“In other words, Standard & Poor’s is threatening that if the ten-year budget deficit isn’t cut by $4 trillion in a credible and bipartisan way, you’ll pay more – even if the debt ceiling is lifted next week. … Who is Standard & Poor’s to tell America how much debt it has to shed in order to keep its credit rating? Standard & Poor’s didn’t exactly distinguish itself prior to Wall Street’s financial meltdown in 2007. Until the eve of the collapse it gave triple-A ratings to some of the Street’s riskiest packages of mortgage-backed securities and collateralized debt obligations. Standard & Poor’s (along with Moody’s and Fitch) bear much of the responsibility for what happened next. Had they done their job and warned investors how much risk Wall Street was taking on, the housing and debt bubbles wouldn’t have become so large – and their bursts wouldn’t have brought down much of the economy.”
“These folks aren’t in the business of doing Wall Street’s bidding. They’re in the business of bringing the system down to create their own new order, no different from a Maoist or Leninist revolutionary on the other side of the aisle. It’s a market fundamentalist cult. They are a sizable and growing minority of the Republican caucus, and the ones who don’t toe their line are terrified their heads will be the next to fall before the Tea Party guillotine. Digby wondered earlier whether the Tea Party were more political construct or real grassroots movement. I guess the best answer is that it doesn’t really matter. The Tea Party has always been fear-based mobilization of the ignorant on whatever issue Rove, DeMint, Limbaugh, the Kochs, etc. wanted it to be about. It doesn’t have to be grassroots movement for rank and file Republicans to fear a primary challenge if they step at all out of line. As much as there has been “good cop, bad cop” bipartisanship played over austerity (and there has been), there can be no doubt that the GOP is transforming from a corporatist entity slowly hollowing out America’s middle class, to a truly malignant revolutionary entity. Meanwhile, the pundit class continues to whistle past the graveyard and act as though this is all partisan politics as usual. One would think that David Brooks and George Will would know enough history to realize that when revolution hits, people like them are usually the first ones to be culled, both politically and physically.”
“the gop made the same mistake that some on the left did in their perception of the tea party – they thought it was a top down, cynical manipulation of people, similar to what the gop has accomplished with the evangelical vote – a demographic that could be farmed for votes without having to deliver all that much of anything, whose elected leaders could be taken in hand when they got to washington and taught the real rules of the game … no, it’s a real grassroots movement with real dedicated leaders who actually MEAN it – and they’ve brought our government to a grinding halt – and the gop can’t control them … the republicans are splitting – if they go for a reasonable compromise, they lose the tea party – if they go for the tea party’s line, they lose wall street and much of main street’s business community … obama may have set them up beautifully – but the problem is that now we have an ungovernable country until 2012 and maybe after”
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