So saith Senator Tom Coburn of Oklahoma in response to the S & P downgrade of the government's credit rating. As the bombastic Jeremiah Wright put it, in response to another setback, "America's chickens. Have come home. To Roost!" It is time to really wrangle those chickens.
It appears that some Congresspeople and Senators are recommending that Congress reconvene, something that a voter named Stab suggested last night. And Congress needs to rework the debt agreement this week, and increase the total to $4T, at least, and that means taxes and more cuts. That means start looking at the Deficit Commission's recommendations, and not declared them DOA as Nancy Pelosi did.
Morning Stab. At least it is fairly cool for remodel project. I would rather Congress stay gone for their entire August recess. It will do the country a favor. This downgrade last night is more political than anything else. There will be little effect felt. This action by S&P could have come anytime in the last several months. I will wager that by the open of biz Monday morning, some enterprising finance reporter will have found The Oracle and Mr Buffet will say the same thing. The only thing worse than action by Congress is over reaction by Congress which is why we are where we are.
ReplyDeleteI agree whitewall. The more we can keep congress and the White House out of our lives and out of the country's business, the better.
ReplyDeleteIt's particularly important that it happens while the Democrats control things.
On another front, it looks like Secretary State Hillary Clinton may be trying to give away our 2nd Amendment rights through a U.N. Treaty. The U.N. wants to require gun manufacturers to put up insurance so that people that are injured by their guns can sponge off money, even if it's no fault of the manufacturers. A clear effort to take away guns from private citizens in the U.S.
Hi WW and LG!
ReplyDeleteI think Congress needs to show some leadership. The plan that was passed was cobbled together and half-mast, so to speak. No one likes it, and with good reason: no one should like it. It does not accomplish the mission. In order for a replacement plan to be liked, career pols are going to have to dislike it, IMO.