Is it just me, or are we lurching toward banana republic status now? Here’s the intemperate socialist Michael Moore:
Liberal firebrand Michael Moore called on President Obama to respond to the U.S. credit downgrade by arresting the leaders of the credit-ratings agencies.
On his Twitter feed Monday, the Oscar-winning film director also blamed the 2008 economic collapse on Standard & Poor’s — apparently because it and other credit-ratings agencies did not downgrade mortgage-based bonds, which encouraged the housing bubble and let it spread throughout the economy.
“Pres Obama, show some guts & arrest the CEO of Standard & Poors. These criminals brought down the economy in 2008& now they will do it again,” Mr. Moore wrote.
Yeah, that’ll do wonders for the market: Keep the idiot Treasury Secretary who presided over this mess while arresting the head of the independent agency that finally flagged it. Only a fool who hates America could have come up with this. Which, it turns out, is pretty much what happened.
So…over to the adults in the US Senate…the world’s greatest deliberative body…?
Following S&P’s Friday night decision to reduce the nation’s credit standing from AAA to AA+, the panel has begun gathering information about the downgrade, according to a committee aide. Reuters first reported the committee’s interest in the downgrade.
The unprecedented downgrade of the nation’s debt roiled financial markets Monday, and S&P was subject to fierce criticism from Senate Banking Committee Chairman Tim Johnson (D-S.D.).
“As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncertainty. This irresponsible move by S&P may, however, have spillover effects that tax the American people by increasing interest rates on home loans, credit cards, and car loans, and by increasing the cost of finance for some state and local governments,” he said in a Monday statement. “I am deeply disappointed in S&P’s decision to enter into the game of political punditry.”
The Democrats are playing with fire, but they have been doing that since they decided not to ever pass a national budget. Between all this and the “Tea Party downgrade” nonsense, it’s fair to say that the Democrats as a party have lost their ever-lovin’ minds.
It is fair to blame S&P for some — though by no means all — responsibility for the 2008 collapse. There’s plenty of blame to go around for that, from Barney Frank to Jamie Gorelick to shady banking practices and inflated credit ratings based on unicorn vapors rather than economic fundamentals, no shortage of targets. But calling for arrests and investigations sends yet another signal that left is in total denial about the collapse of their economic world. This is going to get very very ugly.