Archive for August, 2011

Conservatives are Hobbits, Liberals are Orcs

August 15, 2011

There has been a certain amount of controversy generated by this article in the Wall Street Journal in which tea partiers are called Hobbits.

But what none of these critics have is an alternative strategy for achieving anything nearly as fiscally or politically beneficial as Mr. Boehner’s plan. The idea seems to be that if the House GOP refuses to raise the debt ceiling, a default crisis or gradual government shutdown will ensue, and the public will turn en masse against . . . Barack Obama. The Republican House that failed to raise the debt ceiling would somehow escape all blame. Then Democrats would have no choice but to pass a balanced-budget amendment and reform entitlements, and the tea-party Hobbits could return to Middle Earth having defeated Mordor.

John McCain took up this theme and read from the editorial while speaking on the Senate floor. I know both McCain and the Wall Street Journal meant to be derisive of Tea Party efforts to at least address our out of control spending before raising the debt ceiling, but considering that the Hobbits were the good guys who defeated Sauron, I’ll take the term as a compliment.

The Hobbits of Middle Earth are hard-working, quiet and contented people. They obey the laws and respect legitimate authority. They reverence the family and tradition. They do not go out of their way to seek adventures or trouble but they are as fierce as a dragon when cornered. They do not back down when threatened. They vigorously opposed Saruman’s redistribution schemes. In other words they are like conservatives, especially the Tea Party variety. The people who make up the Tea Parties are not the sort who spend their lives going out to protests. Like Hobbits, they would rather stay at home in the Shire. But, when the Dark Lord threatens all that is good in Middle Earth, they reluctantly go off to fight.

Hobbits on their way to a Tea Party

Orcs are dirty, crude and foul-mouthed. They are violent and seek out fights. They do not revere family or tradition but worship only raw power. This is why they willingly follow every evil creature who plagues Middle Earth. They do not like to work for themselves but prefer to take from other. They are liberals. Like Orcs, liberals are foul-mouthed and crude. (Tune into MSNBC if you don’t believe me.) They don’t care for tradition or the family or even the rule of law. And, like orcs, liberals blindly support every genocidal dictator who comes into power.

Liberals

So, there you have it. You can choose for yours, but I would rather be a Hobbit than an Orc, whatever John Grima McCain has to say.

 

Timothy Furnish at Pajamas Media takes all of this a lot further than I have with The Middle Earth Guide to Campaign 2012.

 

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Ramadan

August 11, 2011
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I have been remiss in not noting the start of Ramadan. Ramadan is the ninth month of the Islamic calendar and devout Muslims fast during the daylight hours throughout the month. This means that they may not eat, drink, smoke, or have intercourse while it is light outside. Traditionally, it is light when one can distinguish between a light thread and a dark thread. Ramadan started August 1 in our Gregorian calendar and will end on August 29 this year.

The Islamic calendar is a lunar calendar. Unlike the solar Gregorian calendar, The Islamic calendar is based on the phases of the Moon. There are twelve months of 29 or 30 days with extra days added in a thirty year cycle to keep the calendar in phase with the Moon. The problem is that twelve Moons add up to 354 days, eleven days shorter than the solar year. Most cultures with lunar calendars add a leap or intercalary month every few years, the exact cycle depending on the calendar. Moslems, however do not add an intercalary month. There is even a verse in the Koran that forbids adding an extra month.

The number of months in the sight of Allah is twelve (in a year)- so ordained by Him the day He created the heavens and the earth; of them four are sacred: that is the straight usage. So wrong not yourselves therein, and fight the Pagans all together as they fight you all together. But know that Allah is with those who restrain themselves

Verily the transposing (of a prohibited month) is an addition to Unbelief: the Unbelievers are led to wrong thereby: for they make it lawful one year, and forbidden another year, in order to adjust the number of months forbidden by Allah and make such forbidden ones lawful. The evil of their course seems pleasing to them. But Allah guideth not those who reject Faith. Koran 9:36-37

For this reason the Islamic calendar is not synchronized with the seasons. The year cycles through the season every 33 years. It is as if Christmas were in winter one year, autumn six years later, summer even later, and so on. Because the Islamic calendar is not synchronized with the seasons it cannot be used for agricultural purposes. A farmer couldn’t plant, harvest, etc on the same date or month as the previous year because they would not correspond to the proper seasons. Nowadays, outside of Saudi Arabia, the Islamic calendar is used only religious purposes. For other purposes, the Gregorian calendar is used.

