Saturday, August 6, 2011

Did Standard & Poor's Have It Out for the Tea Party?

The Tea Party spent months carrying Wall Street's water, but when push came to shove Big Money's top credit rating service, Standard & Poors, put the blame for lowering the U.S. debt rating from AAA to AA+ directly on the loosely held GOP group.

"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act," S&P wrote in its credit ruling.

Even when the Obama administration's Treasury Department successfully proved that S&P had made a $2 trillion math error, the rating service ignored it and decided the right-wing fringe group's agenda just isn't its cup of tea.

Now is that any way to treat the loyal foot soldiers of the super rich and corporate America?

Read the S&P credit assessment in its entirety right here.

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