"We have changed our assumption on this because the majority of REPUBLICANS in Congress...

[Poll_Blind]

...continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act."

If there is any confusion about the cause of the downgrade, keep reading that sentence. From the official Standard & Poor's press release, from the official Standard & Poor's website.

We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.

Shout that phrase from the rooftops, slip it into online movie reviews, include it as the second-to-last step in your famous braised chicken and onions recipe. I'm a critic of the President, and a harsh one when I think he deserves it.

But you know what? He doesn't deserve, the Democrats don't deserve what's going to happen tomorrow morning.

At the crack of dawn Monday morning, well before the markets open and invariably melt into a pile of sizzling and sparking goo, the automatons are going to start kicking out billion watt broadcasts about how the President and the Democrats are responsible for this.

It's simply not fucking true.

Period. There is no discussion passed that quote. Take my goddamned hand and we'll say it together:

We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.

That quote is about as spin-proof as you're going to get in life. It's my autographed picture of Jude Law saying I have a better ass than he does. It is, dare I say it, Republican Kryptonite. So don't let 'em spin it. Don't let birds fly through an atmosphere that is not filled with that phrase being repeated someplace in America. Shove it in their face every chance you get.

PB

[Rex]

1. Proud to be the first to K&R!

[Ruby the Liberal]

2. The infamous "math error" making the rounds

Been yelling about this all weekend.

S&P Specifically said they were not going to include the Bush tax cuts expiring in 2012 in their analysis because the republicans are acting like 3 year olds.

[Poll_Blind]

3. Agreed. Whatever political avenues might have been available Friday are nolonger available.

The weekend didn't seem to see any kind of sea change in the expected fallout from this. Whether people here, at DU, like S&P or not isn't the question. The question is "If it starts raining stockbrokers on Wall Street, what is the phrase we want to make sure is on everyone's lips?"

And I want that phrase to be S&P's indictment of the GOP. I want cable tv to be hurridly constructing video pieces asking "Why did the Republicans destroy our country?" and "Why did the Republicans cause this mess?" and "Why is Jim Cramer crying and tearing a picture of John Boehner in half on CNBC?"

I'd really like that last one but I'm not holding out.

PB

[Ruby the Liberal]

7. Another uphill battle I tried to fight

Look S&P is not innocent here. They were markedly complicit in causing the 2008 crash, but they bring something to the table that none of us could. While our calls and emails fell of deaf ears, at least THEY will be listened to.

[Poll_Blind]

8. I want to make a point of saying that they're not innocent in my eyes. However, while...

...it doesn't change their innocence (or not) in the matter, in a few hours this news is going to start rumbling through Asia and then about 12 hours from now, through our own markets. While it probably won't be lost, questioning the downgrade itself is going to be overshadowed by the fallout from the downgrade. I just want to make sure we don't get fucked on this next part of this cascade of events, if that makes any sense.

PB

[Drahthaardogs]

4. SCREAM IT...they do not want to acknowledge this...

We are going to have to shove their faces in it. I suggest photocopies stapled to lamp poles if we have to.

[Poll_Blind]

6. If you happen to have news talk radio locally, give 'em a call, enlighten them. C-Span calls...

...would also be good. The time to fix the damage was from Friday till about now- or more accurately about 2 hours from now when the Nikkei opens and an hour and a half after than when Hang Seng and Shanhai markets open. You can check on 'em HERE. Now the shot clock is over and the damage, whatever it will be, is going to start rolling through the Asian markets. Even if it doesn't pummel Asia, it would be great if that quote was already in American minds before our markets leave the gate.

PB

[Fire1]

5. K&R

[deminks]

9. K&R because the MEdia will not report it.

One or two exceptions, but for the most part, the Rethuglicans being responsible by not letting the Bush Tax cuts expire or otherwise raising revenues is not being reported.

[jwirr]

11. When we know the media will not report it would it be a good idea

to go to comment boards regarding the story and telling the truth?