The calendar seems impractical compared to the Gregorian calendar but it does have one advantage, in that the fast of Ramadan cycles through the seasons so that for at least part of the 33 year cycle, the fast is held in the cooler, winter season with shorter days. But, then, for part of the cycle, including this year, the fast is in the summer with the longest days of the year.

Leukemia Treatment Exceeds Expectations

August 11, 2011

This is wonderful news, though it may be a bit premature to celebrate.

Research published Wednesday in the New England Journal of Medicine shows amazing results from a single shot to treat leukemia. It may be one of the most significant advances in cancer research in decades.

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While doctors at the University of Pennsylvania have only treated three leukemia patients, they report the treatment made the most common type of leukemia disappear in two of the patients, and reduced it by 70 percent in the third.

In each patient, as much as five pounds of cancerous tissue compelety melted away in a few weeks, and a year later remained gone.

The research almost did not happen. The National Cancer Institute and several pharmaceutical companies declined to fund the research. But, the researchers did receive a grant from the Alliance for Cancer Gene Therapy, a charity founded by Barbara and Edward Netter after the daughter-in-law died of cancer. The funds were enough to cover just the three patients treated in the study.

While the research is new and involved only three, the results surpassed expectations and many are optimistic and hopeful about further findings.

There is more information here.

Scientists are reporting the first clear success with a new approach for treating leukemia — turning the patients’ own blood cells into assassins that hunt and destroy their cancer cells.
They’ve only done it in three patients so far, but the results were striking: Two appear cancer-free up to a year after treatment, and the third patient is improved but still has some cancer. Scientists are already preparing to try the same gene therapy technique for other kinds of cancer.
“It worked great. We were surprised it worked as well as it did,” said Dr. Carl June, a gene therapy expert at the University of Pennsylvania. “We’re just a year out now. We need to find out how long these remissions last.”
He led the study, published Wednesday by two journals, New England Journal of Medicine and Science Translational Medicine.
It involved three men with very advanced cases of chronic lymphocytic leukemia, or CLL. The only hope for a cure now is bone marrow or stem cell transplants, which don’t always work and carry a high risk of death.
Scientists have been working for years to find ways to boost the immune system’s ability to fight cancer. Earlier attempts at genetically modifying bloodstream soldiers called T-cells have had limited success; the modified cells didn’t reproduce well and quickly disappeared.
June and his colleagues made changes to the technique, using a novel carrier to deliver the new genes into the T-cells and a signaling mechanism telling the cells to kill and multiply.
That resulted in armies of “serial killer” cells that targeted cancer cells, destroyed them, and went on to kill new cancer as it emerged. It was known that T-cells attack viruses that way, but this is the first time it’s been done against cancer, June said.
For the experiment, blood was taken from each patient and T-cells removed. After they were altered in a lab, millions of the cells were returned to the patient in three infusions.
The researchers described the experience of one 64-year-old patient in detail. There was no change for two weeks, but then he became ill with chills, nausea and fever. He and the other two patients were hit with a condition that occurs when a large number of cancer cells die at the same time — a sign that the gene therapy is working.
“It was like the worse flu of their life,” June said. “But after that, it’s over. They’re well.”

 

As Glenn Reynolds would say, faster please!

The Next President

August 10, 2011

Michael Ledeen has six qualifications for the next president.

I don’t have a candidate yet, but I do have some traditional requirements.  Most of the time, we elect either state governors or generals who have won wars.  There are good and obvious reasons: We want leaders who have executive experience making difficult decisions, whether on the political or military battlefield, leaders who know how to manage a large and complex enterprise, leaders who have dealt with internal and external criticism, and who have kept together sometimes-fractious teams of advisers, colleagues and subordinates. That’s the overall requirement for me.

Second:  I don’t want someone from business who has no experience in politics or the military;  the worlds are too different, and we don’t have time for the next president to learn the basic rules.

Third:  I don’t want a legislator whose career has been almost exclusively in politics. Congressmen and senators only give speeches. If the speech doesn’t work out too well, they give a different one next time, they rarely pay a meaningful price for getting it wrong. And they don’t have management experience, they’ve never been tested as leaders. The only people they manage are personal (or sometimes committee) staffers, who rarely have the confidence to criticize the boss. But I think  it’s important that our leaders have a good record recruiting and keeping talented staffers. I would have doubts about a candidate whose staff has changed early and often.

