Monday, August 8, 2011

America’s Credit rating survived Great Depression, but not two years of Obama





Is Glenn being “punked”? Every time the White House administration says something – the opposite happens. Take for instance the downgrade that happened late Friday, Glenn ahs been warning about it for years despite others calling him crazy. “Our credit rating survived the Great Depression. Our credit rating has not survived the first two and a half years of the Obama administration.”
Take for instance Timothy Geithner, who when asked “Is there a risk that the United States could lose its AAA credit rating” Geithner responded, “No risk of that”.
And how is everybody reacting?
An anchor reported on Warren Buffets comments, “I don’t get it. It doesn’t make sense what S&P did. In Omaha, and this is a quote, the U.S. is still AAA rated. Of course, Omaha is where Berkshire Hathaway is based. And then he said if they were a quadruple rating, Liz, I’d give it to the USA.”
The reporter also said that Buffet told her that “the United States to his knowledge owes no money in currency other than the U.S. dollar, which the United States treasury can print.”
“We’ll just print more,” Glenn said.
“Which just means that the money you’d be getting would be worth a lot less,” Stu said.
Now, the radio crew has a habit of archiving some of Glenn’s “crazier” predictions, mainly to mock him later on. But today, Stu played the clips to show how accurate Glenn has been in predicting the current state of the economy.

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