Democrats should be playing the Fitch downgrade as a klaxon warning of what will happen if MAGA Republicans' fiscal policies get reinstated. This has to have a huge media push or otherwise the Republicans will make it about "Biden's failed policies." Yes the timing of the announcement sucks but but this is a grenade that has to be tossed back into the Republicans lap ASAP.
Democrats should be playing the Fitch downgrade as a klaxon warning of what will happen if MAGA Republicans' fiscal policies get reinstated. This has to have a huge media push or otherwise the Republicans will make it about "Biden's failed policies." Yes the timing of the announcement sucks but but this is a grenade that has to be tossed back into the Republicans lap ASAP.
Totally agree Georgia. I spent my career in the investment management business (it changed dramatically-and not for the better- over the decades) and this is definitely a "shot across the bow" as Wall Street "does not like uncertainty" and chaos is not usually well received. However, let us not forget the movers and shakers in the financial business tend to lean to the right politically and have done absolutely nothing to speak out against trump. They have no honor. CEO's, hedge fund managers, etc. pockets are overly lined (and they have the ability to protect their pot of gold unlike the masses) so they could care less as long as they get to amass and keep their money, control, and power. I'll get off that soap box for now!
“extremism by Republican officials—from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations—is a continued threat to our economy.”
Our current fiscal problems can be traced back to Reagan. He had a likeable personality and his success in dealing with the Soviet Union makes him somewhat immune to attack, but his domestic policies, well beyond fiscal, were abominable.
Absolutely the case, George. Reagan tripled the national debt and began the war on the Middle Class and labor unions while giving massive tax breaks to the wealthy, amounting to their plundering the national treasury. G.H.W. Bush added another trillion. Then G.W. Bush doubled it again with the Iraq War and the Wall Street extraction of more trillions, leading us to the brink of a depression. Obama bailed them out without requiring that they repay. Then Trump in 2017 gave the big corps and the wealthy another $2 trillion tax break, resulting in part to a $7.8 trillion deficit, the largest by number of any president, but it is still less than Reagan's tripling the national debt. We're $32 trillion in the hole, dumping this debt on our children and grandchildren. These plunderers have no conscience.
I despised Reagan from the get go. He indeed is responsible for all the things Richard has mentioned as well as shafting mental health and low income housing adding to what we see today. Right now there is a thread going on next-door here in Salem about taxes and housing costs. I agree about housing costs, but those values also mean higher property taxes. Poverty by America, the author argues that we could solve our problems if people just paid what they owe. Locally here we have at the top of the list a sleazy developer and a COVID central church.
His success in dealing with the Soviet Union had partly to due with just how badly Soviet communism worked--their products were terrible as I learned first hand when a friend brought a Russian bicycle home--and when a needed product was in stores there were long lines for it, as one of my Soviet specialist father's favorite "Russian jokes" played on. The other ingredient in Reagan's success was that Gorbachev was a very sensible, very decent man, who genuinely cared about his country and people.
George, I totally agree. His fiscal policies were indeed abominable. I guess that’s why some refer to his policies as supply-side economics or trickle -down economics, Reagan and his advocates preferred to call it free-market economics. Alternately, his opponents called it VOODOO economics!
The best thing Bush Sr. did for the U.S. was telling us that Reagan's economic proposals/plans were Voodoo Economics. He said that in the summer of 1980. Soon after that, Reagan chose Bush Sr. to be his VP. Birds of a feather.
Reagan was a talking head, and a somewhat empty one at that.
He took direction from a Kitchen Cabinet of wealthy supporters who appealed to his ego when he ran for Governor of CA, gave him a script to campaign with, and then expanded their membership and influence as he won the Presidency.
His abysmal domestic policies were focused on preserving and enchanting the wealth of the “1%”, that have become the overriding goal of today’s Republican Party. The Middle Class of this country was hollowed out and is only now beginning to recover under President Biden’s policies.
That same shadow group controlled much of Trump’s actions as President, though many of them realized they were working with an emotionally disturbed individual who could go off the tracks at any time. And he did so following the election results in November 2020!
Tim, yes to all that and you also could mention that he was also run by his wife's horoscope. Then there is a doctor's first amendment rights relative to abortion.
Like it or not, it is all about the money now. Thinking 'Dollars Defending Democracy" here, I find enormous encouragement, and ability to do so when I attempt to imagine the hardships the Ukranian people are being forced to endure at the hands of their own madman. It is imperative that we remove as many of the Republicockroaches from elected office as is humanly possible!
". . . at the hands of their own madman." What do you mean? Putin launched the attack on Ukraine, hitting civilian targets and taking Ukrainian children back to Russia. Putin has now been indicted as a war criminal.
My wife has made the same comment about Wall Street not liking chaos. And she has predicted that WS will put pressure on the trumpers to.... oh, I don't know, maybe follow the law...
So far I can see no difference.
The only way real change occurs is when someone is in pain. And that pain needs to come in the form of lost elections and lost revenue. I love that President Biden yanked the space command headquarters from Alabama and returned it to Colorado.
I agree, but my objection is that lawyers and likely Trump himself will use the exposure to stir up violence. Even police in the courtroom may be sympathetic to him. Better to have reporters and drawings. It will help keep courtroom decorum.
It needs to be televised! Trump will certainly throw his tantrums and play to his followers ad nauseum outside the courtroom. The judge assigned to this case is perfectly capable of controlling his behavior in her courtroom. Any of his outbursts there will not help his image with anyone. I also believe that televising the trial would short circuit possible support for him by police in the courtroom, which concerns you. Aside from a few characters/politicians like trump, it’s amazing how knowing that your behavior is being televised and millions of people are watching (and can hit replay) moderates your behavior.