Just look at the last two presidents we elevated from the “world’s greatest deliberative body,” the United States Senate:  John F. Kennedy and Barack H. Obama.  Disasters. And Kennedy had some military experience, even. It wasn’t nearly enough. You might be tempted to cite Harry Truman as a case in counterpoint, but he was Veep for a while…

Fourth: I have a strong preference for someone who has failed, learned from failure, and overcome it. One of my heroes is Thomas Edison, whose search for a workable filament for the first electric light bulb produced thousands of failures. He delighted in them, learning from each one. We are fallible; our presidents are going to make mistakes. I want a president who knows that going in, and who is quick to spot his blunder and will look for a better way.

Fifth and closely related to #4:  I don’t want a ditherer, I want a decision-maker. Years ago I asked one of my favorite Americans — a great success in business — how he’d done it. “Well it certainly wasn’t brain power,” he said (he’d had a mediocre college record at a middling school). “The most important thing was to keep making decisions. I knew most of them would be wrong, so I watched for them to fail, and then tried something else.”

Sixth:  I don’t want someone who is obsessed with doing the “right and proper and good thing.” Sometimes there is no good option and the president will have to choose among various poor, and sometimes even evil, options. It’s a legitimate and urgent choice, and I want a president who will make the best choice available. The president has to make some tough decisions.  Sometimes they are terrible decisions. But they have to be made, and only he or she can make them. Like justice, policy delayed is often policy denied. Ask the Syrian and Iranian people about that. Faster, please.

I have just one, that his name not be Barack Hussein Obama.

While I am hanging around Pajamas Media, let me link to Stephan Green aka Vodkapundit,  who has a good reason why Obama is worse than Jimmy Carter.

Obama isn’t just a failed leader. Unlike Carter, the Smartest Man in the Room™ has proven unable or unwilling to learn on the job. Obama can’t recognize mistakes — even though the evidence is as plain as last month’s hideous jobs report. He will continue to demand that reality conform to his theories, no matter what damage he does to this country. He doesn’t doge, he doesn’t weave — he keeps pursuing failure in the face of failure.

Why? I don’t care why. Maybe it’s his ego. Maybe he really believed all those stoned-out-of-his-mind late-night Harvard bull sessions. Maybe he really is trying to drive this country into the ground, for whatever reason. Maybe, Barack Obama is just a dumbass.

A problem for a lot of very smart people is that they think they are smarter than they actually are and do not feel that they have to learn anything from anyone. I do not know if this describes Obama precisely but it’s a possibility. Or, maybe he is not really very smart at all.

Mene, Mene, Tekel, Upharsin

August 10, 2011

Walter Russel Mead is reading the handwriting on the wall. Our leadership all over the world, but especially in the four largest economies; America, Europe, Japan, and China, has been weighed in the balance and found wanting.

The world’s leaders have been on trial these last few months. In Europe, a long running currency crisis has tested the commitment of Europeans to the social ideals they so often speak of, and to the community of nations they have worked to build since the 1940s.  TEKEL: weighed in the balance and found wanting.

In China they have been on trial as the accumulating evidence suggests that corruption, incompetence and malfeasance damaged the country’s vaunted high speed rail project and led to the deaths of dozens of passengers.  TEKEL.

In Japan they have been on trial since the tsunami last spring.  Would Japan’s bureaucracy tell the truth to the public?  After a lost generation of stagnation would Japan’s government come up with an effective plan to reconstruct the north and rebuild the country’s economy?  TEKEL.

And in the United States we have a stagnant economy, a mounting debt and no real idea of the way forward.  Would Washington come up with a constructive, future-oriented program to move the economy forward and start the adjustments necessary to prepare us to live within our means – and to grow our means so it wouldn’t be hard?  TEKEL again.

Europe, China, Japan, the United States: the leaders of the world’s four largest economies are nowhere near passing the tests that history has set them.  In all four places the instincts of the politicians are the same: to dissemble, to delay, to disguise and to deny.

But it is not just in financial matters and not just the leaders. It seems that there is a dearth of vision afflicting all of us these days. No one seems to be interested in doing great things, like going to the Moon. Instead our leaders squander our money and promise high speed rails. Mead puts it far better than I ever could.

