1) Washington plays the blame game
After the downgrade announcement by Standard & Poor's, politicians in Washington almost immediately put their PR activities in overdrive with what seemed like the sole motive of trying to pin the blame on someone.
The Republicans blamed Obama, the Democrats blamed the Republicans, everybody blamed S&P, and nobody really took the time out to accept that there was a real problem. S&P had even made it clear that one of the major reasons for the debt downgrade was that the irresponsible manner in which the debt ceiling debate was handled indicated that the political system was far from efficient in a time when the U.S. needs a strong political system.
Given that the U.S. Treasury came within a couple of days of defaulting on interest payments for its $14 Trillion debts outstanding, a situation brought upon by partisan bickering in Washington, and that a half baked bill was basically just handed in at the last minute to stave off a near term default without any solutions for reducing the budget deficit, and that even after a downgrade, the political system did not attempt to at least discuss options for reducing the deficit, but blamed the agency that cut its rating for making a mistake, it seems to us that S&P had plenty strong reason to at least state that the political system in the U.S. has become too unstable for a sustainable economy.
2) Otherwise Sane People Making Inane Comments
After the downgrade announcement by Standard & Poor's, politicians in Washington almost immediately put their PR activities in overdrive with what seemed like the sole motive of trying to pin the blame on someone.
The Republicans blamed Obama, the Democrats blamed the Republicans, everybody blamed S&P, and nobody really took the time out to accept that there was a real problem. S&P had even made it clear that one of the major reasons for the debt downgrade was that the irresponsible manner in which the debt ceiling debate was handled indicated that the political system was far from efficient in a time when the U.S. needs a strong political system.
Given that the U.S. Treasury came within a couple of days of defaulting on interest payments for its $14 Trillion debts outstanding, a situation brought upon by partisan bickering in Washington, and that a half baked bill was basically just handed in at the last minute to stave off a near term default without any solutions for reducing the budget deficit, and that even after a downgrade, the political system did not attempt to at least discuss options for reducing the deficit, but blamed the agency that cut its rating for making a mistake, it seems to us that S&P had plenty strong reason to at least state that the political system in the U.S. has become too unstable for a sustainable economy.
2) Otherwise Sane People Making Inane Comments