“Russia debt closer to junk status”



“Fitch signals it could downgrade U.S. credit rating”


One of the country’s three major credit rating agencies signaled Tuesday that it could downgrade the U.S. rating, citing the impasse in Washington over raising the debt ceiling.

Fitch Ratings put the U.S. government‘s AAA credit rating on “rating watch negative,” which means there’s a higher probability of a rating change, and that it could be negative.

“Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default,” the rating agency wrote in a statement.

S&P 500 futures fell 9.6 points while Dow Jones industrial average futures sank 60 points and Nasdaq 100 futures fell 7.5 points after the announcement Tuesday.

The three main credit rating agencies have all warned, in varying degrees, that the United States’ rating could be cut if it hit the Oct. 17 deadline when Washington is expected to run out of cash to pay its bills.


Continue reading ““Fitch signals it could downgrade U.S. credit rating””

Shades of Newt Gingrich as Speaker of the House


Unless we learn the lessons of history . . .

TRMS: US Sues Standard & Poors Eyeing Role in Economic Crisis

Which Mitt Romney for President will you be for Halloween?



Columbia, SC — Are you having a hard time deciding who to be for Halloween? Why not go as Mitt Romney? Like the “Man of a Thousand Faces,” Mitt is the Man of a Thousand Positions.

Pick one, dress up as Mitt, and you are guaranteed that no two Mitt costumes will be the same.
South Carolina Democratic Chairman, Dick Harpootlian, released the following statement in response to the newest SCDP video:

“Mitt Romney looks in the mirror every morning and sees a stranger. Pro-choice Mitt wouldn’t recognize Pro-life Mitt,” Harpootlian said.

“Universal Healthcare Mitt would run from Anti Healthcare Mitt like Jamie Lee Curtis did from the Halloween slasher. Republicans are welcoming Mitt in South Carolina today, we just wonder which one will show up.”

Which Mitt Romney will you be for Halloween?

Did you hear this fool from Indiana?

Richard Mourdock beat Richard Lugar by 22% after Lugar’s 36 years of service doing important work which included working with the opposition party  The latter contributed to the loss.  This blog has pointed out many times the Republican overwhelming desire for Democrats to forget attempts at compromise and capitulate to them in all things.  Appearing on “Morning Rundown” this morning, Richard Mourdock gave us an illuminating clip:





Will America Work Again?


Only four days left until the deadline: Midnight, November 23, 2011. Looks like months of gridlock will end with the Super Committee failing to reach a compromise on how to cut spending and raise taxes on the rich.  The ball has not been advanced beyond the 10th yard line! Predictable! Once again Republicans have made fools of us who watched for months for signs of progress from this committee which was stacked with players who put Republican ideology first and who are simply continuing the GOP‘s goal to achieve the Whitehouse in 2012. The 112th Congress has been “working” for 11 months with Republicans dedicated to the ruin of Barack Obama.  Republicans will not tell us in convincing language why the top 1% of the population…the rich…should not pay their fair share of the burden of running this government.

McConnell, Boehner and Cantor Take Tea

We deserve Mitch McConnell, John Boehner and Eric Cantor to tell us why they oppose President Obama’s efforts to create jobs. Many of Obama’s ideas were approved by the GOP before they were adopted into the American Jobs Act.  I look at the news and see pictures of Republicans and the listing of the number of jobs they voted “No” to creating in their districts.  They sacrifice the public who elected them to make national political gain.  They must think that the people who voted them into office are “fool enough” to re-elect them after being used this way.

Republicans, your intransigence led to Standard and Poor’s downgrading of our
AAA credit rating which we had enjoyed for 70 years.  It does no good to reject the truth. Your refusal to compromise and raise taxes on the rich will lead to another downgrade of our credit rating…and soon!  I hope that the 14 million Americans who are unemployed are registered to vote and that for the first time they will punish Republicans who have will have denied job creation in America. Republicans, come to your senses! Take the necessary measures to improve the economy and lift us out of our national morass.

