"News flash for all the debt mongers, Tea Partiers and other assorted ignoramuses. You can’t run a consumer-based economy when the vast majority of consumers don’t have enough money to buy anything. After all, Paris Hilton can only buy so many yachts; Corporate CEOs can only purchase so many jetliners – even with their special jet tax credits; and Wall Street traders can only buy so many Bugattis. But middle and working class Americans need to spend their money on food, lodging, and other necessities.
Here’s the dirty little secret: Republicans want the economy to fail. They want Obama to fail, and they don’t care who gets hurt in the process. They want these things, because the beast is in the bathtub and they can almost taste its demise. "
Worth passing around.
UPDATE - FRIDAY August 5th
"Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of
debt from its current AAA value. U.S.
Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA."