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During his brief media appearance on Monday responding to S&P’s downgrade of the U.S. credit rating and the subsequent stark market plunge, Pres. Barack Obama once again renewed his call for a “balanced approach” to debt reduction, combining modest entitlement reform with tax increases. This was the same formulation repeated endlessly by the president, Democrats in Congress, and much of the media throughout the recent negotiations over raising the debt ceiling. But beyond raw ideology, there is no reason to believe that coupling tax hikes with spending cuts would solve our debt problems. President Obama usually couches his call for...

How politically damaging is the Standard & Poor's credit downgrade to President Obama? The answer can be found in the vociferous attempts by the administration to blame everyone else. You only do that if you're worried. snip . . . Mr. Obama knows that the public is unhappy with this blow to America's financial stature, and presidents get the blame when such humiliations happen on their watch.

Today, President Barack Hussein Obama, a few days the United States credit rating went from being a “AAA” to a “AA+” downgrade in a decision by Standard and Poor or S & P decides to give a press conference, and what surprises me to NO END when President Obama still calls the USA a “AAA” nation DESPITE this downgrade. Well I have a set of “new words” in regards to what remains of the era of President Barack Hussein Obama and it came from the Drudge Report website: “Barackalypse Now” IMHO, President Obama, because of the over-spending and over-taxing that...

WASHINGTON -- President Barack Obama came out swinging Monday in his first public remarks since S&P downgrade of U.S. creditworthiness, congratulating Americans on achieving a moral victory by redistributing the unfairly gained superior AAA rating to the less fortunate and more deserving countries, some of whom don't even have an alphabet. Calling the loss of an 'A' a "shared sacrifice" and "exercise in global economic justice," Obama went on to explain that our loss is someone else's gain and that we must have less so they have more is an idea worth fighting for. "By dropping that single 'A' from...

A mystery investor or hedge fund reportedly made a bet of almost $1billion at odds of 10/1 last month that the U.S. would lose its AAA credit rating. Now questions are being asked of whether the trader had inside information before placing the $850million bet in the futures market, or if the bet happened at all. There were mounting rumours that investor George Soros, 80, famously known as ‘the man who broke Bank of England’, could be involved.

The main US share index, the Dow Jones, has closed down 5.6%, despite US President Barack Obama moving to try to reassure investors. In his first public reaction to Standard & Poor's downgrading the US, President Obama said markets continued to regard US government debt as being the highest possible grade. Yet despite his comments, the Nasdaq index fell even further, losing 6.9%. Prior to President Obama's speech, the Dow had only been 2.5% lower. He called on both Republicans and Democrats on Capital Hill to avoid party-political positioning over the issue. "It is not a lack of plans or...

Worldwide Markets Crash Markets across the world have taken another hammering as panic-selling ripped through trading floors after America’s credit rating downgrade and Europe’s desperate intervention to stop Italy and Spain spiralling into crisis. The 178-point decline in the FTSE 100 marked the first time that the index had fallen by more than 100 points for four days running. By Philip Aldrick 08 Aug 2011 In another febrile day for stock markets globally £46bn was wiped off Britain’s blue-chip index, while the Dow Jones Industrial Average in the US fell more than 600 points, its biggest one-day decline since December...

Rick Santelli: 'If it Wasn't for the Tea Party...We Would Have Been Rated BBB' By Noel Sheppard Created 08/08/2011 - 7:09pm For over 24 hours, Obama advisers, Democrat senators, and terminally stupid ideologues in the media have been blaming Standard and Poor's downgrade of America's debt on the Tea Party. On Monday, one of the only sane voices in the mainstream media stood up and said, "If it wasn't for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB" (video follows with transcript and commentary): JOE KERNEN, CNBC: Alright. You know,...

