Published on Xinhuanet.com/english, August 8, 2011.
The White House on Saturday challenged the ruling by Standard & Poor’s to downgrade U.S. long- term credit rating form top rank of AAA to AA+, citing the agency’ s decision relied on faulty math and in haste.
Disappointingly, instead of reflecting on themselves and sitting down to fix problems in a cooperated way, the Democrats and Republicans in Washington are questioning the creditability of the downgrade ruling and blaming each other for the ever-first shame of slipping out top credit rating club.
During the angry finger-pointing, the U.S. politicians seemed to have forgotten Wall Street’s severest losses in almost three years last week, forgotten mounting concerns about double-dip recession, and forgotten the criticism over their irresponsibility showed during the debt arm-twisting from all over the world.
The world has seen enough useless bipartisan debate. The bond- holders are losing confidence. The investors have started to escape markets to stay in cash, showing their fears of uncertainty.
S&P managing director John Chambers said “The political gridlock in Washington leads us to conclude that policymakers don’ t have the ability to put the public finances of the U.S. on a sustainable footing “.
The alarm has rung. It is time for the naughty boys in Washington to stop chicken games before they cause more damages. It is time for the policy-makers in Washington to settle down, to show some sense of responsibility and fix their fiscal problems … //
…The history is a guide. What we should learn from the financial crisis is to be selfish could only hurt yourself and drag others into water.
It is time for the U.S. to tighten belts and solve structural problems, in order to resume reputation and restore world confidence. (full text).
For the S&P’s full report, 8 pdf-pages: go there and click on Full Report of the U.S. Downgrade;
Double-Dip Recession? How Our Dysfunctional Political Class Has Made Another Grueling Collapse Far Likelier;
The International Criminal Court Indicts the wrong party, a video with William Engdahl on Nato versus Gaddafi, 4.43 min;
Wonderful Internet Sources for Leftists, by Michael Albert of ZNet.