IS THIS ADMINISTRATION IN LA LA LAND? As the market drops over 600 points, the Obama administration is AWOL and worse.
First of all, where’s Geithner been all day? If the man who is supposed to be reassuring markets said anything, I haven’t seen it. Instead, he announced Sunday that he’s staying on the job, and gave an interview the same day with John Harwood of the New York Times in which he said the administration bears no responsibility for the S&P downgrade.
Harwood: Do you feel that you or the administration’s policies are in any way responsible for this downgrade?
GEITHNER: Absolutely not. You’ve seen the president work incredibly hard and make really amazing progress trying to heal the damage caused by this terrible crisis. And you saw him work his heart out to try and bring both parties together to reach agreement on a long-term fiscal deal. Made some progress, didn’t solve it all, but a very good down payment.
Well, I’m touched that the president is working his heart out. But failing to accept any responsibility for this cannot be good news for the markets. It’s good politics, but it suggests little willingness to change course.
TRA LA LA LA LA LA LA.
Obama popped into the State Dining Room today, not for some chow, but to say . . . nothing new. NOTHING, except that he’ll have some recommendations in a few weeks – didn’t sound like it would be much different than what we’ve heard – and he’s going to get the job done, whatever the job is.
I intend to present my own recommendations over the coming weeks on how we should proceed. And that committee will have this administration’s full cooperation. And I assure you, we will stay on it until we get the job done.
And then some stuff about everything’s fine, please ignore the meteorite about the land on your head.
Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we’ve always been and always will be a AAA country. For all of the challenges we face, we continue to have the best universities, some of the most productive workers, the most innovative companies, the most adventurous entrepreneurs on Earth.
What do universities or any of those other things have to do with our credit rating??
TRA LA LA LA LA LA LA LA.
Oh, and Obama, in one of best non-sequiturs of his remarks today, said Warren Buffett thinks we’re not a triple A rated country, but a QUADRUPLE rated one.
Buffett’s a big Obama supporter. Did Plouffe write that for him? But, it turns out, BUFFFET HIMSELF WAS DOWNGRADED TODAY – Berkshire Hathaway was just warned that its rating too may go down.
TRA LA LA LA LA LA.
Asked several times if Congress should return and try to do something about the mess, at least to signal that the government is serious, White House Press Secretary Jay Carney suggested there was no hurry, even though Obama indicated that there were areas of agreement that Congress could move on rather quickly.
TRA LA LA LA LA LA LA LA.
Well, two officials did appear at the White House today. Education Secretary Arne Duncan and Domestic Policy adviser Melody Barnes showed up to talk about education and the No Child Left Behind Act.
TRA LA LA LA LA LA LA LA
Meanwhile, Obama’s off to two fundraisers tonight and has a bus trip planned for next week!
TRA LA LA LA LA LA LA LA LA LA LA LA LA LA LA.