Geithner Said it Couldn't Happen. It Did.

Timothy Geithner assured us a downgrade would not happen and President Obama challenged the credibility of S&P after the downgrade. What do average Americans think?

August 5, 2011 was a day for the U.S. history books. Our nation’s bond rating was downgraded from AAA to AA+. This was a first for our great nation and it happened on the watch of President Obama. 

In April – just about four months ago, Tim Geithner assured the interviewer that a downgrade was not possible. This is the same individual that the president appointed to his current position as treasury secretary and the same individual that had committed some errors with paying his taxes.

When President-elect Obama in January 2009 proposed the stimulus package, he claimed this package was necessary to keep the unemployment rate under 8%.  He should have promised 10% and he would have been accurate. 

We Americans have little confidence in the current administration and their ability to improve the nation’s economy. I did not vote for President Obama but many who did are now feeling buyer’s remorse.  His approval rating is down but is still very high in Washington, DC.  I am curious why Connecticut is the No. 1 state that approves of the president’s job. Is it because Connecticut is that liberal or is it because the economic downturn has not been felt as greatly in our state?

If President Obama can be re-elected in 2012, he should surround himself with more credible advisors. Mr. Obama has proven that he is a great campaigner but his record is not strong on the economy and he cannot run on that record. Predictably, his strategy will be to attack his Republican opponent and surround himself with better advisors. I am confident he privately hopes that a third party candidate is on the presidential ticket and splits the independent, conservative, and tea party votes.

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Douglas Brennan August 17, 2011 at 12:49 PM
Wow!!! So many reverting to "name calling" rather then seeking actual solutions to the country's problems. Reducing debt should we do it or not? I am in favor of reducing it as it impacts the long term future of the country. Where do you stand? "True investment" in leverageable capital at bargin prices as a result of economic slack(Keysian economics) is a worthy policy. This is not what the stimulus was focused on. Removing the barriers at the State & Local level that prevent this type of theory being put into practice is something that I believe should be supported. Do you? Creating incentives for American business to create jobs here and to reinvest capital here is something I support. Do you? Creating a tax code that is "fundamentally fair" where we seek to collect revenue fairly and not try to create a series of systems that steal from you this year to pay me and steal from me next year and pay you or that try to create a system where the structure of the behavior does not change its tax status (e.g. your car is tax deductible and my is not) is something I would encourage. So eliminating the "gaming" of the system is something I am in favor of. Where do you stand? I am neither a fan of GWB or BHO. Both have demonstrated the inability to craft solutions to real problems. I am seeking leaders with solutions not "empty rhetoric." What do you think?
yoda August 17, 2011 at 01:25 PM
I believe in order for the economy to move we need the banks to provide a large spectrum of loan programs, every family has different needs, and by accommodating them we will diffidently get back on track, here in Newtown.
Catherine Larson August 17, 2011 at 02:45 PM
The Government has tried to be all things to all people - it cannot. I think we the people need to take a step back and re-examine what exactly should our government be involved in. Rushing in and saving people and businesses cannot be sustained. If people do not have an incentive to work, they will not. If business have no fear of failure, they cannot succeed. If people rely on hand outs, they become resentful and lazy. We need a smaller government, a more fair tax code - where everyone pays something, and a society that does not act like they are owed something, but are willing to work and save. Debt has the ability to destroy us and this country!
yoda August 17, 2011 at 04:12 PM
Your teaching integrity, which your assuming people have? I just telling you what I think will move money in this economy.
Daniel Patti August 17, 2011 at 06:44 PM
Personally I think the downgrade is complete non event. Remember S&P gave AAA ratings to the lowest of junk bonds 3 short years ago. They no longer have credibility on the street.


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