Post by philunderwood on Aug 23, 2011 8:08:35 GMT -5
Gangster government's solution: Let's kill the (financial) messenger
By Jack Kelly
www.JewishWorldReview.com |
There were few jobs in ancient Greece more fraught with peril than that of messenger, because if a king was unhappy with the content of a message, he often took out his displeasure on the person who carried it.
The custom of killing the messenger was so widespread that in his play Antigone, Sophocles used it as a metaphor for lashing out at the innocent. After Shakespeare used it twice (in Henry IV and Antony and Cleopatra), the metaphor became entrenched in the English language.
It's been ages since a ruler actually killed a messenger, but Democrats seem to want to revive the practice.
The ceiling on the national debt had to be raised, President Barack Obama said, to prevent a downgrade in America's credit rating. He and Senate Democrats negotiated a deal with House Republicans to raise it in exchange for $2.4 trillion in spending cuts over ten years.
A few days after it passed, the bond rating agency Standard & Poors downgraded America's credit.
S&P's reasoning was straightforward. The bond rating agency thinks deficits need to be reduced by at least $4 trillion over the next ten years.
S&P wasn't alone in bearing this message. Egan-Jones, a much smaller bond rating agency, lowered our credit rating in July because our debt is too high. Moody's, the other big bond rating agency, also thinks the deficit must be cut by at least $4 trillion.
The administration responded with what a British newspaper described as "an unprecedented attack on the credibility and integrity" of S&P.
The communications director for the Democratic National Committee urged his Twitter followers to attack the bond rating agency.
Liberal bloggers said the downgrade was motivated by politics. Unlikely, since most of the political contributions from senior executives at S&P in recent years have gone to Democrats.
The Senate Banking Committee may probe S&P's decision to downgrade debt, a Democratic staffer said.
The Justice Department has begun an investigation of Standard & Poors, the New York Times reported Aug. 17. Allegedly, Justice is trying to find out why S&P gave high ratings to subprime mortgage bonds virtually up until the time they crashed in 2008, taking the economy with them. But other bond rating agencies gave this trash high ratings too, so some find it odd Justice is investigating only S&P
Within days of the downgrade, the Securities and Exchange Commission launched an investigation of S&P for insider trading, even though the SEC has no evidence anyone there has done anything improper.
"The SEC's actions against S&P look like petulant reaction by the Obama administration against the messenger of bad news," said the Charleston (SC) Post and Courier.
Frantic Democrats attack the messenger to divert attention from why our credit was downgraded, and who is responsible for it. House Republicans passed a bill that would have trimmed spending by nearly $6 trillion -- more than enough to keep our credit good. Democrats rejected it. If Democrats controlled both houses of Congress, there may have been no spending cuts at all.
The unwillingness of Democrats to trim either spending or Mr. Obama's orgy of job killing regulations leaves them only with stunts and intimidation with which to win votes.
And the stunts aren't working. Before leaving for his vacation at Martha's Vineyard, Mr. Obama toured three states in a $1.1 million Canadian-built bus.
Before it began, the "Magical Misery Tour" was fodder for late night comedians. Jay Leno said the states the president would visit are "Confusion, Delusion and Desperation." (They were Minnesota, Iowa and Illinois.)
To justify sticking taxpayers with the bill, Mr. Obama termed this a "listening tour." But he expected his audiences to listen to him, not he to them. He brushed off criticisms with factually untrue statements. For those concerned about the economy, he promised only to deliver a "major speech" on it after his vacation ends.
Mr. Obama has blamed our economic woes on Europe, the Arab Spring uprisings, the tsunami in Japan, former President Bush, the Tea Party, Congress -- everything except his own policies. Parents of teenagers are familiar with this behavior, but it is unsettling to see it in a president.
Americans don't buy the excuses. In a Gallup poll Aug. 18, 71 percent disapproved of Mr. Obama's handling of the economy.
