Tuesday, August 9, 2011
While Wall Street was being pushed into a meat grinder again yesterday, Barack Obama finally stood up behind his teleprompter yesterday to tell us two things about the fiscal emergency that we otherwise wouldn't have realized. The first is that there is no emergency...and the second is that this isn't about money.
OHhhhhh! That's a relief!
Uh wait...come again?
There's no emergency because, in the president's words, the United States "remains a Triple A country" even if the credit rating agencies who determine Triple A ratings don't agree. And this isn't about money or the staggering debt because the president says that the S&P downgrade was solely about the confrontational political climate in Washington "and that's what we need to change." Because, you know, bringing people together and avoiding partisanship is Obama's very special gift.
The president had more reassuring news, too! He says that something we can do immediately to strengthen our economy is extend unemployment benefits! According to his reasoning, giving people free money makes them consumers... and consumers allow businesses to keep doing business. But he warns that failure to extend unemployment benefits could cost one million jobs over the next year, presumably as businesses lay off employees who aren't servicing the cash-infused unemployed.
Obviously this is economic nonsense...but it makes it clear that Obama fully expects the jobless rate to keep getting worse, and he's trying to lay the (preposterous) early groundwork to blame it on the Republicans.
Meanwhile, the president didn't mention the fact that Standard & Poors has now also downgraded Fannie Mae and Freddie Mac, because he couldn't blame the Tea Party for the insane manner in which those agencies have been run.
The president concluded his remarks by jutting out his chin and adopting his smug professorial tone, and saying that he still had complete faith in America's financial stability, as do the "world's investors", and "we know what we have to do."
And what he had to do was this: hurry off to attend two more fundraising events (which were, we're sure, entirely non-partisan) including a $15,000 per family gala for the Obama Victory Fund.
Which may explain why, after the president's unconvincing financial speech, those "world investors" then dragged the market down another 634 points, pushing and shoving to get out of our dying Obamaconomy as quickly as possible.