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A Jaw-Dropping Credit Rating

Give me FDR. Give me Reagan. Just put a leader in the White House.

 

When I first moved down here nearly 30 years ago, I was astonished at the huge role national politics played in day-to-day life. Pick up The Washington Post and political coverage dominated the front page—above the fold!

As the political climate has grown ever more contentious, it's no longer a happy astonishment I feel. It's more like the cringing feeling that comes with a dripping faucet or the approach of a co-worker who never, ever has a good word to say about anyone or anything.

We've had presidents and hopefuls who couldn't spell, who used the Oval Office for booty calls, viewed the presidency as the perfect time to finally get that passport and placed an understandable premium on family time—all at the expense of their offical duties.

I'm fed up with all of them. It doesn't matter to me which party they're from or on which side of the aisle they sit. By allowing their party and the opposing party to turn Capitol Hill into a bad marriage, they've failed us miserably.

Our representatives are stewards of our country. For good or bad we've put them in charge for us. And now our elected officials have played chicken with our economic well-being and Standard & Poor's has downgraded the U.S. debt rating for the first time in history.

It's unthinkable yet true. And it's not making our already strained relationships with our allies any stronger.

President Obama says we're still a triple-A nation and always will be. I'm so happy to hear that. I'll sleep better tonight. Not.

What would have made me happy was a butt kicking for the entire House, Senate and anyone who so much as walked their dog nearby.

I know. The president can't actually make anything happen, but when JFK called for a man on the moon, we got there. When he called upon us to do what we could for others, we did it.

We need more than a nice guy with great slogans and rhetoric. We need a president who is presidential, a president who excites the popular imagination and then gets out there and leads the way.

If FDR, Reagan, and JFK are otherwise occupied, I'll take Churchill or the King of Norway!

About this column: Gina Hagler, a freelance writer and Rockville resident, brings a writer's perspective to school issues, parenting and life. Related Topics: Barack Obama, Budget Debate, Credit, Credit Rating, and President

RooReed

1:08 pm on Wednesday, August 10, 2011

Gina, how could have President Obama been more "presidential" in recent budget debate? What would you have done had you been in his situation to be more "presidential"?

I'm not a big fan of either party these days, but it's deeply frustrating that the media continues to criticize both parties for the debt ceiling debacle.

Objectivity and intellectual honesty are not the same thing. There was only one party whose members were denying that any default or concomitant downgrade from a ratings agency was no big deal. And there was only one party that publicly stated that their mere, theoretical willingness to raise the debt ceiling should be seen as compromise, despite the fact that the debt ceiling had been raised many times before with little controversy.

It's really popular these days to criticize both parties, but I just don't see how any objective description of the debt ceiling debacle can be seen as a failure by Democrats or President Obama to compromise or listen to differing viewpoints.

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Theresa Defino

1:57 pm on Wednesday, August 10, 2011

The credit rating is baloney. It's an attempt by S&P to seem relevant and credible and fend off regulation. It was completely complicit in the financial meltdown that led mortgage crisis which led to recession which led to the bailout which led to ... well, we all know the rest. And its never been held accountable.

Look into this beyond venting and you'll see the self-serving nature of the rating, which, btw, is not shared by the other two credit ratings agencies, and has been roundly criticized.

Not sure what you want Obama to do about this. S&P was in the negotiations making crazy demands for even more cuts, which it didn't get. That's NOT the way democracy is supposed to work--secret deals, no transparency, no discussion--and S&P calling the shots? No thanks.

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Doug in Rockville

5:42 pm on Thursday, August 11, 2011

Theresa, you hit the nail on the head. S&P had to stay relevant. They were the worst of the worst in rating all those mortgage-backed derivatives as AAA and are directly responsible for the calamity that we've all been forced to live with as a result.

I will admit, as someone who hosted hundreds of people in my home in Alexandria in 2008 to help elect Barack Obama in Virginia, I am not 100% happy with the "leadership" he has provided. But on the manufactured articial debt "crisis" he actually seems to have handled it about as well as he could have, short of invoking the 14th amendment and ignoring Congress--something legal scholars advised him against, and which could have also initiated and even worse "crisis of confidence" by starting a Contsitutional battle b/w executive and legislative.

But what really disturbs me about this column is the overt and disrespectful tone toward our Presidency and our government. While certainly there are many things broken in Washington, without faith and esteem in the system of governance our forefathers gave us, we are indeed lost. We've been through hard times, tumultuous governance, war, and hardship before. We'll come out of this OK, again. But since the Nixon days, Americans themselves have begun to display massive and increasing disrespect for our Presidents and the Presidency itself. This is sad and dangerous because our Nation is so blessed, we are so lucky to live in the country we do, and we have power for change.

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Doug in Rockville

5:47 pm on Thursday, August 11, 2011

We need to understand that the system we have is STILL the best in the world, and while it's not perfect and never will be, the problem I see in Washington is a DIRECT reflection of the entitled, disrespectful, and sadly uninformed state of the American people themselves. WE ARE WHO WE ELECT. That's pretty scary when you look at the Tea Party degenerates who want simply to cripple and ineffectualise our government.

But here's the good news--we still have the power to change course, to get informed, to understand that our system isn't broken but that we as a people have let ourselves down.

No, I am not upset with our system. And the leaders in Washington are who we elected to go there. We need to change them. We need to remove corporate money from politics.

We need government of the people, by the people, for the people. It is columns like this that perpetuate disinterest and disrespect and hold us back.

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Doug in Rockville

5:56 pm on Thursday, August 11, 2011

One more thing--the leadership Obama displayed was by agreeing to 99% of what Republican leaders what they wanted, and still having them say no. Honestly, the President was not the problem in this situation.

The long-term solution cannot involve only spending reductions. It has to involve increasing taxes for those who are doing well, especially. Tax burdens are the lowest in almost 100 years. There remains oodles of wealth and privelege that is contributing less and less every year--just drive around Montgomery County and you can see it! This is the only way to fix our long-term imbalance. But we are not broke, and there is no crisis.

The leadership I am waiting to see from Obama is the guy who will finally stand up and say "enough, it's time to govern like adults", end the Bush tax cuts, and put us back on the road to fiscal responsibility. If the Tea Party were truely interested in fiscal responsibility rather than trying to embarass the President and Democrats politically, the debt deal would have been done months ago.

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Theresa Defino

9:34 pm on Friday, August 12, 2011

IMHO, what Obama and the rest of the Dems needs to stand up and say is the middle is no longer the middle--it's the right, if not far right (as opposed to extreme right). Unless and until that happen I will be looking seriously at all third-party candidates, especially those who will get us out of Iraq, Afghanistan and Libya (remember that war?).

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