From the Video: Rick Santelli reacts to President Obama’s blame game when it comes to the downgrade of the United States of America’s credit rating. Santelli says that if it wasn’t for the tea party movement, America’s credit would have been downgraded to BBB. He also responds to the argument that we have a revenue problem by comparing it to if his wife spending 30% more money then telling him to get 2 more jobs. Hat Tip Ed http://www.youtube.com/watch?v=XifNbkwJUz0&feature=player_embedded

DNC chairwoman blames Tea Party 'tyrants' for US credit rating downgrade By 
Alicia M. Cohn - 08/08/11 12:38 PM ET The head of the Democratic National Committee joined Sen. John Kerry (D-Mass.) on Monday in casting blame for the U.S. credit downgrade on the Tea Party movement. Rep. Debbie Wasserman Schultz (D-Fla.) quoted Kerry's comments made Sunday on NBC’s “Meet the Press" and noted, "Truer words never spoken." Kerry, commenting Sunday on Standard & Poor’s downgrade of the national credit rating from AAA to AA+ on Friday, cast the downgrade as a reflection of the influence of the Tea Party...

Credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac. The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action It was widely expected that S&P's downgrade of U.S. debt would roll downhill to other entities that are closely linked to the federal government.

Obama adviser David Axelrod has started calling Standard & Poor's major diss of America's credit rating the "Tea Party downgrade," which certainly sounds like an insult against the Tea Party. Yet the Partiers themselves seem to be embracing Axelrod's wannabe-pejorative as a compliment. The above video, posted by the grassroots/progressive/not Scott Walker-supporting PAC We Are Wisconsin and elaborated upon by Mother Jones, was taken at an event hosted by the Tea Party Express in the town of Fond du Lac. The Tea Party's been riding its big glorious bus all over the Cheesehead State, trying to get people to vote...

Axelrod: This was a 'tea party downgrade' By Meghashyam Mali - 08/07/11 11:37 AM ET Top Obama strategist David Axelrod criticized Republicans over their handling of the debt-ceiling negotiations which he argued led to Standard & Poor’s decision to downgrade the nation’s credit rating Friday. This was a “tea party downgrade,” said Axelrod on CBS News’ Face the Nation. Axelrod said S&P’s decision was “largely a political analysis.” “And that's what we should focus on because what they were saying is they want to see the political system work. They want to see a sense of compromise. They want to...

WASHINGTON (AP) — A top White House adviser is blaming the downgrade of the U.S. credit rating on tea party Republicans, whom he says were unwilling to compromise on how to reduce the federal debt. The adviser to President Barack Obama, David Axelrod, tells CBS' "Face the Nation" on Sunday .. ... .. also criticized GOP presidential candidates for not speaking up in favor of compromise.

A top Obama adviser blames tea party for downgrade WASHINGTON — Who's to blame for the U.S. debt-ceiling mess? Politicians and political advisers took to the airwaves Sunday to point fingers, mostly at each other. David Axelrod, a top political adviser to President Barack Obama, blames the downgrade of the U.S. credit rating on tea party Republicans for being unwilling to compromise on how to reduce the federal debt. The Obama campaign strategist tells CBS' Face the Nation on Sunday that the decision by the Standard & Poor's credit agency to downgrade the U.S. from AAA to AA+ for the...

MoveOn.org drives new liberal catch phrase: ‘Tea party downgrade’ Matthew Boyle - The Daily Caller 43 mins ago The left-wing activist group MoveOn.org picked up the new liberal slogan bashing conservatives for Standard & Poor’s U.S. credit rating downgrade: “Tea Party downgrade.” President Obama’s chief campaign strategist David Axelrod and Massachusetts Democratic Sen. John Kerry both used the phrase on Sunday talk shows. In a Sunday afternoon email to supporters, MoveOn.org accused tea partiers of being responsible for the first-ever credit downgrade in U.S. history. “This ‘tea party downgrade’ is a shameful blow to our nation’s honor and risks throwing...

Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value. Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if...

We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.We have also removed both the short- and long-term ratings from CreditWatch negative.The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges...