To say that today′s Wall Street drop was not related to the US credit rating downgrade is certainly wrong. The Dow Jones Industrial Average lost just over 634 points, or 5.55% of its value today. Most of the loss happened shortly after Barack Obama blames Standard & Poor′s, George W. Bush, Congress, and a host of others for the downgrade. Dow futures had started the day off over 200 points before the doors opened at the corner of Wall and Broad streets. Most of the Asian markets bled 2.5 to 4%, Europe then chimed in bleeding about 2.5 to 5%. That was even with the good news that the European Central Bank was going to buy Italian and Spanish bonds. So now the Dow Jones Average, which declined some 11% the past two weeks, indicating a correction, to now being just another 400 or so points away from a 20% drop, indicating a real-life Bear Market. What does Obama do to celebrate? He is attending a $15,000 a ticket fundraiser tonight, that′s how!
Some may say I am a bit slanted in my viewpoint to lay blame for the credit rating downgrade at Obama′s stinky feet. By the way, his wife, Michelle, nicknamed her husband ″Stinky″, and I am starting to figure out why. He is a Hollow Man and Nature abhors a vacuum. So every bad idea is sucked into Obama′s empty shell of a head.
He continues to insist that S&P used poor judgment and math in their decision to downgrade us. One could ask, since we have had budget deficits and political gridlock before during the GW Bush administration, why didn′t S&P downgrade us back then? The answer is blatantly simple. Obama is out deficit-spending Bush by a ratio of at least 3 to 1. Bush was only spending $400-500 Billion he didn′t have after $2.4 Trillion in revenues. Obama is spending over $1.5 Trillion. At least Bush had GDP growth and 56 consecutive months of job creation thanks to his tax cuts. With Obama, there is no real economic growth and unemployment is reminiscent of the 1930s.
Further comparing the Bush and Obama budget deficits, we see another interesting trend. Bush′s deficits actually did help with job creation and GDP growth, Obama′s have not. In fact, things have only gotten worse as Obama wastes money on programs that essentially only help a few chosen companies, like General Electric, and the various public service unions such as the AFT, the NEA, SEIU and AFSCME. The least productive elements of our economy.
Again, comparing what Bush and Obama used new debt to fund is basically Bush funding wars against terrorism and aggression versus Obama funding give away programs to Democrat lackeys. All of this was considered in the Standard and Poor′s decision. Eric Bolling of the Fox Business Network interviewed John Chapman of S&P this morning. While Chapman would not answer on camera, he did tell Bolling off camera that had the Congress passed a balanced budget amendment along with the debt ceiling deal, there would not have been a downgrade of the US AAA credit rating. What Chapman did say on camera, which squashes any Bush-blame for the downgrade, was that the decision was based NOT on past debt, but on projected future debt. A future made increasingly grim thanks to Obama.
So while Obama blames the Wall Street drop on Bush and others, it is Barack Obama himself, as well as Democrats in the Senate, who are the prime suspects in who to blame for the US credit rating downgrade. We can also throw in Nancy Pelosi and the previous session of Congress, too, as they helped facilitate the rapid rise in deficit spending, including that which occurred in the last two years of the Bush administration. When you compare the Bush and Obama budget deficits, debt and stock markets, you see beyond all doubt that Obama bares the responsibility for the downgrade. The Dow Jones Industrial Average only need lose another 400 or so points tomorrow to officially become a Bear Market. We could lose that much overnight as Dow futures are traded overseas in Asia. If you think the worst is over, think again.