Saturday, August 06, 2011

If Geithner were a private sector employee, he'd be cleaning out his desk 9AM Monday morning...

Dateline April 19th, 2010:

'No risk' the US will lose its top credit rating, says Treasury's Geithner

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.

There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

"No risk of that, no risk," Geithner said on the Fox Business Network.

Michele Bachmann gives the speech that the American people would love to give to Barack Obama if we weren't hindered by this big, messy, tough democracy, to quote the whine of a certain president:

The United States has had a AAA credit rating since 1917. That rating has endured the great depression, World War II, Korea, Vietnam and the terrorist attacks on 9/11. This President has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling.

We were warned by all of the credit agencies that a failure to deal with our debt would lead to a downgrade in our credit rating, but instead he submitted a budget that had a $1.5 trillion deficit and then requested a $2.4 trillion blank check. President Obama is destroying the foundations of the U.S. economy one beam at a time. I call on the President to seek the immediate resignation of Treasury Secretary Timothy Geithner and to submit a plan with a list of cuts to balance the budget this year, turn our economy around and put Americans back to work.

Yeah, right. And I'm going to do a handstand and shoot fireworks out of my ass. Ain't going to happen.

But Geithner has presided over one of the most disastrous moments in US economic history, and he has no idea how to turn it around. He's printed enough money to devalue the savings of every American man, women, and child, and leave us all poorer now and for the foreseeable future.  And he was horribly, spectacularly wrong about what affect it would have on our credit rating.

He must go. Now. And this horrible, horrible man must not be allowed to replace him, no matter what promises the president has made in exchange for re-election cash...

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