The challenges the great powers face today run much deeper.  Behind Japan’s economic problems and the pathetic inadequacy of its political leadership is a much deeper question of identity and purpose.  What is Japan’s job in the world; what does Japan have to teach and to suffer and to do?  What is the special contribution that only Japan and the Japanese can make, and how does the country prepare itself for this?  Do thousands of years of Japanese culture and philosophy culminate in a cheap consumer culture and relentless demographic decline?

It is the same thing in Europe.  The financial problems, real and dangerous as they are, proceed from a vacuum in the hearts of the European peoples.  What is it to be a German, a French person, an Italian, a Greek, a Spaniard or a Swiss?  Is it a matter of blood, belief, or of culture?  What duties do the Europeans have to one another and to the world?  When Europeans talk about their decline in the world – and it is worth talking about, since for 100 years Europe has been steadily and sometimes catastrophically in decline – they too often look at questions of imperial power or relative wealth.  But what was extraordinary about Europe 100 and 200 years ago and is largely lost now was never imperial power or economic might.  It is the cultural energy and dynamism that once made Europe the greatest font of creativity and ideas since ancient times.  The art, the music, the philosophy and the science of Europe captured the world.  Now Europe designs very nice shoes, and its Michelin starred restaurants serve quite excellent meals.

Europe’s challenge isn’t to fix the euro or to reform its pensions.  And it is not to make clunkier shoes or less appetizing meals.  Its challenge is to become Europe once more: to be as adventurous, as profound, as creative and yes as dangerous as it once was.  The core European debate should not be over the constitutional provisions of the European Union or the financial arrangements behind the euro, important as those things are.  What matters in Europe is that the younger generation wakes from the materialist, conformist affluence – deep wells of listlessness, anomie and despair concealed under whatever ephemeral cultural fads and fashionable causes drift by.  They must begin to live, to take risks, to dare, to create and to build – and, among other things, that means they (like the other affluent peoples) must start having children again.

China too has bigger fish to fry than high-speed trains.  The convulsive transformation of the biggest society in the history of the world, the sudden rise of enormous wealth cheek by jowl with poverty made worse by the alienation and dangers of urban life: all taking place in a moral vacuum where neither tradition, reason nor culture softens the harshness of oppression and injustice.  This cannot endure; the people of China are struggling blindly for some better way.  Unless China becomes great it cannot live, but by great I do not mean building a blue water navy and winning the fearful awe of its neighbors.  I mean the interior greatness that comes from disciplined talent, ambition harnessed to service, creativity addressed to the task of healing, and strengthening a people still scarred by a century of war, revolution and soul-crushing oppression at the hand of foreigners and fellow countrymen alike.  China has within it the seeds of an excellence and greatness that the world has never seen.  It can become a garden in which all the beauties and aspirations of past millennia can be fulfilled – but that requires a deeper kind of leadership than one fixed on keeping the growth pot boiling lest popular revolt overthrow the regime.

I have written before of the challenges that face us in the United States and will not say more here except that stale quibbling over expense cutbacks that will not significantly reduce the deficits, and reforms that will change very little, is not what we need.  Americans have the opportunity and the duty and the urgent pressing need to move into the future, to do and be more than ever.  The thin rhetoric of a backward looking president, the obstreperous negativism of an opposition better at rejecting what it hates than building or even conceiving what it needs, the lotus-eating educational formation that cuts us off from our past, and the incessant noise of a superficial pop culture: none of this is worthy of America at its best and none of it will help us now.

I wonder, are our days numbered and will we be divided between the Medes and the Persians?

Pay TV Industry Loses Subscribers

August 10, 2011

From Yahoo News. Now we know the economy is bad. Record numbers of people are giving up cable and satellite television.

The weak economy is hitting Americans where they spend a lot of their free time: at the TV set.

They’re canceling or forgoing cable and satellite TV subscriptions in record numbers, according to an analysis by The Associated Press of the companies’ quarterly earnings reports.

The U.S. subscription-TV industry first showed a small net loss of subscribers a year ago. This year, that trickle has turned into a stream. The chief cause appears to be persistently high unemployment and a housing market that has many people living with their parents, reducing the need for a separate cable bill.

We gave up cable and satellite years ago. Considering the quality of almost everything that is on television, there seemed little point in paying for it. I wouldn’t pay for the privilege of crawling around in a dumpster, why should I pay for the garbage that’s on TV?