I expect that the trump crowd will only watch the clips selected by the faux news outlets. Like the January 6th hearings, millions would watch at least parts of the trial, especially if sources like MSNBC televise the entire thing. (I recorded it) Many others would not have the time or care enough to watch the whole thing, but recorded clips on the mainstream media nightly news would get their attention and make an impression. This is important for the survival of our democracy and totally outweighs any risk of bad behavior in the courtroom.
It’s not behavior in the courtroom that worries me. It’s guns and organized mayhem outside it, signaled from the courtroom by the master of TV rebellions.
Disagree. tRump will stir up his brainwashed magates regardless if televised or not. And they will be violent either way. Show us the TRUTH IN REAL TIME!
But, yes, this judge probably will not want it televised because tRump would turn it into a circus as that is tRump's specialty. If cameras cause the trial to be delayed, I'm not for it. I do hope it can be filmed for posterity though. Maybe the Library of Congress would want the video history for the record.
Any judge has the power to take steps against anyone, defendant or attorney, who tries to turn the courtroom into a circus.
I rather like the concept of a glass cube with one-way sound transmission. Defendant will be present and can hear everything said in the courtroom but cannot interrupt and otherwise act to disrupt - something I do agree is entirely possible. I have difficulty imagining tfg keeping his trap shut for hours in the courtroom.
I don't think this exposure will stir up as much violence as much as censoring it would. Besides, it's a great opportunity to expose once again what a compete psychopath Donald is. Bring on Mary!
Former Federal prosecutor Joyce Vance is a strong advocate FOR televising this trial, and I totally agree with her:
"Finally, cameras in the courtroom. Chief Justice Roberts could ensure these proceedings were made publicly available. He can order that there be cameras in the courts. And he should. That final charge makes it clear that we are all victims of this crime. We have the right to watch the proceedings."
And Vance twice quotes brilliant US Attorney Joyce Alene on X/Twitter:
"I'll say it again. The Chief Justice must authorize televising Trump's trial on charges connected to his attempts to interfere in the outcome of the 2024 election. Justice demands it."
"Chief Justice Roberts should immediately amend the rules to permit cameras in federal courts. The American public is entitled to watch the proceedings against Trump in their entirety. Anything less would be an injustice."
But Proud Boys and their allies will watch too and can easily be exhorted to violence. Trump and his lawyers may already have a plan and have military and police cooperation. Better to have reporters and artists plus film from the 1/6 Committee.
Part of the reason it took 2 years to reach today's DOJ indictment of tRump's conspiracy to overthrow our election was that Garland et al had to flip all the little insurrectionists first, thereby also capturing, disarming, and neutralizing tRump's Brown Shirt Brigade. My Proud Boy neighbor isn't marching anywhere these days. We, The people, All of Us This Time, need to see and hear the tRump trial.
The conspiracy trial MUST BE TELEVISED. Having the important opportunity as a college student on break to watch the Watergate Hearings in the summer of 1973 with my mother, I was witness to our country's deep corrupt pit, and our waking up, changing, becoming stronger. The primary focus of these hearings will be on the witnesses' testimony and cross examinations. Faux News will splice much of the truth away, but their remaining audience can not be reached by truth anyway. It is that college student, or a young mother, or middle aged worker, who should see first hand how deftly Jack Smith will excoriate tRump and his fellow cons, and end their tyranny.
But the Watergate Hearings took place in a different world. And this is a trial where the ex-president, TV personality, who is a tantrum-prone child with a following of organized armed bands who can be called to violence from the courtroom.
tRump will tantrum on Faux before, during and after. At least in court the Judge can silence him. We need good ole' Republicans (who voted for tRump because they were bamboozled) to see tRump in court, and to see and hear the witnesses. And this time, unlike last, our military leaders trust Pres. Biden and would, if need be, intervene if violent armed bands heard their dog's whistle.
"...heard a bunch of whining by former prosecutors and MSNBC anchors yesterday about how wonderful if would be if they allowed cameras in the federal courtroom for the trial of Defendant Trump whenever that happens. Why? So Defendant Trump can do his level best to appear as a victim of a wrongful prosecution every day like O.J. did? Maybe all the experts and anchors on MSNBC and CNN should go back and have a look at the verdict after all that wall-to-wall coverage of poor O.J., who was portrayed as the real victim, remember, instead of his dead wife and Ronald Goldman."
If they don’t televise the trial, the networks/publishers like FOX, INFO WARS, Breitbart and Newsmax will continue to spin the narrative to back up Trumps cries of being the victim of a witch-hunt. It will allow the Cult of Trump to continue to bury their collective heads in the sand and cry foul.
We The People NEED to see it in realtime so there is no doubt of the actual narrative.
Zella, Thank You very very much for posting this link. (I'm a huge fan of Neal Katyal.) Televising the trial has the almost-sure potential of insuring that
Georgia Fisanick's image of the hand grenade with the pin pulled out is a DUD. Otherwise, misinformation and lies will proliferate causing lots of blood and gore.
Thank You Zella! Katyal is amazing! And impactful. And Scotus Roberts is worried about his reputation which already has rats in it from tRump's gutter. If enough legal and political experts like Katyal speak up for televising the hearings, Roberts will more likely allow it. And smile so humbly.
As long as there's the possibility of a Trump/GOP reelection, whether 2024 or later, and MAGA dominates the GOP, Fitch have a point in looking to possible government financial instability. I imagine this has an immediate impact on the cost of US borrowing?
Frank, from my own perspective as an engineer, not an economist (meaning I can use non-linear models, the vast majority of economic models are linear):
It has been clear since the Trump tax cuts and perhaps even since the Bush II tax cuts that US debt is not sustainable. Right now, the US relies on the fact that we are the world's resolution/reserve currency to support our debt. However, there are efforts to erode the status of the dollar. It will take time, but, the fact that we have unsustainable debt SUPPORTS moving to a more stable currency for worldwide transactions.
Additionally, we grew our debt by a trillion dollars in something like a month or two recently.
Lastly, and most telling, our debt is 129% of the Gross Domestic Product. The last time it was this high was at the end of WW II. Then, taxes were raised to pay down that debt and that debt was lowered to near zero under Jimmy Carter.
Then, Reagan, while talking about "fiscal responsibility" went on spending spree AND lowered taxes AND sponsored TWO recessions. He did all this while brainwashing America into thinking he had a great economy.
As long as Republicans are unwilling to raise taxes even on Warren Buffett who has VOLUNTEERED to pay higher taxes publicly, the US is in real threat of default on its debt.
I think that another one or two downgrades is more accurate than the current rating made yesterday.
US debt is in real, obvious, serious trouble of real default. Making that clear to the suckers who are buying it is important.
Last, but far from least: Trump is reasonably likely to be President again. US debt could be worthless fairly soon after that. Trump has authored bankruptcy no less than SIX times in his life. Bankruptcy is Trump's ONLY real expertise in his life.
I think you’re stuck in the deficit myth. The current economic models are still built on an idea of economics as a mathematical model, and there is just no way to take into account all the variables. It’s more complex than climate.
I’m a scientist, which is very different from being an engineer, and I’m able to juggle very complex systems. I think the deficit is quite manageable as long as there is growth and economic activity, just as Keynes taught. And that’s what’s fueling the economy. I do agree the W II and drumpf cuts, hell let’s go back to Reagan, have been stupid.
I would probably be more worried had I not had Stephanie Kelton read the Defict Myth to me.
Three times, because the first two I couldn’t quite think it could be true. Ideas so contrary to the “popular opinion”( and we know what that’s worth).
Jen, I am not nearly as sanguine about debt at 130% of GDP. After WW II, with MUCH higher tax rates than today, the debt was small but not zero 30 years later.
So. IF we revert to the tax and spending ratios post WW II it will be 30 years, maybe, to get back to solid.
Not including Trump’s Openly spoken threat to just default. Right? He is working for Putin.
"Reasonably likely" makes no sense. He's either likely, or he isn't. And he isn't, in my opinion. But he's out for retribution, as is the Republican party, whom he has convinced that he's a victim of the mythical "deep state," Hillary Clinton, Joe Biden, the "Swamp," and damn it, when he was five the Tooth Fairy forgot to leave a dime under his pillow. Trump is capable of even more damage than he's already done, and he's going to get worse.
"I imagine this has an immediate impact on the cost of US borrowing?"
I'm no financial whiz, but the short answer is no.
For what it's worth, Goldman Sachs said the report "contains no new information and "should have little direct impact." Jamie Dimon (JPMorganChase) called it "kind of ridiculous" but thinks it "doesn't really matter." So... *shrugs?*
I don't like him on a personal level in any way. But he is one of the top bankers in the world, so in this specific case his opinion was relevent, I felt.
Georgia At Moody’s Investors Service in the 1970s I was EVP responsible for rating the credit of all taxable debt instruments worldwide, including sovereign states.
At the time England and many other countries were well below Aaa. In 2011 I agreed with the Standard & Poors reduction of the U. S. Credit rating from AAA to AA+. It had gone from a belt and two suspenders credit to something less. There was some likelihood that, because of Congress, there could be a default on debt obligations.
I see a similar situation today. The Fitch drop in the US credit rating seems appropriate. There is no assurance that Congress will approve in a timely manner the payment of US debt obligations.
Long term, personally I would have no problem holding US long-term debt. Short-term it seems less assured on timely payments than Aaa-rated debt instruments. The interest difference would be marginal, though some funds may be restricted to Aaa/AAA-rated debt instruments.
I agree that the reality of the downgrade is not catastrophic. But the PERCEPTION of the reality is what counts these days. Right now the Republicans are desparate for talking points and the downgrade gives them a big one to distort and the truth is that a government shutdown will hurt many people. Which spin will "win"? "Biden governed so horribly that he destroyed the US credit worthiness and caused the national debt and your creidt card bill to surge because of higher interest rates." or "Right wing Republican extremists in the House refused to do their duty and legislate the funding of the government and forced a shutdown." I know which one the Republicans will lob-- What I am not hearing in the media is a Democratic response.
Georgia How many people were aware that S&P had cut US credit for AAA to AA+ in 2011 and has kept it there ever since? Moody’s still Aaa and Fitch considered 2nd tier credit rating agency.
An additional problem is Biden's "Vampire Liberal" policies of mammoth increases in the national debt -- sucking resources out of the rest of the world -- to pay for Worthwhile Programs that we really can't afford.
You seem to misunderstand my reference to Vampire Liberals, who suck resources out of other countries (by issuing more and more unpayable Treasury Bonds) to fund Worthwhile Projects. Of course there are Vampire Conservatives as well...
My guy, what I have caught you doing is making sh!t up. Literally no one else besides you has ever used this phrase. You can Google it in quotation marks and the only actual hit is you, on this comment page. Which, considering there are 1.2 billion English-language internet users, and an astonishing percentage of them also seem dedicated to the task of endlessly making sh!t up, is impressive. This is a newsletter/forum dedicated to historical connections to current events, scrupulously and factually researched by a leading scholar. Don't be surprised no one here is interested in engaging in a debate with your one-man school of thought.
The difference is the conservative Vamps give the money to the Dragons, in the form of tax breaks and incentives, who horde their wealth for themselves. While the liberal Vamps use it for the common good (worthwhile projects). A lot of those projects Need to happen sooner than later, whether we can “afford” them or not.
Far above 100 with lengthy reports about platform obligations to Authors & Readers along with developing Platform liability law nationally & in California & other states.
Dave Smucker, assuming that you're not a Biden Bully, if you click on my name, you will find a series of "notes" -- replies to HCR pointing out her errors and dubious statements.
I think he must be in his glory with all the attention he is getting lately. He currently likes to attach prior Letters comments. I sure don't waste the time to read them. I actually don't read most of his comments--he just repeats, repeats, repeats. I might mention he is a troll to people who have not had prior experience being called "Thugly" by him. (LOL--don't you love that one!!)
It's because you address other commenters with contempt, your own comments are inaccurate, hostile and repetitive, and stop using your own comments as references, please. You're lazy; you use right wing nonsense and ridicule because you are trying to provoke people, and that's simply being an asshole. Am I clear?
Try this, you incredibly stupid, obnoxious troll: Go fuck yourself. How dare you throw such ugly crap in my direction when I never made similar attacks on you. You really make me sick. I guess you just can't stand to be told the truth about yourself and must resort to sick crap about alcoholism and misogyny. Your whole purpose in being here is to offend people, in hopes that anyone will think you're worth engaging with. I pity you, I really do, and although you should go fuck yourself, maybe someday you'll learn how to respect others with whom you disagree. There's really something seriously wrong with you.
"Vampire Liberal"? I guess you Pravda employees are running out of English words these days? You are throwing around the word inane today I also see. Goodness.
Vampire and Liberal. Now, what word might we associate with that marriage of fantasy and reality? Let's take a poll Speck.
Wasn't the Dems which have been endlessly seeking tax cuts for the rich and very, John. GOP policy is not thus? Check out US Military spending, by far the single largest spending line, outsizing by huge margins the next 4 largest military budgets on the planet. "Vampire Liberal"? give us a break!
It's really just a matter of US electorate and political financing corporate world being willing to tax appropriately. US is unbelievably behind eg European countries in supporting social support spending. Still has to resolve long term financing of existing Social Security policies.
John, you know that the Republicans have siphoned trillions out of the national treasury. Reagan tripled the national debt and gave massive tax breaks to the large corps and wealthy individuals. This continued with G.H.W. Bush, G.W. Bush and Donald Trump, Trump adding $7.8 trillion to the national debt. Your statement is devoid of facts and reason.
Richard Sutherland, I think it's fair to say that Trump pulled a Reagan when he was President.
The problem is, even though Biden wants to spend money on worthwhile projects, we are basically stealing from other countries, who have to hold U.S. Treasury Bonds as a currency reserve for settlements of international trade. Basically, we're exporting inflation with our endless generation of increasingly toxic Treasury Bonds.
of people spend money they can't really afford. How about a new furnace replacing a roof that is falling down. You have a rip in your shirt and don't repair it. It then gets worse. These are minor things, but if you don't spend a little to fix things now, it will only get worse later.
It seems that trump spent a lot of money (lost it too in reducing the country's revenue with the tax "break".)
Fitch is run by Hearst heirs. They saw Trump is toast and decided to make a lame attempt to sabotage Biden. Purely to protect their low taxes and keep democracy on the ropes.
I don't think they'd have anything to gain by doing that. And simply blaming the messenger is ridiculous. Fitch just downgraded Egypt's credit rating considerably after Al Sisi let the bills slide while pouring borrowed money into his pet "investment" projects that do nothing for the country or its millions of poor people. The US is not a stable democracy anymore, but one rated as "at risk," and that's because of the events that have taken place over the last 10 years. We have an economy that's strong, but the huge spending by the Bush, Trump and Biden administrations has had a negative effect, especially the brinkmanship over the debt ceiling.
This downgrade is terrible because by election day, all the voters will remember is that it happened on Joe Biden's watch. They don't pay attention to details.
I thought just that too, but they need to hear and see examples of the damage this grenade will cause to their real lives; what they will lose that is very important to them. Does anyone on this site have concrete examples? “Fiscal policies” is too general for them to understand.
You sound like the guy who leans against the wall outside the house where the party is being held and only wants to talk to people who also hate the party.
Yeah, see, I am an adult who doesn't need the emotional comfort of thinking "they" care about "us" or "me." Every non-tribal human society has had a government, I take my participation in my society seriously, part of that is by always voting, and my vote is given to the party who is currently supporting most of the stances I support. No more, no less. I'm satisfied with my Biden vote not because I think those fundraising emails he sends me are real and he really would be my buddy if we got to know each other, I'm satisfied with my vote because I like 90-95% of the actions he has taken in office.
*scrolls down* Oh, wait, you're a Covid conspiracy theorist who thinks the Civil War was Lincoln's fault and WWIII is on the way. Have a nice life, I guess.
Democrats should be playing the Fitch downgrade as a klaxon warning of what will happen if MAGA Republicans' fiscal policies get reinstated. This has to have a huge media push or otherwise the Republicans will make it about "Biden's failed policies." Yes the timing of the announcement sucks but but this is a grenade that has to be tossed back into the Republicans lap ASAP.
Totally agree Georgia. I spent my career in the investment management business (it changed dramatically-and not for the better- over the decades) and this is definitely a "shot across the bow" as Wall Street "does not like uncertainty" and chaos is not usually well received. However, let us not forget the movers and shakers in the financial business tend to lean to the right politically and have done absolutely nothing to speak out against trump. They have no honor. CEO's, hedge fund managers, etc. pockets are overly lined (and they have the ability to protect their pot of gold unlike the masses) so they could care less as long as they get to amass and keep their money, control, and power. I'll get off that soap box for now!
“extremism by Republican officials—from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations—is a continued threat to our economy.”
Our current fiscal problems can be traced back to Reagan. He had a likeable personality and his success in dealing with the Soviet Union makes him somewhat immune to attack, but his domestic policies, well beyond fiscal, were abominable.
