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Newslinks for Saturday August 6, 2011

Posted on 08/06/2011


6:30pm The Republican: We're totally justified in blaming politicians for our problems, but totally unjustified in pretending we share none of the blame

Screen shot 2011-08-06 at 4.33.56 PM

4:15pm Rick Perry at The Response: God is a personal God, a God wise enough to be unaffiliated with any political party

2:15pm Videos

Noon: A bit of Cowen-Krauthammer wisdom for those who want to get us out of this mess

Opinion: Paul Revere: The downgrade points to a dire economic and fiscal condition that hits the rising generation the hardest

The Republican: How did we miss this yesterday? Barack Obama and the federal income tax have the same birthday!

Screen shot 2011-08-06 at 8.37.23 AM

Downgraded nation: S&P renders its verdict on Washington’s inability to address the debt with the force needed

“S&P removed for the first time the triple-A rating the U.S. has held for 70 years, saying the budget deal recently brokered in Washington didn't do enough to address the gloomy outlook for America's finances.” - Wall Street Journal

“One of the biggest concerns about a potential downgrade was whether financial institutions would be able to continue carrying U.S. debt as risk-free assets on their balance sheet.” The Fed released a statement saying they would. - Forbes

  • Screen shot 2011-08-06 at 8.25.50 AM The S&P statement is here (pdf)
  • Obama administration says S&P is wrong, basing it’s decision on a “facts-be-damned” analysis. - CNN
  • S&P corrected one factual error, but keeps the downgrade in place, blames Washington: “The ratings agency blasted elected officials for failing to make the tough choices to get the fiscal picture in order.” - The Hill
  • 2012 GOP presidential candidates react: Read the statements from Huntsman, Romney, Bachmann, Cain, Paul, and Santorum here (Katrina Trinko at NRO)
  • “What we will learn now is whether…Barack Obama will be remembered, to emend a phrase of Daniel Hannan’s, as the downgraded president of a downgraded nation.” - Kevin Williamson at The Corner
  • Only the Tea Party had the kind of plan that S&P said was needed. - Erick Erickson at RedState
  • “The problem with these downgrades is that they have a tendency to quickly spiral out of control. Higher interest rates mean that the deficits start getting bigger, and countries then quickly face another downgrade. - John Lott at FoxNews
  • Jim DeMint calls on Geithner to resign. - The Daily Caller
  • “We have lower debt loads and more favorable demographics than countries like France and the UK which still have their AAA.  S&P is apparently telling us exactly what this is about: the frightening breakdown in our political system.” - Megan McArdle
  • 2012 candidates taking aim at the Obama economy. - NY Daily News
  • Tea Party congressman to Obama: “Now, you tell me who’s terrorizing the country?” - Fox Nation
  • Embarrassing: Video surfaces from April in which Timothy Geithner says “There’s no chance the U.S. will lose its top credit rating.” - Gateway Pundit
  • Former Obama economics advisor Christina Romer: “We’re pretty darn f*****d.” - Newsbusters

John Boehner: Look, we knew this was coming, and the Democrats refused to make the tough choices everyone else knew were needed

Screen shot 2011-08-06 at 8.38.56 AM “This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades…The Administration and Democrats in Congress had sought an increase in the debt limit without any spending cuts or reforms. Republicans made clear the American people would not tolerate that and fought for the largest spending cuts possible…In May, I warned, ‘if we don't act boldly now, the markets will act for us very soon.’  It is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges.” - Speaker’s statement

  • The downgrade immediately intensifies partisan battles in Washington. - WSJ

IBD Editors: The “Pied Piper of hope and change” celebrates his birthday by leading us over a cliff

Screen shot 2011-08-06 at 7.09.51 AM “This administration has been so wretched, its performance so incompetent, that we half-expect to see billboards popping up with the image of Jimmy Carter and the words, ‘Miss me yet?’” - Investors Business Daily

Rick Perry gears up for his day of prayer

"Perry says the event is not political but rather aimed at rallying the nation to a Christian unity during difficult times, but he will be reaching thousands of religious conservatives." - USA Today

“Perry says the day is inspired by the words of the Old Testament book of Joel, in which the prophet calls on the Hebrew people to pray, fast and ask for God’s forgiveness.” - Washington Post

  • Not to be outdone, “On the day that Gov. Rick Perry is holding a National Day of Prayer, Rep. Michele Bachmann, R-Minn., announced that over one hundred pastors and church leaders have endorsed” her. - Beltway Confidential

Elsewhere on the 2012 trail:

  • Huntsman’s new strategy: Focus on Romney’s business dealings with China. - Foreign Policy
  • Pawlenty: “Barack Obama's hope and change has become a hope we don't lose our house or have to change our address.” - NBC
  • Bachmann swipes Obama’s birthday gala: “The birthday present he got was huge drop of 512 points in the market and not only that, what was the president's response? He threw a barbecue last night at the White House to celebrate.” - Fox

Eric Cantor: Obama becomes “visibly agitated” when you challenge him

Screen shot 2011-08-06 at 8.43.11 AM “Mr. Cantor's aggressive style has earned him the enmity of liberals and most of the D.C. press corps, though his larger offense is against their orthodoxy that a fiscal compromise must by definition include tax increases. Mr. Cantor…did more than any other figure to prevent ‘revenue’ (that is, tax increases) from entering the final package.” - Wall Street Journal Weekend Interview

31 U.S. special forces troops die in helicopter crash in Afghanistan in single deadliest incident in the decade-long war - Washington Post

John Thune: Obama’s health insurance mandate will lead to other mandates if it’s not repealed

Screen shot 2011-08-06 at 8.44.55 AM “Before the health insurance mandate came along, a federal requirement for people to buy a particular product…was unprecedented in our nation’s history. Yet a little more than one year later, ere already is a call for the federal government to impose another mandate on the American people.” Washington Times

Marco Rubio will launch his own PAC

"The creation of Rubio’s PAC on Wednesday came just days after he gave a rousing floor speech — and engaged in a rare, unscripted debate with Sen. John Kerry (D-Mass.) — about why conservatives like himself refused to compromise in the fight over raising the debt ceiling." - Politico

Obama’s bus tour to promote jobs looks more like a taxpayer-funded campaign trip

“Conservative critics say Obama's re-election campaign should pay, noting that the swing will take Obama through battleground states.” - The Week

Walter Russell Mead: The invisible hand is writing on our wall, and the message is pretty dark

Screen shot 2011-08-06 at 8.31.02 AM "The message…is that we aren’t great enough for our times. The challenges are immense and exhilarating; too many of us are shabby and small.  We tread the endless circles of our own habits and ideas while around us the world is changed beyond recognition." - Via Media at the American Interest

Beat the economy by moving to where the jobs are. Here are the top 10 places to live and work - WSJ’s MarketWatch

And now for something special: Rick Santorum sings a little Sinatra - YouTube (h/t GOP 12)

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