Democrats Are Right to Scream About the S&P Downgrade

In the aftermath of the Great S&P Debt Downgrade Democrats are screaming "foul," and, from the perspective of what is  in the best interests of the party and their president, they are right, but not for the reasons they  are claiming. Backing up a bit, it is unusual to see Democrats go after the kind of pencil-necked technocratic "experts" they usually embrace in support of one policy outrage or another. It is also jarring to find one of these experts commit a Democrat-attackable offense when his firm and sector are so vulnerable to regulatory retribution i.e.,  via Dodd-Frank, from Democratic bullies on the Hill or in the Administration. In case nobody has noticed, Americans care a lot about ratings. People  who have had  absolutely nothing to do with earning the pennant or ring love to jump up and down and torch  perfectly good cars celebrating  being "Number One" in this or that sport. That factor will of course manifest itself here, and,...(Read Full Post)