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Andrew Kaczynski of Buzzfeed discovered this little gem of a video, in which then-law student Barack Obama spoke at a protest in favor of Harvard Law Professor Derrick Bell. Kaczynski explains what the protest was all about. Bell was the first black tenured professor at the school, and a pioneer of "critical race theory," which insisted, controversially, on reading issues of race and power into legal scholarship. His protest that spring was occasioned by Harvard's denial of tenure to a black woman professor, Regina Austin, at a time when only three of the law school's professors were black and only...

Fitch, when it lowered its outlook to negative, had said it was giving the U.S. government until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade from the AAA status. "A key task of an incoming Congress and administration in 2013 is to formulate a credible plan to reduce the budget deficit and stabilize the federal debt burden. Without such a strategy, the sovereign rating will likely be lowered by the end of 2013," Fitch reiterated. Rival ratings agency Standard & Poor's cut its credit rating on the United States to...

Hopes that a reluctant European Central Bank will ultimately take up its "bazooka" and agree to massive sovereign bond buying have helped keep the euro zone debt crisis from a full meltdown. But such bold action would only prevent a sudden collapse. Years of managing market expectations and fears would follow, along with long-term painful austerity measures and other reforms to keep countries on the path to fiscal discipline.

So let us get this straight: in America when you dare to tell the truth, your career is over, while if you are a corrupt, lying, incompetent tax evader you not only get to be Treasury Secretary but likely will be on for life as long as you do the one duty you are entrusted with: pander to the interests of the Too Big To Fail financial institutions We should be speechless but at this point we are well beyond the point of even caring. The only question left in this entire farce is how long before S&P issues the...

(Reuters) - Fitch Ratings said on Tuesday it affirmed the United States' top-notch credit rating at AAA, giving the world's largest economy a reprieve after it was downgraded by Standard & Poor's little more than a week ago. Fitch said the outlook for the rating was stable. However, it warned that the United States was falling behind its peers among the AAA-rated nations on fiscal matters and the country had to show tangible results in its efforts to reduce the budget deficit. It said it would review its fiscal projections at the end of November and medium-term economic outlook by...

The latest note from Nomura's Richard Koo is chock full of insight, which is not surprising since talk of fiscal consolidation, misguided ratings agencies, and balance sheet recessions is his wheelhouse. As he's famously observed before, in such recessions like these, spending cuts actually make deficits worse, and so he's particularly dismayed by the counter-productive actions of S&P. Fiscal stimulus will reduce budget deficit in balance sheet recession. What I find even more interesting is that Japan’s fiscal deficit increased under the Hashimoto administration, which pursued fiscal consolidation, but decreased under the Obuchi and Mori governments, which gave up on...

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday. Geithner, in an interview with NBC/CNBC television, also called on European leaders to ensure that there is an "unequivocal financial backstop" for euro zone governments facing fiscal and debt problems. He added that a double-dip recession was unlikely if governments and central banks made good decisions. Asked whether Treasuries were as safe now as they were last week, Geithner replied: "Absolutely. And the...

Standard & Poor’s downgrade of the nation’s credit rating gives House Budget Committee Chairman Paul Ryan every right to say “I told you so.” Even earlier this week when President Obama was taking his victory lap for the debt-ceiling compromise, Ryan was disclosing the cold, hard truths of the economic troubles that lie ahead — truths that a jittery Wall Street has been more than aware of. In an oped column in Wednesday’s Wall Street Journal, the Wisconsin Republican reiterated, of course, that the president really has no budget plan. “The president’s February budget,” he wrote, “deliberately dodged the tough...

Kerry Blames The Tea Party For Credit Downgrade By Ben Wolfgang-The Washington Times1 Sen. John Kerry on Sunday laid the blame for the recent downgrade of the nation’s credit rating at the feet of conservative House Republicans. “I believe this is, without question, the tea party downgrade,” Mr. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press.” Standard & Poor’s rating agency on Friday dropped the U.S. credit rating from AAA to “AA+, questioning the ability of leaders in Washington to deal seriously with the nation’s debt crisis. The Obama administration’s debt-ceiling proposal, which included more spending cuts than the...

WASHINGTON (AP) — A top White House adviser is blaming the downgrade of the U.S. credit rating on tea party Republicans, whom he says were unwilling to compromise on how to reduce the federal debt. The adviser to President Barack Obama, David Axelrod, tells CBS' "Face the Nation" on Sunday .. ... .. also criticized GOP presidential candidates for not speaking up in favor of compromise.

