Barack Hussein Hoover?
by Patrick J. Buchanan
Is the world headed for a debt crisis to dwarf the one that befell us in 2008, when Treasury Secretary Hank Paulson stood aside and let Lehman Brothers crash?
No one knows for certain. As Yogi Berra said, “it’s tough to make predictions, especially about the future.”
But the probability of a financial crisis increased this week after President Obama’s trashing of Rep. Paul Ryan’s deficit reduction plan as dragging us all back to the Dickensian days of “Oliver Twist.”
For the savagery of Obama’s attack persuaded Standard & Poor’s to begin to move to downgrade U.S. sovereign debt from the triple-A rating it has held since Pearl Harbor.
The British newspaper The Guardian wrote of the dramatic news:
“With the political infighting between the Republicans and Democrats on the deficit now so bitter that there was a risk of the US government being shut down earlier this month, S&P said it had taken the decision to change its outlook because ‘the path to addressing these issues is not clear to us.’”