Tragedy in
The
Taken Down a Notch
S&P has downgraded our credit rating to AA+. Timothy Geithner said it would never happen, but we know better than to bet anything on his predictions. The markets have not reacted too kindly to the news. The Dow plunged 634 points today, while the S&P and Nasdaq each dropped 6 percent. Despite the bad news, President Obama insists that “no matter what some agency may say, we have always been and always will be a triple-A country.”
Who’s to Blame?
There are so many people to blame for the credit rating downgrade. Where to begin? Timothy Geithner blames Congress and S&P, David Axelrod says it’s the Tea Party downgrade, Barney Frank insists military spending is to blame, and ABC’s Cokie Roberts says the real problem is the Constitution.
Relax
If you’re depressed about all the economic news, you just need to look on the bright side. Alan Greenspan says there is “zero possibility” of default because we can always print more money to pay off our loans. We need to inflate our way out of this crisis.
