehner and Senate Majority Leader Harry M. Reid scrambled to build support for rival plans to control the national debt, but both appeared doomed without significant bipartisan modifications.
House Republicans delayed a vote on Boehner’s bill, which had been set for Wednesday, after congressional budget analysts dealt the legislation a potentially devastating setback by saying it would save far less over the next decade than the $1.2 trillion advertised. The Congressional Budget Office projected that the spending cuts would save only about $850 billion over that period.
The news from the CBO alarmed conservatives, who were already balking at what they considered timid spending reductions. It also meant Boehner’s bill would not meet his own demand that the cuts exceed the size of the $900 billion debt-limit increase.
House Republicans were racing Tuesday night to rewrite portions of the measure to bring the numbers into line. The vote could now come Thursday.
Conveniently, there is no Democratic plan. The party’s leader — our president — is in way over his head.
Republicans struggle and take the heat for it.
From Matt Drudge, no link yet: “SHOCK POLL: 46% Think Most in Congress Are Corrupt… Developing…”
It likely will be a Rasmussen Poll of likely voters. I am surprised the percentage is that low.
This is one of the many, many signs that he will lose.
From Yahoo News: “Gold forged a record high above $1,625 per ounce here on Wednesday, as investors parked their cash in the precious metal in the face of heightened concerns over a potential US default.”I should have bought it at $500 when I had the chance.
From Fox Business News: “While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn’t raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.”
He is delusional. He does not see the road ahead as a cliff. He seriously believes that no matter what happens he cannot wreck America’s credit.
He already has.
From Bloomberg News: “Treasuries fell, eroding a gain from yesterday, as President Barack Obama threatened to veto House Speaker John Boehner’s plan to raise the U.S. debt ceiling and reduce spending by $3 trillion.”
If ever you needed better evidence that President Obama is dumb as rocks, this is it.
His presidency ended with the passage of Obamacare.David Axelrod’s advice is terrible.
Our credit has not always been so good. At the nation’s founding, she was swamped in debt. Treasury Secretary Alexander Hamilton made the call to have the federal government assume the debt incurred by the states for the Revolutionary War. This was a call that many — including Secretary of State Thomas Jefferson — vehemently opposed, but establishing the nation’s credit was essential.
To pay for this, they taxed whiskey.
The Whiskey Rebellion in the Allegheny and Appalachian mountains was fierce as any battle in the Revolutionary War. this is why people moonshine: To avoid the damned tax. Moonshining is why so many rural counties remain dry: moonshiners do not want competition.
To secure passage of the Assumption Act, as it came to be known, Hamilton agreed to locate the capital in a swamp along the Potomac.
That call to get our credit rating established is why Hamilton is on the $10 bill. Think about it. The father of the Constitution — James Madison — is not on any bill.
Hamilton is.
Through wars, recessions and depressions, the nation has built up its credit.
UPDATE: From Robert Stacy McCain: “Obama Kabuki Wrecking Your 401(k).”
Only if you are dumb enough to sell on bad news.
