S& P Downgrades U. S. Credit Rating

The United States has lost its sterling credit rating from Standard & Poor's. The credit rating agency  lowered the nation's AAA rating for the first time since granting it in 1917. The humbling downgrade of the world's economic superpower came late on Friday night, after news surfaced of a furious rearguard attempt by the White House to convince S&P that its figures were faulty.

Shame on you Congress...enjoy your five week vacation while the country is in the middle of one of its greatest fiscal and legislative difficulties.

The downgrade came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion — a tumultuous process that contributed to convulsions in financial markets. The promised cuts without revenue increases were not enough to satisfy S&P.

NJ Gov Christie Appoints Muslim American to State Supereior Court

New Jersey Republican Gov. Chris Christie defended his decision to nominate a Muslim judge to the state Superior Court against conservative critics who warned that the new judge will implement Sharia law. The notoriously blunt-spoken Christie calling their fears "crap" and "crazy."
The appointee, Sohail Mohammed, is an American attorney who offered legal aid to New Jersey residents who were suspected after the 9/11 terrorist attacks but were later found innocent of any crimes.
Opponents of Mohammed's nomination have issued warnings, with no evidence, that Christie's nominee, if approved, would base his rulings on Islamic law. Christie was having none of it.

It's Not "Boy", It's Mr. President

Visit msnbc.com for breaking news, world news, and news about the economy

Who you calling a boy?
If we didn't hear him right the first time, MSNBC political analyst Pat Buchanan said it again. He repeatedly referred to President Barack Obama as a "boy" on national television.
Without so much as a whiff of hesitation, and even after being admonished by none other than Reverend Al Sharpton, Buchanan refused to apologize or even acknowledge his mistake. Instead, he answered Sharpton's instant rebuke with a laugh. In fact, he chuckled. And then he said it again.
Not only is President Obama hours away from his 50th birthday, he is today, and will be tomorrow, president of these United States -- still the most economically and politically powerful democracy in the world. While we do not always agree with his policy positions and even take issue with his politics, he is the president -- our president. Duly elected by voters from sea to shining sea in 2008, he now calls 1600 Pennsylvania Avenue home.
But it would not matter if he lived in a tony, gated suburb, in a card box under a bridge or off of MLK Drive. He still is a man. A grown man.

Source: The Grio (be sure to read the entire TheGrio blog linked below)

Related articles

• Pat Buchanan Makes VERY Dicey Comment About Obama (huffingtonpost.com)
• Yeah, this will do it (firedoglake.com)
• Buchanan clarifies 'your boy' (politico.com)
• Obama's not 'your boy' he's your president (thegrio.com)

Chinese Agency Downgrades U. S. Rating

Harry Reid and Mitch McConnell

A little-known Chinese ratings agency has downgraded the rating of the United States from A+ to A. The move is unlikely to affect U.S. borrowing rates but reflects the pessimism Washington's debt battle has generated worldwide.

President Barack Obama signed emergency legislation to boost the debt ceiling ahead of a deadline to avoid an unprecedented national default. Still, China's Dagong Global Credit Rating Co. said Wednesday that the deal doesn't change the fact that U.S. debt growth has outpaced its economy and fiscal revenue. Dagong is little-known outside China but hopes to compete with global ratings agencies Moody's, Standard & Poor's and Fitch. Moody's has said the U.S. will retain its highest bond rating but with a "negative" outlook.

"The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States' declining ability to repay its debts," Dagong Chairman Guan Jianzhong told CNN.

"The two parties acted in a very irresponsible way and their actions greatly exposed the negative impact of the U.S. political system on its economic fundamentals," he said.

Ironically, Dagong's move could hurt not just the United States but also China, the largest foreign owner of U.S. debt with holdings worth almost $1.2 trillion.

Related articles

• China urges US to handle debt responsibly (sfgate.com)
• Fitch: US debt deal alone won't sustain AAA rating (sfgate.com)
• Emerging Markets Report: Chinese rating agency cuts U.S. debt again (marketwatch.com)
• Chinese agency cuts U.S. debt rating again (marketwatch.com)

Subtle Racism: GOP Relish Their Disrespect for President Obama

The GOP's total lack of respect of President Obama isis downright contemptible — if not unpatriotic. Such contempt, I'm convinced, is rooted in something other than political differences. Today, you might not see the overt actions of racist southern governors like Ross Barnett or George Wallace in the 1960s. But the presence of Jim Crow, Jr. — a more subtle form of racism — is there.

Sen. Mitch McConnell, R-Ky., the minority leader with the greatest cunning and sharpest knife, signaled his party's true purpose last year when he proclaimed: "The single most important thing we want to achieve is for President Obama to be a one-term president." It was not to undo the health care legislation Obama signed into law, or to block another debt limit increase. Even then, two years out from the next presidential election, the Alabama-born senator said the top goal of GOP lawmakers to oust Obama. What he didn't say is that the GOP would pursue that goal, even at the expense of the American people and the U. S. Economy.

House Majority Leader Eric Cantor, R-Va., has been especially relentless in the debt-ceiling fight. He attacked this first African-American president with a palpable disrespect not only for Obama personally, but also for his esteemed office.

Congreessman calls President a "Tar Baby"

In the heat of the political debate over the debt ceiling last week, Rep. Doug Lamborn (R-CO) may have crossed the line when he said that being associated with President Obama would be similar to touching a “tar baby”.
“Even if some people say, well the Republicans should have done this or they should have done that, they will hold the President responsible,” said Lamborn said Friday during an interview on a Denver radio station. “Now I don’t want to even have to be associated with him. It’s like touching a tar baby and you get, you get it, you know… you are stuck and you are part of the problem now and you can’t get away.”
Now critics are questioning his use of that term and are calling it highly offensive to the president.

Airports Lose in FAA Shutdown

The government is likely to lose more than $1 billion in airline ticket taxes because lawmakers have left town for a month without resolving a partisan standoff over a bill to end the partial shutdown of the Federal Aviation Administration. The lack of action means work will continue to be stalled at 200 projects including the new control tower at McCarran International Airport.

And left unresolved is the fate of air service subsidy funding that the airport in Ely receives.
The government has lost more than $200 million since airlines are unable to collect taxes on ticket sales because the FAA's operating authority has expired.

The Senate recessed on Tuesday until September, erasing any possibility for quickly resolving the issue. The House left Monday night
.