In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR


White House Sings Tra La La as Market Plunges

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.


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??


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.


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.


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.


Meanwhile, Obama’s off to two fundraisers tonight and has a bus trip planned for next week!


36 thoughts on “White House Sings Tra La La as Market Plunges”

  1. Oh Keith…such serious questions. Shouldnt we be more concerned with what FLOTUS will be wearing to show her toned arms at the fund raisers this evening ? With the boob-belt of course.

    Fa la la la la…la la la la

    1. SWMBO is off to Corvallis, Oregon to visit her brother there–the Associated Press notes that no public appearances are scheduled–but I do expect there will be something dreamed up to make the trip “official” so we taxpayers can be charged for the flight, security, fleet of cars, etc, etc, etc. . .

    2. The website that follow her to a point of almost stalking are wondering
      where she is too! They do harm as American’s struggle to feed the
      family she wears $795 belts and an armful of bracelets that would
      cost $800-$1000 and this am I read she is on vacation on Oregon.
      These people are sticking their finger in the eye of America. I know
      if the tragedy over the weekend would have happened under Bush
      Laura would have been giving solace to the families not on a vacation!

  2. When do they leave again for Martha’s Vineyard? It’s not easy keeping up here.
    I kind of had this karaoke scenario, where the o would grab the mike and croon, “You’ve Lost That Lovin’ Feelin'”. Looks like he’s lost that lovin’ feelin’ all over the globe. It would be funny if it weren’t so dangerous.

  3. I think the fact that he is attending 2 high priced fundraisers tonight says everything we need to know (if you didn’t already) .

    1. Nothing surprises me anymore – just made that comment to my best friend at work – It is incredible to me that they are so tone deaf. Every day is an adventure. But rest assured – he is earning every one of those gray hairs because he is working so hard. I’m holding my breath waiting for his coming recommendations in a couple of weeks – that should fall right in the middle of their vacation.

    2. The only thing would surprise me now is if O-bots were proven right about their idol. They’re still hanging onto the race thing, and that silly owner of Daily Kos, Markos said on Countdown on current (right before KO blasted the WH and the Congress in his Special Comment), that it would be a bad idea to primary the first African-American President. McCain could never, ever get away with what Obama is doing. Putting Social Security on the table, offering up the first-ever cutting of the taxes that pay for Social Security?

  4. With all due respect Keith, are you the one singing? Your tonal projections are delightful, you
    should try American Idol.

  5. One bit of good news, I guess. Obama is officially toast now. Not just in my mind (he has been for a while), but in the minds of countless Americans who fell for his line of BS in 2008. The reality of his lack of leadership and skills to run the country has finally made itself clear even to his former supporters. We are witnessing the end of a presidency.

    1. …I dont know…
      I dont trust the “media/propaganda”, they will do everything they can to help re-elect Obama 2012…
      And I dont trust “Obama supporters” (over-educated liberal Whites & the masses of Black Americans who are told to vote because Obama’s “black”) I started to have a discussion with a few and it quickly went ‘racial’ and spewing ‘left-wing talking points/hate speech’…

  6. Really, what could he possibly say that would make this economic and political disaster go away or make himself appear to be in charge of anything? Because there was nothing to say, his advisors gave him a campaign-type speech full of promises of an unspecified action and topped it off with a God Bless our Troops salute.
    All that was missing was a marching band playing a rousing Sousa.

    This administration has made so many mistakes, misread the public’s resolve on the issues and is now floundering in disarray blaming everything on a group of elected officials that represent 1/3 of 1/3 of our government and have only been in office for 6 months. This isn’t la-la-la time, it’s “what the heck do we do now time”.

  7. You are spot on Keith. We are a rudderless ship tossing around in a sea of the unknown. I think he’s starting to lose it and waiting in the wings is Sheriff Joe Biden? Lord help us.

  8. Jan,
    Can we take a collection and buy that woman some SLEEVES?

    Boob-belt… hadn’t heard that one but won’t forget it.

    What will they be singing at the fundraisers?

  9. I just discovered your blog today. I’m an independent progressive and I stopped voting for these two ridiculous parties in 2010. This was a very entertaining article of the very serious situation we are in. I think it’s time a lot of people took their rose-colored glasses off.

  10. He doesn’t want to bring Congress back because then he will have to cancel his Maine vacation. After all, he has worked soooo very very hard for that vacation. All that sacrificin’ and empathizin’ and workin’ for the people.

  11. Pingback: Geithner: Obama’s Been “Working His Heart Out” – “Absolutely Not” Responsible For Downgrade | FavStocks

  12. Apart from the S&P is a big Doodyhead theme, I particularly disliked the Warren Buffett homage–I did not know he was getting downgraded. By anyone but me, that is.

    1. LOL

      But star isn’t the magic disappearing gray hair and worry lines proof enough?

      BTW how can he work out something he doesn’t have?

      Just sayin’

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