Little Timmy Geithner, appearing on CNBC to discuss the Standard & Poor’s (S&P) credit rating reduction of the US, stating that, “They”ve handled themselves very poorly. And they’ve shown a stunning lack of knowledge about the basic U.S. fiscal budget math.” For several months, S&P has warned of a credit downgrade unless the Obama Administration and Congress could find a way to make budget cuts of $4 trillion or more. Congress and Obama patted themselves on the back by passing a debt reduction plan to cut budgets by $1 T (and raise the debt limit to historic levels) hoping to sweep their incompetency under the rug! The S&P said, “Not so fast!” In fact, the S&P has warned of an additional downgrade if the government does not get its house in order in the next year or so! Looks like Obama has found someone else that he cannot bully!!! And his wounded foot soldier is out front proclaiming that the S&P showed “terrible judgement!”
Normally, Obama, who rarely misses an opportunity to grab the teleprompters and smile into the cameras, spent the week-end hiding under his desk at Camp David…probably chain smoking Camels, too! Where are you, Mr. President? Time for some leadership!! When he finally comes out of hiding, you can count on two responses from Obama: 1) it is Bush’s fault; and 2) the S&P doesn’t now what they are doing!
NOBAMA – 2012