“He went out there with the Dow minus 400. After he spoke it went down to minus 600. He looked weak, plaintive, and small: weak and plaintive because he comes out there and he blames the Tea Party, Europe, Japan, Middle East -- probably God because he's the author of earthquakes -- everybody except him.”Pretty much sums it up.
-- Charles Krauthammer on “Special Report w/Bret Baier” 8/8/2011
My big take away was the mostly "Nothing to see here" message that he pursued. After weeks of posturing, scare tactics, and partisan sniping suddenly the downgrade of the credit rating for the USA is no big deal. It wasn't even a week ago that the democrats were howling about the eminent danger of a downgrade, and so reasoned that the Tea Party should just shut up and raise the debt limit. Obama got what he wanted in exchange for a paltry 1 trillion dollar cut in government spending over ten years, and the USA was still downgraded. Mainly because S&P had already warned the government that it need to see a 4 trillion dollar ut in advance of the deal. The worst case scenario that would mean Armageddon for the US economy happened anyways, even though the debt limit was raised.
Obama Bid to Boost Confidence Falls Short
"Markets will rise and fall, but this is the United States of America," Mr. Obama said. "No matter what some agency may say, we've always been and always will be a triple-A country."What?!?!?!? Nothing to see here?!?!?!?
What about the disaster that would occur if we were downgraded?
It is becoming apparent to both the left and the right that this president is over his head. More to come on that.