Absolutely the case, George. Reagan tripled the national debt and began the war on the Middle Class and labor unions while giving massive tax breaks to the wealthy, amounting to their plundering the national treasury. G.H.W. Bush added another trillion. Then G.W. Bush doubled it again with the Iraq War and the Wall Street extraction of more trillions, leading us to the brink of a depression. Obama bailed them out without requiring that they repay. Then Trump in 2017 gave the big corps and the wealthy another $2 trillion tax break, resulting in part to a $7.8 trillion deficit, the largest by number of any president, but it is still less than Reagan's tripling the national debt. We're $32 trillion in the hole, dumping this debt on our children and grandchildren. These plunderers have no conscience.
I despised Reagan from the get go. He indeed is responsible for all the things Richard has mentioned as well as shafting mental health and low income housing adding to what we see today. Right now there is a thread going on next-door here in Salem about taxes and housing costs. I agree about housing costs, but those values also mean higher property taxes. Poverty by America, the author argues that we could solve our problems if people just paid what they owe. Locally here we have at the top of the list a sleazy developer and a COVID central church.
...and let's not forget Kent State's deaths. Thom Hartmann, a Substack author, today posted about that and that TFG would have wanted to do just that on a national scale. https://hartmannreport.com/p/history-must-record-trumps-plan-for-992
Piracy is a crime. It should apply to financial institutions. Maybe the Puritans had an idea.
His success in dealing with the Soviet Union had partly to due with just how badly Soviet communism worked--their products were terrible as I learned first hand when a friend brought a Russian bicycle home--and when a needed product was in stores there were long lines for it, as one of my Soviet specialist father's favorite "Russian jokes" played on. The other ingredient in Reagan's success was that Gorbachev was a very sensible, very decent man, who genuinely cared about his country and people.
George, I totally agree. His fiscal policies were indeed abominable. I guess that’s why some refer to his policies as supply-side economics or trickle -down economics, Reagan and his advocates preferred to call it free-market economics. Alternately, his opponents called it VOODOO economics!
Yes, his own vice president, GHW, use that to describe Regan’s economic plans during the primaries. And look where that got him!
The best thing Bush Sr. did for the U.S. was telling us that Reagan's economic proposals/plans were Voodoo Economics. He said that in the summer of 1980. Soon after that, Reagan chose Bush Sr. to be his VP. Birds of a feather.
Reagan was a talking head, and a somewhat empty one at that.
He took direction from a Kitchen Cabinet of wealthy supporters who appealed to his ego when he ran for Governor of CA, gave him a script to campaign with, and then expanded their membership and influence as he won the Presidency.
His abysmal domestic policies were focused on preserving and enchanting the wealth of the “1%”, that have become the overriding goal of today’s Republican Party. The Middle Class of this country was hollowed out and is only now beginning to recover under President Biden’s policies.
That same shadow group controlled much of Trump’s actions as President, though many of them realized they were working with an emotionally disturbed individual who could go off the tracks at any time. And he did so following the election results in November 2020!
Tim, yes to all that and you also could mention that he was also run by his wife's horoscope. Then there is a doctor's first amendment rights relative to abortion.
👍
Exactly. Wall Street has no honor or sense of morality.
I find it so ironic that unruly Wallstreet doesn't like chaos
and cant see it's nose in front of it's face😂🤣😭
No conscience. Like a football franchise. We in our democracy must provide and enforce rules and guardrails.
Like it or not, it is all about the money now. Thinking 'Dollars Defending Democracy" here, I find enormous encouragement, and ability to do so when I attempt to imagine the hardships the Ukranian people are being forced to endure at the hands of their own madman. It is imperative that we remove as many of the Republicockroaches from elected office as is humanly possible!
". . . at the hands of their own madman." What do you mean? Putin launched the attack on Ukraine, hitting civilian targets and taking Ukrainian children back to Russia. Putin has now been indicted as a war criminal.
I read that as they have their own tRump madman in Putin.
Your culture is money.
There's That.
"They could NOT care less" is far more accurate Janet.
My wife has made the same comment about Wall Street not liking chaos. And she has predicted that WS will put pressure on the trumpers to.... oh, I don't know, maybe follow the law...
So far I can see no difference.
The only way real change occurs is when someone is in pain. And that pain needs to come in the form of lost elections and lost revenue. I love that President Biden yanked the space command headquarters from Alabama and returned it to Colorado.
It's a start.
Thank Goodness for your soapbox. May you revisit it often.
Your image of "a grenade that has to be tossed back into the Republicans lap ASAP"
is vivid.
The entire time 45 has been in the spotlight, he has been a grenade with the pin pulled out.
Someone either needs to hold on to the safety lever
or fall down on it, sacrificing so others in the kill zone are spared.
I like the idea of him exploding. But alas, this is a metaphor. And he is kind of a dud in most ways. :-)
Which is why the trial MUST NOT BE ON TELEVISION. Please let your senator know.
Respectfully, I disagree. I think that every American has a right, if not an obligation, to watch this trial.
I agree, but my objection is that lawyers and likely Trump himself will use the exposure to stir up violence. Even police in the courtroom may be sympathetic to him. Better to have reporters and drawings. It will help keep courtroom decorum.
It needs to be televised! Trump will certainly throw his tantrums and play to his followers ad nauseum outside the courtroom. The judge assigned to this case is perfectly capable of controlling his behavior in her courtroom. Any of his outbursts there will not help his image with anyone. I also believe that televising the trial would short circuit possible support for him by police in the courtroom, which concerns you. Aside from a few characters/politicians like trump, it’s amazing how knowing that your behavior is being televised and millions of people are watching (and can hit replay) moderates your behavior.
I expect that the trump crowd will only watch the clips selected by the faux news outlets. Like the January 6th hearings, millions would watch at least parts of the trial, especially if sources like MSNBC televise the entire thing. (I recorded it) Many others would not have the time or care enough to watch the whole thing, but recorded clips on the mainstream media nightly news would get their attention and make an impression. This is important for the survival of our democracy and totally outweighs any risk of bad behavior in the courtroom.
