America’s Credit rating survived Great Depression, but not two years of Obama
Monday, Aug 8, 2011 at 12:05 PM EDT
Is Glenn being “punked”? Every time the White House administration says something – the opposite happens. Take for instance the downgrade that happened late Friday, Glenn ahs been warning about it for years despite others calling him crazy. “Our credit rating survived the Great Depression. Our credit rating has not survived the first two and a half years of the Obama administration.”
Take for instance Timothy Geithner, who when asked “Is there a risk that the United States could lose its AAA credit rating” Geithner responded, “No risk of that”.
And how is everybody reacting?
An anchor reported on Warren Buffets comments, “I don’t get it. It doesn’t make sense what S&P did. In Omaha, and this is a quote, the U.S. is still AAA rated. Of course, Omaha is where Berkshire Hathaway is based. And then he said if they were a quadruple rating, Liz, I’d give it to the USA.”
The reporter also said that Buffet told her that “the United States to his knowledge owes no money in currency other than the U.S. dollar, which the United States treasury can print.”
“We’ll just print more,” Glenn said.
“Which just means that the money you’d be getting would be worth a lot less,” Stu said.
Now, the radio crew has a habit of archiving some of Glenn’s “crazier” predictions, mainly to mock him later on. But today, Stu played the clips to show how accurate Glenn has been in predicting the current state of the economy.
And you get Hillary Clinton in office and she gives you universal healthcare, my theory is it will only last about four years because there’s just no way that it could we could afford it. We will be downgraded as for our credit rating, interest rates will go up for all of the all of the debt that we have. Let’s get an economist on and see if they will play just wargame that scenario out for me.
Here’s why it won’t last. Because you cannot put something that large on the table without addressing Medicare, Medicaid, Social Security already. The credit of the United States will be downgraded. The rest of the world will now we’re not serious by any stretch of the imagination. In a very short period of time, foreign governments will say I’m not loaning these people any money because they can’t pay it back.
Wow, seems like Glenn was pretty accurate on that one, right?
“They were playing politics in 2008. They are playing politics today. Everyone said that that was unthinkable, it would not happen. Why? Because it never has. We’re the United States of America. It will never happen here. I said bullcrap. The laws of risks and economic physics, they just don’t they don’t break down at our borders. Numbers are numbers. That’s just the way it works. No, it’s not going to happen. Well, now it has. The unthinkable has happened,” Glenn said.
“The unthinkable has happened. What I have been mocked for for a long time has now happened, and what are they doing about it? They are now blaming the Tea Party, or they’re blaming the president or they’re blaming this or they’re blaming that, or they’re even blaming S&P,” Glenn said.
“If no one wakes up from this, nothing is going to wake them up.”