Geithner was the one talking default scare tactics, not Bachmann

A Standard & Poor’s director said for the first time Thursday that one reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.

Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.

“That a country even has such voices, albeit a minority, is something notable,” he added. “This kind of rhetoric is not common amongst AAA sovereigns.” Doug Mataconis is a liar

I followed the debate, Bachmann always said we could cut way back and make the debt payments.

The real reason for the downgrade? S&P wanted the American middle class to carry another $2T in debt service costs to bailout banks and Europe. They are being hit behind the scenes by banks like Citicorp who are angling for another Keynesian bailout.

Here is the key:

First, there’s the fact that debt package that Congress finally got around to enacting was smaller than what S&P had been saying for weeks would be necessary to maintain the nation’s AAA credit rating. Doug Mataconis the liar

S&P wanted a large amount of debt! They want the American middle class to go on borrowing, and they call this protecting bond holders? No, this was a squeeze to get Americans to bailout, mostly Europe.

We do not need to look far for more evidence of the fraud, Delong has always been bitching that it is the job of the middle class to take on more debt when the bankers want it. So blame the Keynesians who normally forget that we do vote every two years.