S&P Blames Republicans, MSM Fails to Report It

Source: OpEdNews

By Thom Hartmann

Have you seen, anywhere, in any media, or even heard reported or repeated on NPR, the following sentence?

"We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act."

It's right there on Page 4 of the official Standard & Poor's "Research Update" -- the actual report on what they did and why -- published on August 5th as the explanation for why they believe Congress -- and even the Gang of Twelve -- will be unable to actually deal with the US debt crisis. Perhaps it's just lazy -- the bullet points at the beginning of the report don't mention the Republicans or taxes, but instead just say, for example (part of one of six quick bullet-points):

"he downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges"

Read more: http://www.opednews.com/articles/Mainstream-Media-Ignores-S-by-Thom-Hartmann-110806-861.html

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By Thom Hartmann (about the author)

http://www.thomhartmann.com/blog/2011/08/mainstream-media-ignores-sp-attack-republicans


http://www.thomhartmann.com
Thom Hartmann is a Project Censored Award-winning New York Times best-selling author, and host of a nationally syndicated daily progressive talk program on the Air America Radio Network, live noon-3 PM ET. more...)

statement of bipartisan longing with no mention of this at all.

the moment he walked into the White House. I now see Obama as completely in the tank for these criminals.

Didn't it?

to put the blame where it belongs. But he will not.

It's "her"... learned that from a direct "dust-up" encounter earlier on, lol. :(

Now I steer clear!

They seem to be all interchangeable at this point.

Let's NOT let this opportunity pass us by!

heard it on both MSNBC and CNN, several different programs. Haven't checked out NBC,CBS, or ABC.

They also interviewed the guy from S&P who talked about not taking appropropriate and timely action on raising the debt ceiling. He didn't name the repubs in that, but it was obvious that's who he was talking about.

... and they had both Kerry and McCain in segments saying, "it is the Tea Party's fault", that they were to come in and get jobs programs going but ran away from their campaign promises and gave us this instead.

From the statement: "Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing. "

The statement also calls for entitlement containment. "In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."

http://www.zerohedge.com/news/sp-downgrades-us-aa-outlook-negative-full-text

“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

It’s right there on Page 4 of the official Standard & Poors “Research Update” – the actual report on what they did and why – published on August 5th as the explanation for why they believe Congress – and even the Gang of Twelve – will be unable to actually deal with the US debt crisis.

You are wrong.

http://www.ft.com/intl/cms/af2c4fac-bfc2-11e0-90d5-00144feabdc0.pdf

Page 4. Last paragraph.

.http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1674453

But there remains a link to the full statement, including the extracts in the OP. See http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245316529563 .

There are some paid RepubliCON hacks who go to liberal websites and post lies. It's just so typical of RepubliCONS to merely repeat a lie and think it makes it so.

for these RepubliCONs who have taken Goering's and Goebbel's propaganda strategies to the limits. But that's because, in their hearts and souls, they're 100% bona fide fascists.

You are wrong. You are quoting from the work research which was not their official statement. BTW if S&P if the new god do you agree in their view about "entitlement containment"?

And is this the Libertarian plan of attack perhaps?


http://www.zerohedge.com/contributed/sp-ratings-move



On Entitlements:

We have just a few months before the next explosion. S&P has put the US on a negative alert. Meaning further downgrades are going to happen if the US fiscal house is not put in better order.

Folks, that CANNOT HAPPEN without substantial cuts in both Medicare and Social Security.

So over the next few months when Harry Reid and Nancy Pelosi tell us that there will be no cuts to these mega programs, respond by immediately shorting the stock market. If Obama sticks in the mud and says, “We will not cut SS” the Dow will fall 500 points.

We are in a very severe recession. Unemployment is very high and consumer spending is very low.

So what's the solution? Take more money away from the consumer.

And another: The US fiscal house could be put in much better order in other ways: raising taxes on the rich and ending the wars.

MSM is trying to sell the Shock Doctrine approach of getting rid of SS/Medicare to the people. And the GOP is using the sales pitch of "government is the problem, not the solution".


Make no mistake, they want to get rid of them and will do anything to convince the public that our debt is a result of 'entitlements'.

S&P should be downgraded after all the bullshit ratings they gave to the Wall street criminals.

Other rant:
Yes, folks... while the rest of us suffer under tax-cut terrorism, one "lucky" bankster with inside information placed a 1 BILLION dollar bet that our credit rating would drop.... & now that it has... their return is 10-1. Who is this master of the universe? Inquiring Plebeians want to know.

