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VIDEO: George Will calls downgrade a ‘half-baked political analysis’
Daily Caller ^ | 8/7/11 | Jeff Poor - The Daily Caller

Posted on 08/07/2011 7:54:22 PM PDT by Do Not Make Fun Of His Ears

While many on the right are lambasting the Obama administration for its failure to maintain the country’s pristine AAA credit rating, one conservative commentator said Sunday that the Standard and Poor’s downgrade needn’t be taken seriously.

Washington Post columnist George Will was asked on ABC’s “This Week with Christiane Amanpour” how much the downgrade would “affect the basic economy here?” Will said it wouldn’t before trashing Standard & Poor’s track record. (RELATED: Standard & Poor’s ratings head: U.S. could be downgraded even further)

“You called this a shocker,” Will said. “Standard & Poor’s would have forfeited its good reputation if it had a good reputation to forfeit these days. It missed the entire mortgage-backed securities problem right under its nose.”

According to Will, the agency’s downgrade decision reflected its disapproval of America’s governing process more than anything else.

“If you read what they actually said, it’s a kind of half-baked political analysis criticizing the American system of government and how it works now,” Will said.

“Now, they’re entitled to their opinion on politics, but their opinion isn’t entitled to any particular respect. What did we learn from what they said that we didn’t know already? We know that from Athens in Greece to Sacramento in California, with stops in Rome, Lisbon, Madrid, Brussels, Dublin and Springfield, Ill., an entire system of governance is under attack and actually collapsing under the weight of its contradictions. We’ve learned nothing from Standard & Poor’s.”

(Excerpt) Read more at dailycaller.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: debtceiling; downgrade; economy; standardandpoor
He sounds like Geithner.
1 posted on 08/07/2011 7:54:24 PM PDT by Do Not Make Fun Of His Ears
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To: Do Not Make Fun Of His Ears
VIDEO AT LINK
2 posted on 08/07/2011 7:55:09 PM PDT by Do Not Make Fun Of His Ears
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To: Do Not Make Fun Of His Ears

George Will has been a Democrat in disguise for years.


3 posted on 08/07/2011 7:57:10 PM PDT by yldstrk (My heroes have always been cowboys)
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To: Do Not Make Fun Of His Ears
Yep. Will is mailing it in again. Talk about halfbaked. geez. I remember when he actually wrote good stuff.
4 posted on 08/07/2011 8:03:56 PM PDT by hinckley buzzard
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To: Do Not Make Fun Of His Ears

He may sound like Geithner but he is right on this one. This was more political than anything else. Moodys and Fitch did not downgrade. Standard and Poors did because they ran their mouth during the process and had no choice but to downgrade or lose credibility, what little they had left after the Fannie Mae fiasco.


5 posted on 08/07/2011 8:05:21 PM PDT by WatchOutForSnakes
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To: WatchOutForSnakes

May I be the first to admit, this issue is not something I have any expertise in, so I will bow out and let my FReeper friends comment.

:-)


6 posted on 08/07/2011 8:09:55 PM PDT by Do Not Make Fun Of His Ears
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To: Do Not Make Fun Of His Ears
He's too clever by half, which is twice as clever as Geithner. Will attacks S&P's opinion while simultaneously admitting they're right. If you think about what Will's saying it boils down to this. S&P was slow on the draw before to identify other problems, and they're behind the times now.

In other words, things are a lot worse than they look. For political reasons, they were pressured to keep quiet. Now that they're talking, it means we're already far deeper in danger than it looks.

7 posted on 08/07/2011 8:09:55 PM PDT by Steel Wolf ("Few men desire liberty; most men wish only for a just master." - Gaius Sallustius Crispus)
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To: yldstrk
RE: George Will has been a Democrat in disguise for years.

S&P is another Arthur Andersen in my book. If Will is not right on about this it's because he did not go far enough to describe S&P's shenanigans.

“Standard & Poor’s would have forfeited its good reputation if it had a good reputation to forfeit these days. It missed the entire mortgage-backed securities problem right under its nose.”

S&P was one of the “key enablers of the financial meltdown”

I personally believe strongly that S&P should not be to big to be held accountable.

8 posted on 08/07/2011 8:12:28 PM PDT by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: WilliamofCarmichael

I can’t abide George Will.

Nonetheless, you could well be right about the rest.


9 posted on 08/07/2011 8:17:23 PM PDT by yldstrk (My heroes have always been cowboys)
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To: Do Not Make Fun Of His Ears
Actually George, The Chinese called the downgrade two days before S and P. Now look at what they are stating. (link from Drudge)

Dollar to Be 'Discarded' by World: China Rating Agency

10 posted on 08/07/2011 8:19:25 PM PDT by justa-hairyape
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To: Do Not Make Fun Of His Ears

This Week with Christiane Amanpour? Somewhere David Brinkley is spinning.