There is another explanation though, the Internet.

But it’s also possible that people are canceling cable, or never signing up in the first place, because they’re watching cheap Internet video. Such a threat has been hanging over the industry. If that’s the case, viewers can expect more restrictions on online video, as TV companies and Hollywood studios try to make sure that they get paid for what they produce.

I hope not, though I suspect that the entertainment industry will have its way in the end.

Tea Party Terrorists

August 10, 2011

I guess the golden age of civility is over. The latest meme coming from the Democrats is the the Tea Partiers are terrorists and hostage takers who brought the economy to the edge of ruin with their stubborn and unreasonable insistence that the government actually start to balance the budget.

First we have Joe Biden.

Biden, driven by his Democratic allies’ misgivings about the debt-limit deal, responded: “They have acted like terrorists.”

Biden’s office initially declined to comment about what the vice president said inside the closed-door session, but after POLITICO published the remarks, spokeswoman Kendra Barkoff said: “The word was used by several members of Congress. The vice president does not believe it’s an appropriate term in political discourse.”

He didn’t say it. He only agreed when other Democrats said it.

Biden was agreeing with a line of argument made by Rep. Mike Doyle (D-Pa.) at a two-hour, closed-door Democratic Caucus meeting.

“We have negotiated with terrorists,” an angry Doyle said, according to sources in the room. “This small group of terrorists have made it impossible to spend any money.”

Considering that we are $14 trillion in debt and rising, I would certainly wish it were impossible to spend any more money.

John Kerry not only thinks Tea Partiers are terrorist but also that the media shouldn’t cover them.

“And I have to tell you, I say this to you politely. The media in America has a bigger responsibility than it’s exercising today. The media has got to begin to not give equal time or equal balance to an absolutely absurd notion just because somebody asserts it or simply because somebody says something which everybody knows is not factual.”

“It doesn’t deserve the same credit as a legitimate idea about what you do. And the problem is everything is put into this tit-for-tat equal battle and America is losing any sense of what’s real, of who’s accountable, of who is not accountable, of who’s real, who isn’t, who’s serious, who isn’t?”

It’s too bad we don’t have enlightened individuals to decide what should be covered and what shouldn’t. I suppose this would be a lot easier if the government owned all the newspapers and radio and television stations, like in China. I am sure the Chinese aren’t bothered by a lot of coverage of anti-government protests.

What bothers me about this name calling is that these are the same sort of people who wasted no time blaming Sarah Palin for the Tucson shooting, based on a map on her website. Now, what do you do with terrorists and hostage takers? Well, you shoot them. Does that mean that the next time some SEIU thug beats someone up at a Tea Party rally I can blame the Democrats for their intemperate remarks that produce a climate of hate?

Attacking the Messenger

August 8, 2011

If you were expecting the Obama administration to take at least some of the blame for S&P’s downgrade of the federal government’s credit, you have a long wait. Instead they have decided to attack the messenger.

Treasury Secretary Timothy Geithner slammed Standard & Poor’s on Sunday as showing “terrible judgement” in downgrading the US credit rating for the first time ever.

“I think S&P has shown really terrible judgement and they’ve handled themselves poorly, and they have shown a stunning lack of knowledge about basic US fiscal budget math, and I think they came to exactly the wrong conclusion,” Geithner said in an interview with NBC News.

He has a point. They did show poor judgement in only lowering the rating by one notch.

If attacking Standard & Poors for being honest doesn’t work, they could try blaming the people who have been warning them and demanding fiscal sanity, the Tea Partiers.

While continuing to cast doubt on the credibility of Standard & Poor’s, several Democrats on Sunday said there is an even greater culprit in the downgrade of the nation’s credit rating: the tea party.

“I believe this is, without question, the tea party downgrade,” Sen. John F. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press” on Sunday, a day that also saw mounting anxieties in world markets over the downgrade among myriad other economic woes worldwide. Some of the world’s top financial ministers issued a joint statement Sunday night committing themselves to preserve the stability of financial markets and their economies.

David Axelrod, a former senior adviser to President Obama, used the exact same phrase in dubbing the credit rating drop the “tea party downgrade,” as Democrats tried to position themselves as reasonable, pragmatic leaders and conservative Republicans as irresponsible ideologues who caused the downgrade by refusing to accept any new taxes.

