A Downgrade Awakening

During yesterday's market meltdown, an old friend shot us an email: "The Obama adm needs to stop trying to disarm the fire alarm and start trying to put the fire out." Good advice that, not that President Obama followed it during his midday remarks at the White House. Instead, he poured on some lighter fluid, blaming Republicans and Standard & Poor's for S&P's credit downgrade while remonstrating that both parties nonetheless had to work together. He also repeated his familiar agenda that more spending now and higher taxes later will fire up the economy and restore America's financial standing.

Read at Wall Street Journal   |