USA Credit Rating Downgraded, Geithner said 'No Risk' of Downgrade in April

At some point, the track record of lies and just being plain wrong should catch up with this administration. We were told that unless the debt ceiling was raised, the stock market would crash. The debt ceiling was raised and the stock market dropped over 500 points in one day. We were also told that unless we raised the debt ceiling, we risked our AAA credit rating. The debt ceiling was raised and less than one week later, our credit rating has been downgraded to AA+. For added measure, here is Treasury Secretary Tim Geithner in April saying there is 'no risk' that America loses that AAA credit rating.



Here's more on the S&P downgrade.

h/t Weasel Zippers

Video: Tea Party Freshmen Rips Tim Geithner

Here is yet another example of how the Tea Party's voice was heard last November. Check out this exchange between Rep. Renee Ellmers (R-NC) and Treasury doofus Timothy Geithner. I'm not sure what the most inexplicable thing to come out of Geithner's mouth was but among them was his assertion that we have 'unsustainable deficits.' DUH! Timmy, remember that uneducated Tea Party? They've been sounding these alarm bells for years now, while this administration has been spending like crack addicts with money. The other argument Geithner attempts to make is that if spending cuts are implemented, government would 'shrink.' That would be bad how?

Our politicians and bureaucrats are finally having to pay the piper and they don't like it. Unfortunately, the piper will take it out on all of us. The American people are not being sold out; we've BEEN sold out.

Via CNS News:



h/t Weasel Zippers

NEW YORK TIMES GOING AFTER OBAMA'S GM?

No, not Rahm Emanuel. That would be General Manager. The New York Times is now on record as being critical of General Motors CEO Edward E. Whitacre after he found himself the subject of a sardonic alternative media and a Republican Senator in Charles Grassley (IA) as a result of his claim in a recent commercial that GM had repaid all of what it owed. The problem is that the claim is a lie.

As we've all come to realize, such a discovery is nothing more than maintaining the status quo with this administration. What's noteworthy here is that the New York Times is actually reporting on it on the heels of a POLITICO article that reported on a letter sent to Whitacre by Rep. Darrell Issa (R-CA) that called the former out.

Thanks to Gretchen Morgenson at NYT:

AS we inch closer to a clearer understanding of the products and practices that unleashed the credit crisis of 2008, it’s becoming apparent that those seeking the whole truth are still outnumbered by those aiming to obscure it. This is the case not only on Wall Street but also in Washington.

Truth seekers the nation over, therefore, are indebted to Senator Charles E. Grassley, Republican of Iowa, who in recent days uncovered what he called a government-enabled “TARP money shuffle.” It relates to General Motors, which on April 21 paid the balance of its $6.7 billion loan under the Troubled Asset Relief Program.

Also, whether unwittingly or otherwise, Morgenson also demonstrates why a tax cheat shouldn't be hired as Secretary of the Treasury. It's why so many businesses use behavioral interviewing techniques. The premise? The best predictor of future behavior is past behavior. The press release issued by Geithner's Treasury seems to validate that practice.

G.M. also crowed about its loan repayment in a national television ad and the United States Treasury also marked the moment with a press release: “We are encouraged that G.M. has repaid its debt well ahead of schedule and confident that the company is on a strong path to viability,” said Timothy F. Geithner, the Treasury secretary.

Amazingly, the Treasury responded to a letter from Chuck Grassley by admitting it played a shell game with taxpayer dollars to pay down GM's debt but found nothing wrong with misrepresenting that fact.

Here's the ad with Whitacre that got this ball rolling..



I actually found this ad almost as equally laughable. This one is from several months ago. In it, Whitacre proudly boasts that GM is going to "put our money where our mouth is". Uh, Ed, don't you mean you're putting my money where your mouth is? For the record, I don't very much like it there.



h/t to Hot Air

VIDEO: READ OBAMA'S LIPS

Obama said repeatedly that he would not raise taxes on the middle class. Tim Geithner takes well over three minutes on Sunday to say what he could have said with five words (Obama delivered a false promise).

Forgive me but are any of you Obamautomatons willing to admit you were wrong and that there actually were people out there who guaranteed this would all happen?



And just for kicks, let's revisit Obama giving his "Firm Pledge" not to raise taxes on people making less than $250k.



h/t to GATEWAY PUNDIT