I used to think that when Democrats come into power, they push the social advancement of America with increased spending.  Then voters would check spending by electing Republicans. But the world has gone crazy: No one is playing by the rules! 83% of the people disapprove of Congress and, IMHO, that is largely due to Republicans wanting their way in all negotiations. No, they want more: They want Democrats  to capitulate to their demands and adopt a vision that continues the destruction of the middle-class and keeps the poor in misery.  The new prime minister of Italy was chosen recently. It only took him three days to form a new government, receive a parliamentary vote of confidence and begin to solve the financial problems which threaten to take that country down.  Why can’t our legislative system work that fast? How much bad behaviour can we stomach? How close will the Congress lower us to an impossible reality before they shake off the throes of partisanship and do what we pay them every two weeks to do: REACH COMPROMISE TO MOVE AMERICA FORWARD. TO LIFT UP THE NATION!

Will America work again?  The answer to that question lies with the conscious of Republicans in the Congress.  God gave us a blessed history;we are an exceptional country. But, we are on a downward spiral. We need a course correction, Republicans.  We need you to abandon your hatred for Barack Obama and work with him to create jobs, fund healthcare and make financial reform, etc.  There is a lot of work to be done.  Democrats have their sleeves rolled up and are ready to work WITH you…not for you! You may have good ideas for governing, but, we can’t tell because of the posture you take. You are anti-government. At least you have been…and promise to be for 12 more months.  How do you sleep at night?  What do you do with the thousands of communications that cross your desks asking for non-partisan resolution of our economic and social problems?  Are all those bytes and paper for naught? Make America work again! Don’t drag us down any further. I thank you!

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“Break Up Bank of America”


There’s no way around it. In its current form, Bank of America poses a grave threat to our economy.

It is massive, complex and unstable — too big to manage and too big to regulate. Its assets are equal to roughly one-seventh of the U.S. gross domestic product.

If Bank of America goes down, it will take a sizeable chunk of our economy down with it.

Tell the financial regulators: Break up Bank of America.

The threat is real. Last year, Bank of America’s stock plummeted by more than 50 percent. Its exposure to numerous financial liabilities means the bank could reach a crisis point at any time.

The Dodd-Frank Wall Street Reform and Consumer Protection Act gives federal financial regulators the authority to break up dangerous “too big to fail” banks into smaller, simpler and safer institutions — institutions that won’t tank our economy if they go bust.

More than $1 trillion in federal assistance has already gone toward propping up this sprawling behemoth.

It’s time to stop propping up and start breaking up.

Join our campaign to break up Bank of America, and check out our new video about the problem.

thumbnail photo of Rick Claypool Thanks for all you do,Rick Claypool
Public Citizen’s Online Action Team


P.S. Public Citizen’s financial policy experts have submitted a legal petition to financial regulators, calling on them to use their authority to break up Bank of America. Learn more about the proposal on our blog. Visit our Financial Reform page to learn more about Public Citizen’s work to hold big banks accountable. To get regular e-alerts about opportunities for activism and other ways to help with Public Citizen’s work, sign up for the Public Citizen Action Network.


Standard & Poor’s has lowered the credit ratings of nine eurozone countries, including France, Italy and Spain.

France’s top-tier AAA credit rating was cut one notch to AA+, while Italy’s A rating was lowered two notches to BBB+. Spain was cut 2 notches to A from AA-.

It’s not clear how these downgrades will affect world markets. Investors have been anticipating them, but the debt markets in Europe remain on edge and government borrowing costs could climb. [CNN]

“Will Republicans Cooperate With Obama Like It’s 1996?”


Featured Column: Ron Klain

Will Republicans Come Back Begging — Like In 1996?

“Back in 1995, as in 2011, powerful Republican leaders (including Newt Gingrich, then Speaker of the House) faced a Democratic president who had been weakened by a stinging midterm defeat. They blocked the president’s initiatives, and tried to use their power in Congress to bring him down. By the end of 1995, gridlock had reached a new high with the government shutdown and the failure of budget talks between the White House and Congress. Sound familiar?”  Read More