INTERESTING TIMES

That's my reaction, anyway. I never got a double A+ for doing stuff that foolish. The student loan bubble has yet to pop... Probably lots of these other agencies getting downgraded are also severely compromised. No one wants to admit it for fear of causing our house of cards to topple all at once...

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Economy/Business News Alert: S&P downgrades Fannie Mae and Freddie Mac
August 8, 2011 11:14:28 AM
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Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.

The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.

All the downgrades were from AAA to AA+.

http://link.email.washingtonpost.com/r/O914NF/8ADZ6H/IEIEV7/H0P74R/G2BX7/4O/h

For more information, visit PostBusiness.com

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http://www.washingtonpost.com/business/economy/asian-investors-anxiously-monitor-us-debt-talks/2011/07/31/gIQAAyq9lI_story.html?wpisrc=al_economy

I guess they're happy that we can keep steering their freight train toward that cliff. Obama is the pragmatic fall guy, demonized by most. He calmly goes about the business of finding something productive that we can agree on. He is willing to disagree with his own party, which is refreshing and hopeful. His positions make sense to me. I have long been disappointed that he could not take on big business more directly. I know he wants to, the socialist pig. Just now though with today's agreement we see that the guys with the corporate jets have as much control over the law as everyone who is afraid to see medicare cut.

The author here point out that the new generation of US college grads are ill-prepared for the world that they are confronted with. And he explains it in generational terms. The theme of the Boomer era was self-discovery, freedom and expression. The theme for this new generation of graduates will be different, but it is not clear that any of their teachers are preparing them for success. The successful young adult is beginning to make sacred commitments — to a spouse, a community and calling — yet mostly hears about freedom and autonomy.

It's Not About You
by David Brooks
http://www.nytimes.com/2011/05/31/opinion/31brooks.html?_r=3

If we break it down, and this number does not include any personal debt you may have, we each owe over $31,000.00. This is based on an estimated population of 304,931,288. Thirty one thousand / head. And counting.

It seems the last time she was willing to tackle the issue directly was back in 2000 when we had a budget surplus. Here's what happened then:
http://topics.nytimes.com/top/reference/timestopics/people/c/hillary_rodham_clinton/index.html?query=NATIONAL%20DEBT%20(US)&field=des&match=exact
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Government action to tackle recession, not tax cuts. (Feb 2008)
The economy is not working for middle class families. (Jan 2008)
We need immediate relief for home heating & housing crisis. (Jan 2008)
Voted to limit credit card interest to 30%. (Jan 2008)
FactCheck: Consistently against making bankruptcy stricter. (Jan 2008)
2005 bankruptcy bill was by big credit cards & lenders. (Jan 2008)
No evidence as to how Obama would pay for new programs. (Jan 2008)
Foreclosure moratorium mitigates agony; doesn't prolong it. (Jan 2008)
90-day moratorium on foreclosures; freeze interest rates. (Jan 2008)
Call for a moratorium on housing foreclosures for 90 days. (Jan 2008)
Freeze mortgage interest rates for five years. (Jan 2008)
Look back to 1990s to see how I'd be fiscally responsible. (Dec 2007)
Help people facing foreclosure; don't just bail-out banks. (Aug 2007)
Balanced budget replaced with rising costs & falling wages. (Jun 2007)
Last six years were challenging; let's try a new direction. (Oct 2006)
Co-sponsored bills totaling $502B in spending thru 2005. (Oct 2006)
Use tax dollars to upgrade infrastructure, not for stadium. (Oct 2000)
Pay down debt & cut taxes within balanced budget. (Sep 2000)
Stimulate upstate economy by more local decision-making. (Sep 2000)
Supports Niagara casino, but prefers job creation strategy. (Sep 2000)
Protect next generation by paying off national debt. (Aug 2000)
We have outlived the usefulness of Bretton Woods. (Jun 1999)
The economy creates consumers but cannot create citizens. (Jun 1999)
Invest in people instead of “smokestack chasing”. (Feb 1997)
Voted NO on paying down federal debt by rating programs' effectiveness. (Mar 2007)
Voted NO on $40B in reduced federal overall spending. (Dec 2005)
Require full disclosure about subprime mortgages. (Dec 2007)
SOURCE: http://www.ontheissues.org/hillary_clinton.htm
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Democratic Sen. Hillary Clinton, who wants to be president, told CNBC last week (in March 08) that recent volatility in the U.S. stock market, which began with a sell-off of Chinese stocks, "should be a real wake-up call for our country." "Obviously, the level of our debt that is now held by central banks and foreign governments is a problem," she said. "And I don't want the administration to ignore this wake-up call and just hit the snooze button again." Critics say Clinton is exaggerating the problem, particularly the danger of so much debt being held by overseas creditors.
(Whatever. THIS critic says she's not offering any solutions, and that's what we need.)
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( more but it's all old )

I get this foul taste in my mouth whenever President Bush comes on the radio, and often turn it off. But for now I have him tuned in, listening to his speech. The pomp and ceremony, the applause and hurrahs, bother me because I believe this congress should be impreaching this man and our vice president as well. But instead they keep up the appearance of approval. It seems that we could sustain the honor of our government better by removing the devils, instead of continuing to pump them up. The world sees that they are full of hot air.
( random disorganized notes )

I confess, in spite of my general dislike for her, that she triggers a certain feminism in me. Yesterday in the Republicans community one commenter said that no non-white or non-male will be elected president before 2050, and that if either Hillary or Obama were selected by the Dems, the Republicans can't loose. I wonder if the sexism and racism in our country is as deep as this commenter believed. In any case, I would vote for a non-white or non-male for that reason alone. I will definitely vote against McCain any chance I get.

I wish that Hillary wasn't so sold out, though. She's playing the game and she has good support, but she approved funding for 95% of Shrub's outrageous measures over the last six years. That's a piss-poor record in my view.

I wonder if the Republicans will have any avengers to run. I wonder if there will be someone daring enough to go for the nomination in the face of established neocon powers. I hope so. I would like to see a Libertarian run as a Republican reformer. Let's see that budget balanced, and stop subsidizing corporations. Hillary might do the former, but she certainly won't attempt the latter.