I wonder of the Journo-List has been resurrected to give the Democrats and the Media their talking points. Senator Lindsey Graham defended the Tea Party.

Sen. Lindsey Graham, South Carolina Republican, defended the tea party and said that without the movement, trillions of dollars in spending cuts wouldn’t be possible.

“Thank God they’re here,” he said on CBS’ “Face the Nation.”

“This is the first time we’ve ever raised the debt ceiling where we tried to actually reduce spending. That’s a good thing, but we’re woefully short,” he said. “The tea party hasn’t destroyed Washington. Washington was destroyed before the tea party got here. The hope is that the tea party and middle-of-the-road people can find common ground to turn this country around before we become Greece.”

He’s absolutely right. The Tea Party is not to blame for the mess we are in. The Tea Party formed because enough people around the country realized that things could not continue to go on as they have been in Washington.

Meanwhile, Micheal Moore has some advice for Obama.

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.

I am sure that will work.

Also, the stock market fell 634 points. I guess we should be getting ready for the second Great Depression.

 

Fifteen Commandments

August 8, 2011

It’s not widely known that when Moses came down from Mount Sinai, he originally had fifteen commandments.

Actually Mel Brooks and almost everyone else have gotten it wrong. The Bible describes the tablets on which the commandments.

15 Moses turned and went down the mountain with the two tablets of the covenant law in his hands. They were inscribed on both sides, front and back. 16 The tablets were the work of God; the writing was the writing of God, engraved on the tablets. (Exodus 32:15-16)

10 The LORD gave me two stone tablets inscribed by the finger of God. On them were all the commandments the LORD proclaimed to you on the mountain out of the fire, on the day of the assembly.

11 At the end of the forty days and forty nights, the LORD gave me the two stone tablets, the tablets of the covenant. (Deuteronomy 9:10-11)

Most people picture the two tablets as having some of the commandments written on one and the rest on the other.

 

 

 

 

 

 

But it’s more probable that the two tablets were identical copies. The custom at that time and place was that if two people made an agreement or covenant, two copies were made and each party kept a copy. The ten commandments were a covenant between the Lord and the Israelites. Both copies were kept in the Ark of the Covenant. The clip is still funny, though.

U.S. Credit Downgraded

August 6, 2011

For the first time in American history, the federal government’s credit rating has been downgraded from AAA to AA+ by Standard & Poors.

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.

“It’s always possible the rating will come back, but we don’t think it’s coming back anytime soon,” said David Beers, head of S&P’s government debt rating unit.

The decision came after a day of furious back-and-forth debate between the Obama administration and S&P. Treasury Department officials fought back hard, arguing that the firm’s political analysis was flawed and that it had made a numerical error in a draft of its downgrade report that overstated the deficit over 10 years by $2 trillion. Officials had reviewed the draft earlier in the day.

“A judgment flawed by a $2 trillion error speaks for itself,” a Treasury spokesman said Friday night.

The downgrade to AA+ will push the global financial markets into uncharted territory after a volatile week fueled by concerns over a worsening debt crisis in Europe and a faltering economy in the United States.

The AAA rating has made the U.S. Treasury bond one of the world’s safest investments — and has helped the nation borrow at extraordinarily cheap rates to finance its government operations, including two wars and an expensive social safety net for retirees.

Treasury bonds have also been a stalwart of stability amid the economic upheaval of the past few years. The nation has had a AAA rating for 70 years.

Analysts say that, over time, the downgrade could push up borrowing costs for the U.S. government, costing taxpayers tens of billions of dollars a year. It could also drive up interest rates for consumers and companies seeking mortgages, credit cards and business loans.

A downgrade could also have a cascading series of effects on states and localities, including nearly all of those in the Washington metro area. These governments could lose their AAA credit ratings as well, potentially raising the cost of borrowing for schools, roads and parks.

They don’t believe that we will get our finances under control and I don’t blame them. I suspect that they were either being nice or were subject to political lobbying or they would have downgraded us all the way down to junk bond status.

I think it’s official now. Obama is a worse president than Jimmy Carter. If he keeps going he’ll pass James Buchanan as the worst president in history.

In case there’s any question about whose fault this mess is, look at this graph.

Bush’s spending was bad enough but Obama’s is an order of magnitude worse.

Hope and change!!

 


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