11 posted on 08/07/2011 8:24:34 PM PDT by BBell
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To: WatchOutForSnakes
In a sense I agree. So...here we are...with AA+...only 1 rating higher than SPAIN? Then they admit to the $2 trillion mistake? And they don't change it? So $2 Trillion isn't enough to raise us and get us more that 1 rating higher than Spain? Really?

Do I think we are in serious trouble? Yep. But do I think we are in a lot better shape than Spain? Uh...yeah.

12 posted on 08/07/2011 8:25:40 PM PDT by NELSON111
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To: WatchOutForSnakes

I read here that Moody’s is owned by Warren Buffet, so what kind of credibility could that outfit have?


13 posted on 08/07/2011 8:29:09 PM PDT by Lancey Howard
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To: Do Not Make Fun Of His Ears
Yawn, George who?


Have not watched THAT show since the death of David Brinkly.

14 posted on 08/07/2011 8:36:08 PM PDT by Chgogal (WSJ, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Do Not Make Fun Of His Ears

Will missed the sub-prime mortgage fiasco too. And the Tea Party phenomenon still escapes him.

Will is a Beltway insider who lost touch with real America around 1985.

He is an ageing pundit still trying to make himself viable.


15 posted on 08/07/2011 8:37:40 PM PDT by oldbill
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To: Do Not Make Fun Of His Ears
"While many on the right are lambasting the Obama administration for its failure to maintain the country’s pristine AAA credit rating, one conservative commentator said Sunday that the Standard and Poor’s downgrade needn’t be taken seriously."

"Washington Post columnist George Will was asked on ABC’s “This Week with Christiane Amanpour” how much the downgrade would “affect the basic economy here?” Will said it wouldn’t before trashing Standard & Poor’s track record..."

Wait...

George Will is a Conservative?!?

16 posted on 08/07/2011 8:41:02 PM PDT by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: Do Not Make Fun Of His Ears

So S&P would have KEPT our AAA rating if Barry had his way and simply raised the debt ceiling, yet if the debt ceiling was raised AND spending was cut, we LOSE the AAA rating? This makes little sense.


17 posted on 08/07/2011 8:54:50 PM PDT by SERKIT ("Blazing Saddles" explains it all......)
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To: Do Not Make Fun Of His Ears

These people can call the downgrade what they want and they can continue to destroy the messenger instead of paying heed to the message, but in doing so, they all become delusional, in denial, stuck on stupid idiots. Plain and simple. =.=


18 posted on 08/07/2011 8:55:28 PM PDT by cranked
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To: Do Not Make Fun Of His Ears

Most Freepers don’t have expertise in a lot of things but they comment anyway. :>


19 posted on 08/07/2011 9:07:15 PM PDT by Rennes Templar
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To: Do Not Make Fun Of His Ears

I agree with Will in that I think S & P overreached. The US bonds are good and there is no chance of any default on our debt. I would take my chances long term with a 30 year TIPS over a similar French or EU product.

But this should be a real wake up call.


20 posted on 08/07/2011 9:30:00 PM PDT by Mike Darancette (Obama get our AAA back.)
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To: NELSON111

Could be Spain is rated too high. The $2 trillion ‘mistake’ really doesn’t matter as S&P had warned of downgrade if at least $4 trillion in spending reductions/revenue enhancement was not made. And that was just a ‘down payment’. I believe S&P gave at least 3 very public warnings of downgrade if the deficit and debt were not adequately addressed before and during the debt ceiling debate. The downgrade was very much deserved. We are only ‘better’ than Spain in the sense that Spain is a turd sinking and we are still floating.....for now.


21 posted on 08/07/2011 9:41:50 PM PDT by yadent
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To: Chgogal
Have not watched THAT show since the death of David Brinkly.

Brinkley was one of the good ones. I remember his saying during the 1996 election coverage that Clinton was "A Bore" and that "The next four years will be filled with pretty words, and pretty music, and a lot of goddamn nonsense!". Brinkley was wrong about that.

22 posted on 08/07/2011 9:42:31 PM PDT by Mike Darancette (Obama get our AAA back.)
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To: Mike Darancette

If the debt reaches a point where the interest payments start to seriously pinch entitlement outlays, I believe the FSA (Free S-it Army) will have a big say on how secure our bonds are and whether we start to default. Exponential math tells me an event horizon is approaching......


23 posted on 08/07/2011 9:49:11 PM PDT by yadent
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To: yadent

I thought about that too. If that’s the case...then they are still not very trust worthy and not using good judgment.


24 posted on 08/07/2011 10:11:34 PM PDT by NELSON111
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To: Mike Darancette

I want to see how the markets will react tomorrow. It could get ugly.


25 posted on 08/07/2011 11:33:52 PM PDT by dragonblustar
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