Speaking of going out of business…

by Skip

Uh-oh: “…Unemployment at 8%, $16+Trillion in debt, $1 Trillion + annual deficit, GDP growth is the worst recovery is vapid, the Rule of Law being ignored faster and faster….”

And now this:

Harry Reid on Raising Debt Limit to $18.794T: ‘We’ll Raise It’

(CNSNews.com) – Senate Majority Leader Harry Reid (D-Nev.) said on Wednesday that if the $16.394 current legal limit on the federal government’s debt must be raised in the next few months by another $2.4 trillion, “We’ll raise it.”

That would set the debt limit at $18.794 trillion.

Fine.  Wonderful.  Let’s have the financial armageddon come faster and harder, shall we?  Not just $16 Trillion (100% of GDP) but let’s start the process of going to twice that.  Gee, I thought that the purpose of our elected leaders was supposed to keep the country safe from enemies from without and within?  How does raising the debt to this level accomplish this, Senator Reid?  Or is this, again, a feature and not a bug?  Would you get even more peevish if I said that this would make us more “susceptible”?

Wonder if that’s why this came up – TODAY (right AFTER the election)?:

 Fitch Ratings threatens to downgrade the US’s credit rating.

Meanwhile, back at the ranch

 Fitch Ratings said that there would be “no fiscal honeymoon” for President Obama, warning early Wednesday that the U.S. probably would lose its AAA credit rating if the White House and Congress don’t address looming tax increases, spending cuts and the fast-approaching debt ceiling.

 “The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the U.S.,” said Fitch, one of the three major credit rating companies.

 As you no doubt remember, the President has already managed to get the country’s credit rating downgraded by Standard & Poor; and if Fitch goes then Moody’s is probably not too far behind.

And I. Just. Wonder. If. The. Same. Thing. Would. Happen. To. Them:

World View: Australian Court Issues Landmark Judgment Against S&P Ratings Agency

 Regular readers of World View know how much I whine about the fact that not a single person has gone to jail for the financial crisis, despite a huge abundance of evidence of fraud and criminal activity by banks, because the regulators adamantly refuse to investigate and prosecute the criminal activity, since everyone in Washington depends on huge political contributions from banksters. As a result, the same banksters are free to continue to commit new types of fraud with no fear of prosecution.

But on Monday an Australian Federal Court issued a judgment against Standard & Poors Ratings Agency essentially for being at best completely incompetent and at worst criminals. In order for the banksters to make their securities fraud work, they needed the cooperation of the ratings agency to give the fraudulent securities AAA ratings. The court found that S&P used fraudulent assumptions and invalid data to arrive at the AAA ratings for synthetic securities issued by the Dutch bank ABN Amro. The court found that the ratings agency and the bank essentially cooperated to defraud investors.

After all, remember the maker of that anti-Islam film that the Administration used as a dodge for Benghazi?

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