If US loses bond rating, it will be called the “Obama Depression"

[TalkingDog]

http://www.slate.com/blogs/weigel/2011/07/15/erick_erickson_s_bad_advice.html

The RedState editor tweets that this post of his is being passed around the House GOP's caucus meeting. Hey, lots of things are passed around at meetings. Let's just hope no one takes this seriously, because it's totally incoherent.

Should the United States lose its bond rating, it will be called the “Obama Depression”. Congress does not get pinned with this stuff.

Who actually thinks this? The polling suggests that people will blame Republicans if we lose our bond rating, because 1) Republicans demanded that this vote be used to get leverage and 2) have insisted that nothing will happen if the limit isn't raised. To wit, here's, uh, Erick Erickson.

snip

So the Republicans won't get blamed for a downgrade even though they spent eight months politicizing it and saying it didn't matter?

[my2sense]

1. Unfortunately it seems many

American citizens don't pay much attention to what's really going on beyond the sound bites. Whoever is President will be blamed. It's too hard to think beyond that - what with everyone constantly being distracted with "who did who in hollywood".

[Fearless]

2. Very Hoover-esque... particularly if he cuts SS/Medicare/Medicaid. n/t

[Zen Democrat]

3. Oh, no. Should that happen, it will be the Tea Party Depression. No doubt.

They are idiots.

[TalkingDog]

4. Tea Party Depression... I like it.

n/t

[madrchsod]

5. the us won`t use the bond rating....

not with euro about ready to collapse. the us dollar is still the world standard.

[girl gone mad]

6. He had the chance to destroy these crooked rating agencies, but he refused.

[dionysus]

7. yes. it's his fault. about everything.

[banned from Kos]

9. Oh Jeez - you are wrong yet again - FinReg holds the ratings agencies

legally liable for bogus ratings - it removed their immunity from lawsuit.

Thank Barney Frank and President Obama for that.

[banned from Kos]

10. here you go, mad girl - raters now are held liable for throwing shit on the wall

"The Dodd-Frank Financial Reform Act stripped away those protections, so that CRA’s were now subject to the same expert liability as an auditor or securities analyst, and required only a “knowing” or “reckless” state of mind for liability, rather than proof of scienter. It also repealed Section 436 of the Securities Act of 1933, which granted “safe harbor” for ratings, which were part of a prospectus. As a result, CRA’s were now required to give their consent for their ratings report to be included in the prospectus for a new issue security."

http://www.law.illinois.edu/bljournal/post/2011/03/29/Dodd-Frank-Credit-Rating-Agency-Reform-in-the-Crosshairs.aspx

[Drale]

8. Not when I write my history book it won't be

it will be known as the Great Republican Default.

[no_hypocrisy]

11. Nobody ever assigned the Great Depression to FDR.

Even the republicans.