"Absolutely no risk" to U.S. debt rating": Geithner 4 months ago

On April 19th of this year, Obama's treasury secretary, Geithner, was videotaped saying there is absolutely no risk that the U.S. would lose its triple-A bond rating.

Yesterday--less than four months after his assurance--rating agency Standard & Poors downgraded U.S. bonds from AAA to AA+.

It will almost certainly come as a shock to leftists and liberals to learn that actions have consequences. The U.S. has been spending far, far more than it takes in for decades. Conservatives in the House tried to reduce this, but were blocked by Dem senate leader Harry Reid and his Democrat majority in the senate. As a result, the deal to raise the debt-ceiling was mostly an illusion, with proposed spending cuts scheduled for years down the road.

But for the rest of King Barry's term, spending wasn't cut to any meaningful extent.

Last Thursday investors showed how worried they were by this lack of serious reform by selling off stocks, leading to a 512 point fall.

Then yesterday S&P's downgrade showed that bond analysts were similarly unimpressed.

But to Geithner and his boss, all that matters is that you talk constantly and say the "right" things. And reality will bow to your amazing wisdom as if it were a law of the cosmos.

Just to review, Geithner is the wunderkind--picked by Obama--who managed to omit $50,000 of his income from his income tax return.

One last thought: Twenty years ago Geithner's confident but woefully wrong statement would have ended up on the cutting-room floor, known only to a handful of the media. It's so great that today, all Americans can see what idiots these guys are. And they keep proving it every day.