So all that's left for the left is intimidation. Expect "gangster government" on steroids between now and the election.
By Jack Kelly
www.JewishWorldReview.com |
There were few jobs in ancient Greece more fraught with peril than that of messenger, because if a king was unhappy with the content of a message, he often took out his displeasure on the person who carried it.
The custom of killing the messenger was so widespread that in his play Antigone, Sophocles used it as a metaphor for lashing out at the innocent. After Shakespeare used it twice (in Henry IV and Antony and Cleopatra), the metaphor became entrenched in the English language.
It's been ages since a ruler actually killed a messenger, but Democrats seem to want to revive the practice.
The ceiling on the national debt had to be raised, President Barack Obama said, to prevent a downgrade in America's credit rating. He and Senate Democrats negotiated a deal with House Republicans to raise it in exchange for $2.4 trillion in spending cuts over ten years.
A few days after it passed, the bond rating agency Standard & Poors downgraded America's credit.
S&P's reasoning was straightforward. The bond rating agency thinks deficits need to be reduced by at least $4 trillion over the next ten years.
S&P wasn't alone in bearing this message. Egan-Jones, a much smaller bond rating agency, lowered our credit rating in July because our debt is too high. Moody's, the other big bond rating agency, also thinks the deficit must be cut by at least $4 trillion.
The administration responded with what a British newspaper described as "an unprecedented attack on the credibility and integrity" of S&P.
The communications director for the Democratic National Committee urged his Twitter followers to attack the bond rating agency.
Liberal bloggers said the downgrade was motivated by politics. Unlikely, since most of the political contributions from senior executives at S&P in recent years have gone to Democrats.
The Senate Banking Committee may probe S&P's decision to downgrade debt, a Democratic staffer said.
The Justice Department has begun an investigation of Standard & Poors, the New York Times reported Aug. 17. Allegedly, Justice is trying to find out why S&P gave high ratings to subprime mortgage bonds virtually up until the time they crashed in 2008, taking the economy with them. But other bond rating agencies gave this trash high ratings too, so some find it odd Justice is investigating only S&P
Within days of the downgrade, the Securities and Exchange Commission launched an investigation of S&P for insider trading, even though the SEC has no evidence anyone there has done anything improper.
"The SEC's actions against S&P look like petulant reaction by the Obama administration against the messenger of bad news," said the Charleston (SC) Post and Courier.
Frantic Democrats attack the messenger to divert attention from why our credit was downgraded, and who is responsible for it. House Republicans passed a bill that would have trimmed spending by nearly $6 trillion -- more than enough to keep our credit good. Democrats rejected it. If Democrats controlled both houses of Congress, there may have been no spending cuts at all.
The unwillingness of Democrats to trim either spending or Mr. Obama's orgy of job killing regulations leaves them only with stunts and intimidation with which to win votes.
And the stunts aren't working. Before leaving for his vacation at Martha's Vineyard, Mr. Obama toured three states in a $1.1 million Canadian-built bus.
Before it began, the "Magical Misery Tour" was fodder for late night comedians. Jay Leno said the states the president would visit are "Confusion, Delusion and Desperation." (They were Minnesota, Iowa and Illinois.)
To justify sticking taxpayers with the bill, Mr. Obama termed this a "listening tour." But he expected his audiences to listen to him, not he to them. He brushed off criticisms with factually untrue statements. For those concerned about the economy, he promised only to deliver a "major speech" on it after his vacation ends.
Mr. Obama has blamed our economic woes on Europe, the Arab Spring uprisings, the tsunami in Japan, former President Bush, the Tea Party, Congress -- everything except his own policies. Parents of teenagers are familiar with this behavior, but it is unsettling to see it in a president.
Americans don't buy the excuses. In a Gallup poll Aug. 18, 71 percent disapproved of Mr. Obama's handling of the economy.
So all that's left for the left is intimidation. Expect "gangster government" on steroids between now and the election.