'WE CAN ALWAYS PRINT MONEY'

I don’t know who to thank for wiping out a good portion of my retirement savings. Is it Congress? Obama? S&P? Probably all three!

LIAR, LIAR, DOWNGRADE ON FIRE
By Monica Crowley

politicalmavens.com
August 10, 2011

“Mr. President! Your country just got downgraded! What are you going to do next?”

“I’m going to two fundraisers!”

Obama’s version of Disney World.

Last night, Obama was the star attraction at two fundraisers for his re-election. Why anyone would give the most economically destructive president in American history money to get re-elected is beyond me, but I digress.

As we ponder the humiliation of Standard and Poor’s downgrade of U.S. debt for the first time in history, here’s something to remember:

The two tools Obama, Tim Geithner, and the Democrats (and some Republicans too) used to scare everyone into a deal to raise the debt ceiling were the scary prospects of default and downgrade.

We now know that those were nothing more than fear tactics in order to get through this Frankenstein debt contraption.

First, former Fed Chairman Alan Greenspan was on “Meet the Press” on Sunday and said this:

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.”

So as we were saying….there was never ANY chance of default. And by the way, where was Greenspan when this debate was happening? To quote Adam Sandler’s character in “The Wedding Singer:” “It would have been nice to have this information YESTERDAY!”

Second, they freaked everybody out about the horrors of a potential downgrade if no deal was reached. So a deal was reached and we got downgraded anyway, and as we’ve seen, the stock market has been a horror show.

All of this means that either Obama and Geithner and others didn’t know what they were talking about—OR if they understood Greenspan’s point, then they were outright liars when they kept threatening default.

Downgraded America: yet another case of Obama lies, America dies. I think we may be up to Obama Lies, America Dies, Volume 48,972.