The Pinch of Politics and Finance

Now they’ve done it! Now we know the legacy Republicans are leaving their children—and, indifferently, ours: the triple-A downgrading of America. So, while everyone (but other Republicans) is pointing a finger at them, I’d like to point a fist. Fie on them!

Up with the rest of us. You can’t keep a good country down, and while we don’t look, or feel, so good right now, we remain the best there is. It’s not the U.S. that’s on its way to being debased, it’s the Republicans who are already there.

I don’t know about you, but if John Boehner calls, I’m not in. An elected public servant entrusted with one of the highest offices in the land snubbing the President of the United States, ignoring the president’s calls during a crisis! Who does he think he is? A man who couldn’t keep his eyes dry during a roll call shedding nary a tear over endless weeks of events that plausibly had half of the Capitol wearing Depends! I think I know who he is, a shit in sheepish clothing—but who does he think he is?!

And wetting the pants she apparently wears in her family, glee-stricken Michele Bachmann gushed this about Uncle Sam’s shiner: “We just heard from Standard and Poors. When they dropped our credit rating. What they said is we don’t have an ability to repay our debt. That’s what the final word was from them. I was proved right in my position—we should not have raised the debt ceiling and instead we should cut government spending, which was not done, and then we needed to get our spending priorities in order.” Other than “and” and “the,” there is not a correct word in the Bachmanspeak logorrhea.

I have been asked, in “Comments” on my previous blog piece, “The Capitol Hill Compromise”: “Does this blog represent the ‘civility’ that the president asked for?” My straight-from-the-heart answer is that this blog represents the "civility" the President asked for and has never received—certainly not from the opposition, reference to whom, by any name, was omitted by the commenter. Do I have to point out again that the Speaker of the United States House of Representatives not returning his president’s phone calls was at one and the same time an egregious and a tiresomely typical example of one party’s incivility?

Civility reigns as far as I’m concerned—in my private life as well as on this blog—in all things except when it comes to the hostile politics of The Grand Obstreperous Party. My commenter continues and so will I—but civility dictates I let the commenter go first: “We are ALL Americans, my dear Ray, and if we don't all work together to seek peaceful solutions to our common goals we will be driven to civil unrest by the lunatic fringes of both parties. ( See Greece, London)” (Here, my civility obliges me to acknowledge having respectfully corrected the commenter’s misspellings. But…) I heartily agree with the observation. Well, almost heartily—I’m not sure about the streets being occupied solely by “the lunatic fringes of both parties.” Public protests and demonstrations are contagious. The Brits got the inspiration from the Arab Spring, and—“lunatic fringes” or just plain angry folks—our frightened and frustrated working class and jobless citizens, catching the fever from once-merry England, will do their damndest as well as their best to make themselves heard.

Inevitably, looting will follow, and as appalling as that prospect is, is it any worse than the looting that goes on within the walls of Wall Street? The wild market swings of the past six to eight business days were not haphazard events, nor will the predictable ones to follow be. A lot of wealthy people are getting a lot wealthier by the day, buying on the up and selling on the down, driving prices in the direction they want them to go for sport and capital gains. I don’t hear them griping about a downgrade or see signs of them stuffing money under their mattresses. The call of the wild is “To market, to market!” where they’re having a field day, every day. Mindful of a rainy day, they, along with prudent or panicked moneyed interests—and China!—are putting the “mattress money” into, of all things, S&P AA+rated U.S. Treasuries.

An investment adviser described it as “a very emotional market right now.” Brings tears to your eyes, doesn’t it?