The markets are predictably not reacting favorably to America’s credit rating downgrade. And just as predictably neither is Obama. On the Friday before before the debt ceiling compromise was reached, it leaked, that Obama was calling the credit rating agencies, in an attempt to strong arm them into not lowering the credit rating.
Now in the aftermath of them thankfully ignoring him – his minions have embarked on a scorched earth policy blaming the Tea Party for the financial cliff we stand on. His minions are calling it the Tea Party downgrade. Geithner has lashed out on the airwaves berating Standard and Poors, saying that they were clueless, saying the agency doesn’t understand U.S. economics. Of course, poor old Barney Frank, blamed it on the military. John Kerry was resurrected to chant the talking points that all of this was the fault of the Tea Party.
And then there was Obama. Oh, wait, no there wasn’t. He has been retreating at Camp David, it appears his multi million dollar taxpayer birthday extravaganza took a lot out of him. And yes, I know, supposedly the party is coming out of his pocket, but who even pretends to believe that, even amongst those who will swear it to be the true.
Specific to that point, he was last seen, or more accurately heard to be swilling wine and glutting food, amidst Stevie Wonder songs, Chris Rock humor, and Jay Z rap, while doing the White House version of the inebriated slide. He was the emperor, sans the gold wreath adoring his oversized ears and flowing robes of the finest satin.
Yes he was the emperor – he was bathing in the promise of a debt ceiling compromise that would allow him to manipulate and strong arm the proposed group of 12, who will be responsible for coming up with another $1.5T in cuts.
But where is his leadership? Where is the man who had all of the answers as a candidate? Where is the man who criticized George W. Bush for everything from floods to plane crashes to military losses? Where is he? As a matter of fact where is the media? Why aren’t they treating him as they would if he were Bush?
The truth is that S&P should have downgraded the U.S. long ago, if they had maybe a modicum of spending restraint would have occurred. Many will argue Obama doesn’t have a clue pursuant to how to resolve this issue – I believe the question that must honestly be asked and discussed is does he want to?