More:
Economic Terrorism, Take Two
crooksandliars.com
Standard and Poor's has downgraded US Treasury Bonds from AAA to AA+. They claim the downgrade is based on the GOP's refusal to raise revenues. Maybe. But I doubt it. The first question I have is which hedge fund managers stand to profit.

they ARE in the position the pass judgement because this Admin. decided to look forward instead of prosecuting the people responsible for this debacle. Had they been convicted, THEN they'd be in no position to pass judgment. Decisions have consequences. Unfortunately, we're going to suffer as the result of this really, really bad decision.

while "monitoring" the smuggling of 1000s of military-grade weapons to Mexico...

from both parties, used their "insider knowledge" to handsomely profit from this unprecedented American calamity.

This will affect every aspect of our economy, in a way that hurts those who can least afford it.

Thanks for the thread, Omaha Steve.

Bottom of page 4:

"We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act."

The MSM has to be FORCED to report this nonsense. It is essential not for political gain, but for our very country's survival.

and I don't think they're considered flaming liberal exactly.

http://www.nationaljournal.com/economy/why-s-p-s-downgrade-is-no-joke-20110806

and I've heard it at least a dozen times more today. Ali Velshi made the point at least three times this morning that the downgrade had more to do with the failure to increase taxes and S&Ps belive that there would be no new revenues from the Super Congress than it had to do with the size of cuts.

I am no fan of CNN but it simply isn't true that mainstream media has ignore the tax aspect of the statement.

...and do not serve either the truth or the American people.

But Americans already know the Repbublicons are to blame for screwing the USA economic pooch.

if you're talking the media in the United States, well... yes it was not reported.

Outside the USA - yep, it sure was.

If any public radio stations were carring BBC Newshour early Saturday it would have been reported.

Mark.

the word "revenue" and did not mention the part about the Bush tax cuts not ending because Republicans won't let it happen.

And ABC's first short report mentioned revenue, but the full report on network news that night did not. Figured they got the memo by then...

i am too young to know if it has been since before. luckily obama was was too jazz hands for them to pimp old jazz hands mccant.

Our media is worthless and I wouldn't trust S&P to change the kitty litter box either.

So certainly that particular excerpt is not being quoted any virtually any articles.

Searched on the Google News Links.

I clicked on the first one from Reuters.

Whew! At least REUTERS got it right. RIGHT?

WRONG.

If you search for something on Google News, it doesn't just search the actual story, but the whole page

http://www.reuters.com/article/2011/08/07/us-crisis-usa-chambers-idUSTRE7761C420110807

WITH THAT BEING SAID, it HAS been reported in places, but I have to join the chorus in that I did NOT see that in the "news" and that it took Thom Hartmann to really break that out for me.

MSM picks what they want to report and have for decades. So how do we get around the failure of MSM to actually do their job? And speaking of JOBS, I watched most of the Sunday talk today and never heard a single use of the word JOBS. All we heard was the same trickle down words about "growing the economy". It was presented as the only path forward yet nobody challenged that the issue wasn't with supply issues but with a lack of consumer demand. They even had the incoherent Alan Greenspan, who never saw a bubble he didn't like, on contradicting his own statements.

So with this as a background, why would you ever expect MSM to give a fair and balanced reporting on the issues of the day. Of course they are going to play this as they all do it because profits are all that matters and that means they need to focus on the horserace aspect on everything and never an evaluation on the merits of what is said.

because the corporate media will be doing everything it can to bury this.

Standard & Poor’s Official Report

Standard and poor’s official report blames the Republicans solely on the actions of decreasing the AAA rating to AA+ rating

“ Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012,
remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues,”

It states on page 4 bottom paragraph of this PDF document. So, the finger pointing will need to stop and it’s time for all Republicans to man up and take responsibility for their actions.

No more blame game. I told many people it would be the Republicans that would be the downfall of this nation and I was right. It states it very clearly in this Standard & Poor’s Official report.

In closing I would like to thank each and everyone of you the turmoil and financial crises you have caused the American people and let this be a lesson to you, Power doesn’t mean a damn thing if you have no country or money to rule over. And this is why we are in the shit we’re in. It’s because the Republicans wanted Power.

Think I’m wrong? I’m not the proof is right here.
http://www.ft.com/intl/cms/af2c4fac-bfc2-11e0-90d5-00144feabdc0.pdf

and McCain for this mess.