Rick Santelli Fired Up: ‘If It Wasn’t for the Tea Party We’d Be Rated Triple-B’

Santelli is the grandfather of the Tea Party and always lays down the truth.



The Blaze



Rick Santelli — the man whose speech on stimulus and bailouts in February 2009 is credited with helping launch the Tea Party — was fired up in this morning about the lack of leadership in the White House and all the political wrangling around what is really a simple problem- the government spends too much money.



During the CNBC segment, Santelli ripped into the “blame Bush, blame the sun” culture currently on display in the White House. He said it’s clear “we all know deep inside no country is the same it was five years ago,” and as for stocks going down, “we’re already Ralph Cramden on thin ice, now an infant’s jumped onto our shoulders.”









Obama is just a baby!

Michele Bachmann Calls for Obama to Demand Geithner’s Resignation hammers him on ratings downgrade

Michele Bachmann voted against the debt ceiling deal because it doesn’t do nearly enough in reducing 14 trillion national debt and it increases it by another 2 trillion.

The reason S&P downgraded the U.S. is because of the outrageous amount of debt it carries.

Bachmann got it right, and Obama as usual got it wrong.


The Blaze

Michele Bachmann called for President Barack Obama to demand Treasury Secretary Timothy Geithner’s resignation in response to S&P’s downgrade of the U.S. credit rating Friday.
More here

Rick Santelli Gives MSNBC Guest Ezra Klein a Lesson in Economics on Live TV

For some reason Liberals/Progressives hold up Ezra Klein as if he’s a combination Yoda and the Dalai Lama. They hang on every word he says as if it was coming from the Burning Bush.

However, he doesn’t know anything about anything other than to regurgitate the same old templates of Liberalism.

He’s a master of academic theory that plays well in the faculty lounges of Harvard and Yale.

But, when it comes to real world, he doesn’t know shit!

The Blaze

Rick Santelli, the man who’s 2009 firebrand speech on government spending is considered a seminal moment in the Tea Party’s founding, gave MSNBC analyst and Washington Post columnist Ezra Klein a stern lesson in free markets on MSNBC’s “Morning Joe” Friday morning.
Klein made some assertions about the financial crisis, including that most people agree two economists he cited have “done the best work on financial crises,“ and then offered up that the role of the Federal Reserve is ”often overlooked.”

Klein continued on and quoted one of his favorite economists calling for another ”round of significant inflation,“ and then asked Santelli to respond to the assumption that a recession would cause money to move around in a way that is ”unfair.”

United States loses AAA credit rating from S&P, Thank You Barack Obama

For the first time in American history, thanks in huge part to the incompetence of the most ill equipped man ever to be elected president, the United States has lost its AAA credit rating.



President Barack Obama has led this country on a downward spiral with his “spread the wealth” mentality that seek to punish those that are successful with higher and higher taxes and rewards the sluggards in our society (aka Obama’s base) with free cells phones and food stamps.



With Obama, its take from the “Haves” and give it to the “Have Nots”. That’s what he believes in according to his mentor Saul Alinsky. And Obama is doing just that to destroy the country, by design, to remake it into a socialist’s paradise with big government picking up the pieces.



Mission accomplished, Mr. President!





Reuters



The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.



S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.



"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.



The decision follows a fierce political battle in Congress over cutting spending and raising taxes to reduce the government's debt burden and allow its statutory borrowing limit to be raised.



On August 2, President Barack Obama signed legislation designed to reduce the fiscal deficit by $2.1 trillion over 10 years. But that was well short of the $4 trillion in savings S&P had called for as a good "down payment" on fixing America's finances.



The White House maintained silence in the immediate aftermath of S&P downgrade.

The political gridlock in Washington and the failure to seriously address U.S. long-term fiscal problems came against the backdrop of slowing U.S. economic growth and led to the worst week in the U.S. stock market in two years.



The S&P 500 stock index fell 10.8 percent in the past 10 trading days on concerns that the U.S. economy may head into another recession and because the European debt crisis has been growing worse as it spreads to Italy.

U.S. Treasury bonds, once undisputedly seen as the safest security in the world, are now rated lower than bonds issued by countries such as Britain, Germany, France or Canada.



'DAUNTING' IMPLICATIONS

As the focus for investors shifted from the debate in Washington to the outlook for the global economy, even with the prospect of a downgrade, 30-year long bonds had their best week since December 2008 during the depth of the financial crisis.



Yields on 10-year notes, a benchmark for borrowing rates throughout the economy fell as far as 2.34 percent on Friday -- their lowest since October 2010 -- also very low by historical standards.



"To some extent, I would expect when Tokyo opens on Sunday, that we will see an initial knee-jerk sell-off (in Treasuries) followed by a rally," said Ian Lyngen, senior government bond strategist at CRT Capital Group in Stamford, Connecticut.



More here



I’m sure Obama is going to blame George Bush for his own mess. The 2012 election can’t come soon enough to send this fraud back to Chicago, or Kenya!



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