Something I've been thinking about and I haven't seen or heard reported on. Why isn't anyone holding the politicians and the media to blame for the credit downgrade equally? All that happened at the end of the day was a self fulfilling prophecy. The President, Democrats, Republicans and the media have shouted from the housetops for weeks on end that we were going to go into default if a deal wasn't reached by August 2nd to raise the debt ceiling. Now the fact of the matter is that there was never any danger of defaulting on anything. This was all a bunch of hype to scare the public into supporting whatever position one group or the other wanted to take. This was quite like my threatening Visa that if they didn't raise my credit limit I was going to stop paying my bill. It has nothing to do with the ability to pay the debt.
I've been trying to find the quote but I can't find anything on Google so far but I heard Tim Geitner on TV go so far as to say (since the downgrade) that there is no way the US wouldn't pay its debts. Isn't this in sharp contrast to just a week ago when all hell was going to break loose if we didn't raise the debt ceiling. Whose lying? I put it to you that they all are because there was no reason or need to raise the debt ceiling and there have been no real spending cuts and there are no real cuts proposed for the future. Any current cuts have been trivial at best and future cuts don't mean anything since they are based on budgets that have increases in spending automatically built into them. All that is really being proposed is that they cut future increases so there is nothing being cut at all. It's a ruse and they should all be held accountable for it.