And Interesting Things in Political and Economic News
|Mr. Romney is What?|
Moody’s, the company that gives quality rating to debt has cut the ratings on Greek bonds again, and again and again. The new rating is “Ca”, which in layman’s terms means “this is the stuff you line the birdcage with”.
The Conservative government accepted no blame for the British economy, George Osborne, chancellor, on Monday defended the deep spending cuts his government has made, blaming overseas problems for making the recovery more difficult. Yep, those “overseas problems” sure can kill an economy.
The idea of a new Deficit Commission that would produce recommendations for budget cuts is being floated by Republicans. Gee, where have we heard that before. See that last time Republicans proposed a Congressionally appointed Debt Commission Mr. Obama accepted the idea. Once Mr. Obama was on board, the seven Republican Senators who not only supported the idea for co-sponsored the legislation withdrew their support.
As noted by a Politico story on Jan. 26, 2010, "The tepid support from Democratic leaders contributed to the loss, but more decisive was the number of Republicans switching under pressure from their party to block the measure." Days before the vote, seven Republicans who had supported the measure withdrew their co-sponsorship and eventually voted against it
The Dismal Political Economist is somewhat amazed at how dumb the Republicans think the American people are, and constantly amazed at how often they are right.