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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.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Alex Tytler August 10, 2011 at 08:39 PM
He is the worst president in my lifetime. He has ruined the economy and the worldwide reputation of the USA. He was at the helm when we became second best. And yes, CT is the most liberal state, and will be choking on its liberal policies for years to come.
John B August 10, 2011 at 08:43 PM
Our nation's bond rating was lowered by only one of the three agencies, the S&P. They scare me more than the administration.
George Stockwell August 10, 2011 at 08:48 PM
It happened on Obama's watch? How about a group of Tea Party republican wingnuts who were all too eager to watch this country run off a cliff. The lunatic fringe has taken over the House of Representatives and what's worse, there are those who are buying it. Yeah, you're right. We're in trouble but your blame is misplaced.
Swami August 10, 2011 at 09:03 PM
Guess you were borm after George Dumbya Bush left office after bringing the Country to the verge of economic collapse.
Richard B. Fisher, DDS August 10, 2011 at 09:34 PM
A minority group of the minority party is running the country off the cliff?
George Stockwell August 10, 2011 at 11:04 PM
In case you haven't noticed, the republicans control the House therefore making them the majority--and of those there are enough Tea Party whack jobs to block any real progress.
Richard B. Fisher, DDS August 10, 2011 at 11:16 PM
Bicameral legislature of which Senate is controlled by the Democrats vote on a bill and the President of the US who happens to be the leader of the same party signs the bill into law or vetoes it but your point is made.
George Stockwell August 10, 2011 at 11:33 PM
Thank you for that and your point is made as well.
Alex Tytler August 10, 2011 at 11:38 PM
The tea party is the only reason we got any cuts. The business as usual borrow and spend crowd didn't even know there was a problem. They are all gone in 2012!
Snow Bird August 11, 2011 at 02:20 AM
How educated individuals can publish stuff like this is absolutely beyond me. The 60 member Tea Party caucus forced their leadership to accept their terms and the President's choice was to either agree or allow the country to default. Furthermore, the economic difficulty we are experiencing is due almost entirely to fiscal policies and practices under the GW Bush Administration. This is not an opinion, it is the historical record. President Obama's stimulus estimate was clearly wrong, but it was based on the best available information - which as it turned out seriously underestimated the depth of the crisis. The stimulus was, in retrospect, far too limited. But without it, we would be in a serious depression. Finally the prevailing wisdom that we need to reduce the deficit is absolutely the opposite of what we need to be doing now.
Russ August 11, 2011 at 02:43 AM
Thank you Snow Bird! S&Ps stated reason for the downgrade was that you have the tea party types refusing to raise taxes/revenue in order to reduce the debt. That has nothing to do with Obama. If anything the fact that Obama is compromising with these people is the problem. Anyway, S&P itself is wrong. Don't believe me... check what happened to the cost of US debt the day after the downgrade (interest rates went down, exactly the opposite of what you would expect).
Sam Mihailoff August 11, 2011 at 05:25 AM
I have gone from the eternal optimist of my youth to very interested in American political history to being "somewhat" conservative...It turns out that they all lie and swing the facts to make themselves look good...It's men, women, and children first time I'm afraid....Things don't look too rosey except on Primrose Lane of course.
Alex Tytler August 11, 2011 at 01:10 PM
They have raided the treasury, which is the last stage of our form of goverment. S&P is merely the messenger. Those of you counting on the government are in for a shock.
Bodie August 11, 2011 at 05:28 PM
Bravo George
Bodie August 11, 2011 at 05:33 PM
It's funny how 80 % of those that complain the loudest,Tea Party, are presently collecting SS Medicare or living in assisted living paid for by Medicate!
Alex Tytler August 12, 2011 at 02:39 AM
You mean Medicaid? I've spent some time with fellow Tea partiers and they aren't all anything except pissed off.
Swami August 12, 2011 at 03:30 AM
Tea Party  noun a social gathering, usually in the afternoon, at which tea and light refreshments are served. Why pissed, no sweet and low?
Swami August 12, 2011 at 04:17 AM
bad news for the RushLimpbaugh crowd who hope that the USA economy tanks - NEW YORK (AP) — Lurching higher in its week of whiplash, Wall Street recorded one of its biggest gains of all time Thursday after investors seized on a few signs that the economy might just be able to avoid a new recession.
Alex Tytler August 12, 2011 at 01:16 PM
All clear, go back to your desks in the world trade center, it's the safest place for you. Don't use your brain, grandma will be much happier in risk assets. That is all.
Swami August 13, 2011 at 01:36 AM
Extreme low life post !!!!!!!!!!
G August 13, 2011 at 05:13 AM
Perhaps if George W. Bush had paid a little more attention to his job, we would still have a World Trade Center today.
Catherine Larson August 13, 2011 at 04:52 PM
In case you haven't noticed, the democrats control the Senate and WH - making them the majority! However, both parties are to blame for the mess. The first step to recovery is to stop the bleeding. A common sense approach - DON'T SPEND MORE THAN YOU TAKE IN. This cannot be achieved by more taxes - Gov't needs to be cut!
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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