MoveOn.org drives new liberal catch phrase: ‘Tea party downgrade’ Matthew Boyle - The Daily Caller 43 mins ago The left-wing activist group MoveOn.org picked up the new liberal slogan bashing conservatives for Standard & Poor’s U.S. credit rating downgrade: “Tea Party downgrade.” President Obama’s chief campaign strategist David Axelrod and Massachusetts Democratic Sen. John Kerry both used the phrase on Sunday talk shows. In a Sunday afternoon email to supporters, MoveOn.org accused tea partiers of being responsible for the first-ever credit downgrade in U.S. history. “This ‘tea party downgrade’ is a shameful blow to our nation’s honor and risks throwing...

A top Obama adviser blames tea party for downgrade WASHINGTON — Who's to blame for the U.S. debt-ceiling mess? Politicians and political advisers took to the airwaves Sunday to point fingers, mostly at each other. David Axelrod, a top political adviser to President Barack Obama, blames the downgrade of the U.S. credit rating on tea party Republicans for being unwilling to compromise on how to reduce the federal debt. The Obama campaign strategist tells CBS' Face the Nation on Sunday that the decision by the Standard & Poor's credit agency to downgrade the U.S. from AAA to AA+ for the...

It seems like more and more in the GOP are starting to look at the wars as a way to cut spending. And with the tragedy of loosing some of our best soldiers yesterday it doesn't really seem worth it any more to stay over there in Iraq and Afghanistan. Especially given the financial situation we are in. The wars and entitlement spending need to be cut drastically to get us on track to at least sustain our debt, if we don't do that I think things could get even uglier in the short term.

The frustration in the air was palpable. Officials from the credit ratings agency Standard & Poor’s were meeting with Congressional leaders on a stifling late day in late July to discuss the thorniest issue in Washington: the effort to cut the nation’s deficit and raise the borrowing limit to avert a default. S.& P. and two financial industry groups listened to various proposals for debt reduction and warned the lawmakers of the impact a default would have on world markets, according to a Congressional staff member in attendance. The staff member said the agency was providing guidance on what target...

One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement. The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.

The decision by credit agency Standard and Poor’s to downgrade America’s AAA credit rating for the first time in 70 years is a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy. No doubt the White House will pathetically try to blame the Bush Administration, Republicans in Congress, and of course its favourite target, the Tea Party, for the move by S&P. But without a shadow of a doubt, responsibility for the country’s financial mess and staggering levels of debt lie with the current US president and his administration. They...

WASHINGTON (AP) - President Barack Obama sought to distance himself Saturday from the bad news of the nation's first-ever credit-rating downgrade, but lawmakers and presidential candidates showed no such reticence—trading salvos over who's at fault and why. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes. A statement from Carney said talks that produced Tuesday's $2 trillion compromise on raising the U.S. borrowing limit had been too drawn-out and "divisive." But the statement didn't directly address Friday's move...

Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.

U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit By Daily Mail Reporter Last updated at 1:08 PM on 6th August 2011 The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's...

The Doomsday Scenario Has Happened: Here's What Banks Said They Would Do US Treasury Building Courtney Comstock Aug. 6, 2011, 7:29 AM Friday night the S&P downgraded the U.S. credit rating from AAA to AA+. To bankers, a default, resulting in a downgrade, coupled with higher capital requirements is the "doomsday scenario" that banks said they were preparing for last month. This is totally different from a default, but banks were preparing for both. Phillips, a political economist at Goldman Sachs, warned clients on a conference call last month that financial sector banks might have higher capital requirements if Treasuries...

As I was watching the "spin" on MSNBC, CNN, and almost every other cable show last night regarding S&Ps decision to downgrade the soverign US credit rating for the first time in our nation's history, it was amazing to me that every liberal commentator and every Democrat appearing on the shows avoided the monster in the room at all costs: ENTITLEMENTS Entitlements are breaking the back of this nation. During the debt deal and its aftermath, Democrats made it clear they would not budge (or even address) the crippling effects of Medicare, Medicaid, or Social Security. S&P's report did -...

The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error. S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.

The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off." U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+. "This is a facts-be-damned decision," the official said. "Their analysis was way...

Obama left the White House for the Camp David presidential retreat outside Washington in late afternoon just hours before S&P's announcement. "He was briefed before he left for Camp David and has been receiving updates through the night," the official said.

• We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. • We have also removed both the short- and long-term ratings from CreditWatch negative. • The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. • More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time...

SYDNEY — Australian Prime Minister Julia Gillard sought to calm public nerves over global debt woes Saturday after Standard & Poor's cut the United States' credit rating for the first time in history. Gillard told Australians their economy was well placed to weather financial crises looming in the US and Europe and would not be heavily affected by S&P's decision to downgrade the US rating from AAA to AA+. "People should look with confidence at our economic credentials and fundamentals, and people should look with confidence at the ability of this government to deal with global instability," Gillard said.

Christina Romer, the former chair of Obama's Council of Economic Advisers on Friday offered a rather strong opinion concerning the announcement by Standard & Poor's that the credit rating agency downgraded America's debt to AA+. Appearing on HBO's "Real Time," Romer said we're "pretty darn f--ked" (video follows with transcript and absolutely no commentary needed): ---- BILL MAHER, HOST: So, excuse my language, but we used to do a segment on this show called “How F—ked Are We?” (VIDEO CLIP) MAHER: I didn’t expect that there. This, just before we went on the air they said our rating got downgraded....

(CBS/AP) Following the news Friday of Standard and Poor's downgrade on the U.S. debt, several politicians from both sides of the aisle offered their reactions. Democratic Senate Majority Leader Harry Reid released a statement: "This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind -- instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding." Reid was referring to the special bipartisan congressional committee -- made up of six Democrats...

S&P cut the long-term U.S. credit rating by one notch to AA-plus. The credit agency said late Friday that it was making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the United Kingdom, Germany, France or Canada. The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next...

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the US government, companies and consumers. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics,"...

Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s: – We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating. – We have also removed both the short- and long-term ratings from CreditWatch negative. – The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in...

Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value. Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if...

NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

Chinese credit-rating agency Dagong Global Credit Rating Co. again downgraded U.S. sovereign debt Wednesday and warned of further downgrades, the state-run Xinhua news agency reported.... Dagong cut U.S. Treasurys to A from A+, with a negative outlook, saying growth in U.S. debt is still outpacing revenue growth. The latest move followed a Dongang downgrade of U.S. debt from AA to A+ in November, citing the launch of the Federal Reserve's second round of quantitative easing. "The agency said the approval to raise the debt ceiling indicated that there will not be any positive changes in factors that will influence the...

NEW YORK (CNNMoney) -- Credit rating agency Moody's said Tuesday the United States will keep its sterling AAA credit rating for the time being, but lowered its outlook on U.S. debt to "negative."

“The storm has passed!�“Disaster has been averted!�Don’t you feel better? Of the various flavors of Armageddon being pitched over the last month or more, one of the most dire was the threat that the Big Three credit ratings agencies would downgrade our super-duper triple A status unless we got our fiscal house in order. Investors would be jittery and demand a better deal prior to purchasing any of America’s shabby paper.So with the latest version of the new, new deal nearly inked, we’ve at least dodged that bullet, right? Not so fast, says the CEO of PIMCO. One of the...

<p>NEW YORK (CNNMoney) -- Amid the contentious debt ceiling debate, the United States is at risk of being booted out of a prestigious group of countries that boast a spotless credit rating.</p> <p>Only 17 countries in the world -- currently including the U.S. -- hold the highly coveted triple-A rating from both Standard & Poor's and Moody's. (S&P rates an additional three countries as triple-A, that aren't featured on Moody's list).</p>

The ratings agencies are on firm ground when they warn that the U.S. will lose its “AAA” rating if it doesn’t translate this seriousness into deficit reduction. The threat from Moody’s that it will put a negative outlook on the U.S. rating if the country fails to pass a major fiscal overhaul in the next few months strikes a delicate balance: It signals that the U.S. has one last chance to get its act together — by early 2013. That makes enormous sense, because by then there will no good reason — economic or political — not to make the...

Tampa Bay's first electric car station Updated: Thursday, 30 Jun 2011, 7:14 AM EDT Published : Thursday, 30 Jun 2011, 7:14 AM EDT TAMPA - Call it one small step toward making gas pumps a thing of the past. On Thursday, AAA Club South unveiled the first of 100 electric car charging stations at its offices in Palm Harbor and Westshore. The station was installed at the Westshore office, where FOX 13’s Jen Epstein spoke with AAA official Jessica Brady, and another is set to open in Palm Harbor in July. "You pull up, plug it in, push a button...

Some unusual solar readings, including fading sunspots and weakening magnetic activity near the poles, could be indications that our sun is preparing to be less active in the coming years. The results of three separate studies seem to show that even as the current sunspot cycle swells toward the solar maximum, the sun could be heading into a more-dormant period, with activity during the next 11-year sunspot cycle greatly reduced or even eliminated. ...Currently, the sun is in the midst of the period designated as Cycle 24 and is ramping up toward the cycle's period of maximum activity. However, the...

~ EXCERPT ~ By prodding Washington to agree on a debt plan, Standard & Poor’s might achieve just the opposite. Its dour take on Treasuries could inflame the debt-ceiling debate, leaving little energy for a grand budget compromise. And the severe austerity S&P desires would have few takers anyway. Consider the following: 1) Obviously the rating agency hopes its unnerving note will nudge lawmakers into reaching agreement on taxes and expenditures. Inaction until after the 2012 national elections risks an actual downgrade of America’s AAA bond rating. 2) But striking some mega-deal doesn’t have top priority on Capitol Hill. First...

WASHINGTON: For the first time, a top credit ratings agency has seriously hinted the United States might be forced to welch on its debts, a warning experts say could herald dramatic changes for the country and the world. In the world of credit a "AAA" rating is a gold star of approval. Those countries and businesses that have it can borrow extraordinarily cheaply, those who don't, can't.

C-RAM Systems Become A Priority By Andy Nativi Genoa Although rocket, artillery and mortar (RAM) attacks have not been as lethal in recent conflicts as improvised explosive devices (IEDs) and suicide bombings, they pose an ongoing threat to military installations, forward operating bases, infrastructure and civilian areas. Work underway in the U.S., Europe and Israel is focused on developing effective and economical counter-RAM systems that provide coverage and, importantly, a sense of security to troops and civilians. Insurgents use RAM attacks as part of asymmetric warfare or as a tactic in terrorism. In many cases the weapons are crude and...

Boeing pushes for new multi-weapon Avenger system WASHINGTON, Feb. 8 (UPI) -- Boeing is pushing for an innovative -- and deadly -- multi-weapon variant of its Avenger system that is set to give a new edge to fighters in modern warfare conditions. Already shown to procurement officials and military professionals at a U.S. Army show in Washington, the Adaptive Force Protection Solutions System is a key highlight of weaponry that is likely to be deployed in modern warfare conditions. Analysts said AFPS aroused most interest where politicians' priorities meet the military's needs to save costs and protect fighters against a...

Red faces at S&P as agency strips Germany of 'AAA' rating - for a minute Things have got bad but, really: that bad? For a moment on Friday, markets were forced to think the unthinkable as an error briefly stripped one of the world's most reliable sovereign nations of its triple-A credit rating. By Edmund Conway Published: 6:39PM BST 11 Jun 2010 Standard & Poor's temporarily removed the AAA rating from a slice of Germany's national debt, before issuing a humiliating correction. The clerical error is all the more ironic because not only has Germany held the top credit rating...

France warns on credit rating David Stamp LONDON Sun May 30, 2010 12:08pm EDT LONDON (Reuters) - France admitted on Sunday that keeping its top-notch credit rating would be "a stretch" without some tough budget decisions, following German hints that Berlin may resort to raising taxes to help bring down its deficit. Euro zone trade unions are preparing for possible confrontations in the coming week if governments impose austerity measures or labor reforms unilaterally. But ministers made clear they were ready to take unpopular steps to prevent the Greek debt crisis spreading to their economies, although doubts are growing about...

The Russian air force took delivery of the first Pantsyr-S short-range air-defense systems in March. The Pantsyrs will gradually replace the old Tunguska antiaircraft weapons. The first 10 systems were released from KBP Instrument Design Bureau’s assembly site in Tula and transported to Alabino, near Moscow, and will be part of the Victory Day parade in Red Square on May 9. What’s unusual is that the first Pantsyr systems are being deployed to protect high-end surface-to-air missiles (SAMs) against aircraft, missiles and bombs. The Pantsyr battery will be deployed to the 606th air-defense regiment in Elektrostal, near Moscow, says Lt....

How great a chance do we have to overthrow ObamaCare in the courts? To answer that question we need to look into that bleak pit of falsehood and mendacity that America's left would like us to ignore at all costs, the historical record. We need to look at the original effort to nationalize the American economy, the one attempted by Obama's model, Franklin D. Roosevelt, by means of the New Deal. FDR was never quite clear about what he wanted to do. He was clear about the goal, but not about how to get there. Not unlike Obama, he left...

NEW YORK (Fortune) -- The United States isn't in jeopardy of losing its gold-plated credit rating, though by one measure America is closer to the ratings-downgrade danger zone than Spain. That's according to credit rating agency Moody's. In a quarterly report about sovereign debt, Moody's analysts wrote that despite market worries about rising government debt levels, there is "no imminent rating pressure" for the United States and other big governments carrying its highest triple-A rating.