Sunday, August 7, 2011

Awaiting a Black Monday?

I'm not looking forward to Monday. With the news yesterday that Standard and Poor's lowered the long-term bond rating of U.S. debt for the first time since 1917, the markets may retreat further on the heels of their dismal performances last week.

We are beginning to hear calls for U.S. Treasury Secretary Timothy Geithner to resign. Expect those calls to increase exponentially over the next several days, culminating in his "removal/retirement" from public service. Let me state for the record that Timothy Geithner should be fired immediately. In a private or public company, this guy would have been canned many, many months ago for what was a totally predictable outcome of his pursued Keynesian policies. We expected him to offer sound advice to the administration, but, instead, he has been an absolute disgrace in the performance of his fiduciary duties and should be held accountable for this disastrous outcome. It didn't have to happen! Ultimately, however, we must hold Barack Obama accountable as well. It's called an election.

I also expect to see Barack Obama's approval ratings take a big hit next week. He can no longer hide behind the weak narrative of blaming Republicans and the Tea Party for his failed policies. I have no doubt that the administration will try to spin this in an attempt to insulate Obama, but I think that the charade is over.

We'll know soon enough. Check out Scott Rasmussen's Daily Presidential Tracking Poll and RealClearPolitics' President Obama Job Approval poll over the next few days. It should be quite telling.

I don't take solace in the failure of the Obama administration's policies for our economic woes. I pray that he wakes up and does what's right for the American people, reigning in his socialist agenda. Sadly, I just don't see that happening. To date, there has been little or no evidence to suggest it.

2012 can't come soon enough! In my lifetime, I have never witnessed a period of time that has brought us so close to a complete economic collapse as in I have in the last 3 years. The potential anarchy that could result in such a collapse would make the riots of the 1960's look like a picnic. We just have to hang on for dear life and adhere to the principles of our Constitution, electing politicians that will begin to end this nightmare.

Update: It's already starting to happen.

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