[indepat]

10. Looks like S&P is not buying the Repugs unrelenting chant that it not a revenue problem, it is a

spending problem (unrelated to the MIC spending, of course).

[Poll_Blind]

15. Yup. Further evidence the G.O.P. is full of S.H.I.T. n/t

PB

[spedtr90]

12. Included that quote in a letter to the editor this morning...

..after 2 days of AP stories in my daily paper not mentioning reasons for the downgrade, and a totally warped editorial this morning saying it was clear S&P was not happy with minimal cuts and was putting the committee of 12 on notice that dramatic new cuts were needed or further downgrading will result. The committee "has no choice - for the good of the nation". Information is being withheld. Gotta get the truth out there somehow!

[Poll_Blind]

13. Good!

PB

[Poll_Blind]

14. Good morning! It's STILL their fucking fault!

PB

[FredStembottom]

16. Darn tootin', Poll_blind!

It's a winner. And, apparently, those of us not in the news media must spread around personally.

[mmonk]

17. It's good no deal was struck to extend the bush tax cuts

and no Democrats signed off on it.

[Turbineguy]

18. I have to wonder how many millionaires

would have traded their current loss of wealth for their Bush Tax Cut.

[Bluenorthwest]

19. That would sound great read out loud from a Bully Pulpit...

but of course, that would not be bipartisan....

[Major Hogwash]

20. Rachel Maddow didn't even mention this yesterday on Meet the Press.

I don't see how she missed it.
What a loser.
She blew it.

[stockholmer]

21. not to be a party pooper but they also say a large reason is not enough spending cuts (singling out

entitlement cuts many times. (their words, not mine, so please don't shoot the messenger)


http://www.standardandpoors.com/ratings/articles/en/us/...


1 'The outlook on the long-term rating is negative. We could lower the
long-term rating to 'AA' within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new
fiscal pressures during the period result in a higher general government
debt trajectory than we currently assume in our base case.'

snip

2 'We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the
general government debt burden by the middle of the decade.'

snip

3 Despite this year's wide-ranging debate, in our
view, the differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the resulting
agreement fell well short of the comprehensive fiscal consolidation program
that some proponents had envisaged until quite recently. Republicans and
Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have
dropped down on the menu of policy options. In addition, the plan envisions
only minor policy changes on Medicare and little change in other entitlements,
the containment of which we and most other independent observers regard as key
to long-term fiscal sustainability.

snip

4 Standard & Poor's takes no position on the mix of spending and revenue
measures that Congress and the Administration might conclude is appropriate
for putting the U.S.'s finances on a sustainable footing.

----------------------------------------------------------------------------------------------------------------



As long as a Tobin tax on all financial turnover (with the first $1 million exempted) is not put into place, as long as the empire continues to have multiple, unsustainable war fronts (Iraq, Afghanistan, Pakistan, Yemen, Libya, Somalia, with more to come IMHO) and the police state is ramped up more and more (the two cost at least $1.2 trillion a year), there will never be a reduction in the debt, and the US dollar will go to the dustbin of history, as have all fiat currencies before it.

[fishbulb703]

22. The "assumption" they changed was on the Bush tax cuts expiring. Be specific. This is what the

Right does. Use quotes out of context.

-1

[Johnny2X2X]

23. Revenues

Read the S&P report on this, it's all about revenues, basically they downgraded the US because the deal didn't address revenues. This event is primarily about revenues not being addressed and partly about a simple procedural vote being used to hold the American economy hostage and take us to within hours of default.

[skip fox]

24. If this results in a double-digit recession, we must call it a "Tea Party Recession!"

Don't even let them try to spin it the other way. Lock them down with language.

Their attempts to dodge the "Tea Party Downgrade" are feeble:

http://mediamatters.org/research/201108080025

[stubtoe]

25. Workin' on it. Thank you for pointing this out. n/t