It’s not behavior in the courtroom that worries me. It’s guns and organized mayhem outside it, signaled from the courtroom by the master of TV rebellions.
Disagree. tRump will stir up his brainwashed magates regardless if televised or not. And they will be violent either way. Show us the TRUTH IN REAL TIME!
But, yes, this judge probably will not want it televised because tRump would turn it into a circus as that is tRump's specialty. If cameras cause the trial to be delayed, I'm not for it. I do hope it can be filmed for posterity though. Maybe the Library of Congress would want the video history for the record.
Any judge has the power to take steps against anyone, defendant or attorney, who tries to turn the courtroom into a circus.
I rather like the concept of a glass cube with one-way sound transmission. Defendant will be present and can hear everything said in the courtroom but cannot interrupt and otherwise act to disrupt - something I do agree is entirely possible. I have difficulty imagining tfg keeping his trap shut for hours in the courtroom.
I don't think this exposure will stir up as much violence as much as censoring it would. Besides, it's a great opportunity to expose once again what a compete psychopath Donald is. Bring on Mary!
It’s not censorship. It’s normal federal trial procedure —reporters and drawings.
Former Federal prosecutor Joyce Vance is a strong advocate FOR televising this trial, and I totally agree with her:
"Finally, cameras in the courtroom. Chief Justice Roberts could ensure these proceedings were made publicly available. He can order that there be cameras in the courts. And he should. That final charge makes it clear that we are all victims of this crime. We have the right to watch the proceedings."
And Vance twice quotes brilliant US Attorney Joyce Alene on X/Twitter:
"I'll say it again. The Chief Justice must authorize televising Trump's trial on charges connected to his attempts to interfere in the outcome of the 2024 election. Justice demands it."
"Chief Justice Roberts should immediately amend the rules to permit cameras in federal courts. The American public is entitled to watch the proceedings against Trump in their entirety. Anything less would be an injustice."
But Proud Boys and their allies will watch too and can easily be exhorted to violence. Trump and his lawyers may already have a plan and have military and police cooperation. Better to have reporters and artists plus film from the 1/6 Committee.
Part of the reason it took 2 years to reach today's DOJ indictment of tRump's conspiracy to overthrow our election was that Garland et al had to flip all the little insurrectionists first, thereby also capturing, disarming, and neutralizing tRump's Brown Shirt Brigade. My Proud Boy neighbor isn't marching anywhere these days. We, The people, All of Us This Time, need to see and hear the tRump trial.
Let 'em try it. The Feds will be waiting.
ll the better. Smoke 'em out.
No what? I don't understand what you're referring to.
The conspiracy trial MUST BE TELEVISED. Having the important opportunity as a college student on break to watch the Watergate Hearings in the summer of 1973 with my mother, I was witness to our country's deep corrupt pit, and our waking up, changing, becoming stronger. The primary focus of these hearings will be on the witnesses' testimony and cross examinations. Faux News will splice much of the truth away, but their remaining audience can not be reached by truth anyway. It is that college student, or a young mother, or middle aged worker, who should see first hand how deftly Jack Smith will excoriate tRump and his fellow cons, and end their tyranny.
But the Watergate Hearings took place in a different world. And this is a trial where the ex-president, TV personality, who is a tantrum-prone child with a following of organized armed bands who can be called to violence from the courtroom.
tRump will tantrum on Faux before, during and after. At least in court the Judge can silence him. We need good ole' Republicans (who voted for tRump because they were bamboozled) to see tRump in court, and to see and hear the witnesses. And this time, unlike last, our military leaders trust Pres. Biden and would, if need be, intervene if violent armed bands heard their dog's whistle.
Then there is this from Lucian Truscot IV:
"...heard a bunch of whining by former prosecutors and MSNBC anchors yesterday about how wonderful if would be if they allowed cameras in the federal courtroom for the trial of Defendant Trump whenever that happens. Why? So Defendant Trump can do his level best to appear as a victim of a wrongful prosecution every day like O.J. did? Maybe all the experts and anchors on MSNBC and CNN should go back and have a look at the verdict after all that wall-to-wall coverage of poor O.J., who was portrayed as the real victim, remember, instead of his dead wife and Ronald Goldman."
If they don’t televise the trial, the networks/publishers like FOX, INFO WARS, Breitbart and Newsmax will continue to spin the narrative to back up Trumps cries of being the victim of a witch-hunt. It will allow the Cult of Trump to continue to bury their collective heads in the sand and cry foul.
We The People NEED to see it in realtime so there is no doubt of the actual narrative.
YES!
Zella, Thank You very very much for posting this link. (I'm a huge fan of Neal Katyal.) Televising the trial has the almost-sure potential of insuring that
Georgia Fisanick's image of the hand grenade with the pin pulled out is a DUD. Otherwise, misinformation and lies will proliferate causing lots of blood and gore.
Thank You Zella! Katyal is amazing! And impactful. And Scotus Roberts is worried about his reputation which already has rats in it from tRump's gutter. If enough legal and political experts like Katyal speak up for televising the hearings, Roberts will more likely allow it. And smile so humbly.
BEV Georgia IS Right ! FRAGS ! That are in UNSTABLE Hands, Is a Threat to All, around IT ! HEAVE IT !, Back Where it can DO !,, " the most GOOD ! "
Do you think the 1% will ever come to their senses?
Never.
As long as there's the possibility of a Trump/GOP reelection, whether 2024 or later, and MAGA dominates the GOP, Fitch have a point in looking to possible government financial instability. I imagine this has an immediate impact on the cost of US borrowing?
Frank, from my own perspective as an engineer, not an economist (meaning I can use non-linear models, the vast majority of economic models are linear):
It has been clear since the Trump tax cuts and perhaps even since the Bush II tax cuts that US debt is not sustainable. Right now, the US relies on the fact that we are the world's resolution/reserve currency to support our debt. However, there are efforts to erode the status of the dollar. It will take time, but, the fact that we have unsustainable debt SUPPORTS moving to a more stable currency for worldwide transactions.
Additionally, we grew our debt by a trillion dollars in something like a month or two recently.
Lastly, and most telling, our debt is 129% of the Gross Domestic Product. The last time it was this high was at the end of WW II. Then, taxes were raised to pay down that debt and that debt was lowered to near zero under Jimmy Carter.
Then, Reagan, while talking about "fiscal responsibility" went on spending spree AND lowered taxes AND sponsored TWO recessions. He did all this while brainwashing America into thinking he had a great economy.
As long as Republicans are unwilling to raise taxes even on Warren Buffett who has VOLUNTEERED to pay higher taxes publicly, the US is in real threat of default on its debt.
I think that another one or two downgrades is more accurate than the current rating made yesterday.
US debt is in real, obvious, serious trouble of real default. Making that clear to the suckers who are buying it is important.
Last, but far from least: Trump is reasonably likely to be President again. US debt could be worthless fairly soon after that. Trump has authored bankruptcy no less than SIX times in his life. Bankruptcy is Trump's ONLY real expertise in his life.
I think you’re stuck in the deficit myth. The current economic models are still built on an idea of economics as a mathematical model, and there is just no way to take into account all the variables. It’s more complex than climate.
I’m a scientist, which is very different from being an engineer, and I’m able to juggle very complex systems. I think the deficit is quite manageable as long as there is growth and economic activity, just as Keynes taught. And that’s what’s fueling the economy. I do agree the W II and drumpf cuts, hell let’s go back to Reagan, have been stupid.
But let’s hold our fire on the deficit for now.
Thank you, Jen. There’s no need for panic over the debt or the deficit. Which has been shrinking under Biden.
I would probably be more worried had I not had Stephanie Kelton read the Defict Myth to me.
Three times, because the first two I couldn’t quite think it could be true. Ideas so contrary to the “popular opinion”( and we know what that’s worth).
Jen, I am not nearly as sanguine about debt at 130% of GDP. After WW II, with MUCH higher tax rates than today, the debt was small but not zero 30 years later.
So. IF we revert to the tax and spending ratios post WW II it will be 30 years, maybe, to get back to solid.
Not including Trump’s Openly spoken threat to just default. Right? He is working for Putin.
"Reasonably likely" makes no sense. He's either likely, or he isn't. And he isn't, in my opinion. But he's out for retribution, as is the Republican party, whom he has convinced that he's a victim of the mythical "deep state," Hillary Clinton, Joe Biden, the "Swamp," and damn it, when he was five the Tooth Fairy forgot to leave a dime under his pillow. Trump is capable of even more damage than he's already done, and he's going to get worse.
I dunno, I'm 65 and I've ben hearing that unsustainable argument my entire life. It hasn't happened yet.
:)
There's that word "terrifying" again. Stop using it, please. We are not sniveling children who are "terrified" of nightmare scenarios. We are adults.
Correct.
Well. Then, you go right ahead and be "terrified." It's neither ill mannered nor immature to call for courage in hard times, but hey, what do I know?
Please may we not have a public trial!
But. All trials ARE public. Are they not?
If people are allowed in the courtroom, but some are closed or limited to observers. Federal trials aren’t televised because of safety concerns.
Thank you. 😊
"I imagine this has an immediate impact on the cost of US borrowing?"
I'm no financial whiz, but the short answer is no.
For what it's worth, Goldman Sachs said the report "contains no new information and "should have little direct impact." Jamie Dimon (JPMorganChase) called it "kind of ridiculous" but thinks it "doesn't really matter." So... *shrugs?*
Jaime Dimon is a nothing. He would take the last penny from a widow.
I don't like him on a personal level in any way. But he is one of the top bankers in the world, so in this specific case his opinion was relevent, I felt.
YES ! Put the BLINDERS ON ! , and Get Ready , for the " BIG FLUSH !! " WAKE UP ! , MANKIND ! JESUS ! , is at Your FRONT DOOR ! ( LORD! , Have MERCY !)
https://heathercoxrichardson.substack.com/p/august-2-2023/comment/21791343
Georgia At Moody’s Investors Service in the 1970s I was EVP responsible for rating the credit of all taxable debt instruments worldwide, including sovereign states.
At the time England and many other countries were well below Aaa. In 2011 I agreed with the Standard & Poors reduction of the U. S. Credit rating from AAA to AA+. It had gone from a belt and two suspenders credit to something less. There was some likelihood that, because of Congress, there could be a default on debt obligations.
I see a similar situation today. The Fitch drop in the US credit rating seems appropriate. There is no assurance that Congress will approve in a timely manner the payment of US debt obligations.
Long term, personally I would have no problem holding US long-term debt. Short-term it seems less assured on timely payments than Aaa-rated debt instruments. The interest difference would be marginal, though some funds may be restricted to Aaa/AAA-rated debt instruments.
Thank You, Keith! I can handle this knowing we still have a belt (and maybe one suspender?)!
MP Or you can have a belt of Scotch and then suspend your judgment.
LOL!
I agree that the reality of the downgrade is not catastrophic. But the PERCEPTION of the reality is what counts these days. Right now the Republicans are desparate for talking points and the downgrade gives them a big one to distort and the truth is that a government shutdown will hurt many people. Which spin will "win"? "Biden governed so horribly that he destroyed the US credit worthiness and caused the national debt and your creidt card bill to surge because of higher interest rates." or "Right wing Republican extremists in the House refused to do their duty and legislate the funding of the government and forced a shutdown." I know which one the Republicans will lob-- What I am not hearing in the media is a Democratic response.
Georgia How many people were aware that S&P had cut US credit for AAA to AA+ in 2011 and has kept it there ever since? Moody’s still Aaa and Fitch considered 2nd tier credit rating agency.
YES Georgia, Biden needs to shout from the mountain tops.
An additional problem is Biden's "Vampire Liberal" policies of mammoth increases in the national debt -- sucking resources out of the rest of the world -- to pay for Worthwhile Programs that we really can't afford.
Did you run out of knitting yarn John?
This is the correct response. Hi-five.
BRAVO !! , Chris ! ....
Reported
Chris Hietholzer, your comment is so innane that it might not qualify as trolling.
It's inane. With 1 middle "n." Just because I dont mind being pedannntic. Or, as you might freshly term it, a "Vampire Linguist."
Vampire Linguistics, the stuff my nightmares are made of. 😉
Will, you caught me with a misspelled word.
You seem to misunderstand my reference to Vampire Liberals, who suck resources out of other countries (by issuing more and more unpayable Treasury Bonds) to fund Worthwhile Projects. Of course there are Vampire Conservatives as well...
My guy, what I have caught you doing is making sh!t up. Literally no one else besides you has ever used this phrase. You can Google it in quotation marks and the only actual hit is you, on this comment page. Which, considering there are 1.2 billion English-language internet users, and an astonishing percentage of them also seem dedicated to the task of endlessly making sh!t up, is impressive. This is a newsletter/forum dedicated to historical connections to current events, scrupulously and factually researched by a leading scholar. Don't be surprised no one here is interested in engaging in a debate with your one-man school of thought.
The difference is the conservative Vamps give the money to the Dragons, in the form of tax breaks and incentives, who horde their wealth for themselves. While the liberal Vamps use it for the common good (worthwhile projects). A lot of those projects Need to happen sooner than later, whether we can “afford” them or not.
If no one comments on John’s absurd comments then he might go away. Please, let John stew in his own vacuum.
The real test will be how many times John will repeat his original coment today, based on past posts I guessing 17.
A form of Platform disruption of Subscribers. Reported.
So report 18 times. Will beat my old record for reporting him.
Far above 100 with lengthy reports about platform obligations to Authors & Readers along with developing Platform liability law nationally & in California & other states.
Dave Smucker appears to be trying to make an ass of himself.
Such an honor, thank you.
Dave Smucker, assuming that you're not a Biden Bully, if you click on my name, you will find a series of "notes" -- replies to HCR pointing out her errors and dubious statements.
But you gotta admit, Chris's response was pretty funny, and oh, did I need a laugh today!
Substack Inc has Terms &; Conditions that can be enforced contractually by "Readers". Reported.
I must say though I wish there was a feature to block him.
I think he must be in his glory with all the attention he is getting lately. He currently likes to attach prior Letters comments. I sure don't waste the time to read them. I actually don't read most of his comments--he just repeats, repeats, repeats. I might mention he is a troll to people who have not had prior experience being called "Thugly" by him. (LOL--don't you love that one!!)
Miselle, you seem to be another Biden Bully. "Thugly" was my name for Jeri Chilcutt, who has stopped being abusive recently.
My principle: Stand up to bullies, even if you get knocked flat.
Joyce, whoever that is, wants other people to not like me. :-(
It's because you address other commenters with contempt, your own comments are inaccurate, hostile and repetitive, and stop using your own comments as references, please. You're lazy; you use right wing nonsense and ridicule because you are trying to provoke people, and that's simply being an asshole. Am I clear?
No you're not. You sound like you've been drinking, but perhaps you chose to do an impersonation of a nagging housewife.
Try this, you incredibly stupid, obnoxious troll: Go fuck yourself. How dare you throw such ugly crap in my direction when I never made similar attacks on you. You really make me sick. I guess you just can't stand to be told the truth about yourself and must resort to sick crap about alcoholism and misogyny. Your whole purpose in being here is to offend people, in hopes that anyone will think you're worth engaging with. I pity you, I really do, and although you should go fuck yourself, maybe someday you'll learn how to respect others with whom you disagree. There's really something seriously wrong with you.
I’m with them.
...said the Usual Suspect, with a typical trollish grunt.
Don't go away mad. Just go away.
You do a pretty darn good job at that yourself.
https://heathercoxrichardson.substack.com/p/august-2-2023/comment/21807328
Ha! That's a new one for me Speck.
"Vampire Liberal"? I guess you Pravda employees are running out of English words these days? You are throwing around the word inane today I also see. Goodness.
Vampire and Liberal. Now, what word might we associate with that marriage of fantasy and reality? Let's take a poll Speck.
https://heathercoxrichardson.substack.com/p/august-2-2023/comment/21791343
Mike - Isn’t that like an oxymoron?
Wasn't the Dems which have been endlessly seeking tax cuts for the rich and very, John. GOP policy is not thus? Check out US Military spending, by far the single largest spending line, outsizing by huge margins the next 4 largest military budgets on the planet. "Vampire Liberal"? give us a break!
Obviously, there is a lot to say about Vampire Conservatives as well as Vampire Liberals.
It's really just a matter of US electorate and political financing corporate world being willing to tax appropriately. US is unbelievably behind eg European countries in supporting social support spending. Still has to resolve long term financing of existing Social Security policies.
Dr. Richardson doesn't seem to want to engage with her readers, unfortunately. If she did, she'd delete this troll. Please don't converse with him.
John, you know that the Republicans have siphoned trillions out of the national treasury. Reagan tripled the national debt and gave massive tax breaks to the large corps and wealthy individuals. This continued with G.H.W. Bush, G.W. Bush and Donald Trump, Trump adding $7.8 trillion to the national debt. Your statement is devoid of facts and reason.
Richard Sutherland, I think it's fair to say that Trump pulled a Reagan when he was President.
The problem is, even though Biden wants to spend money on worthwhile projects, we are basically stealing from other countries, who have to hold U.S. Treasury Bonds as a currency reserve for settlements of international trade. Basically, we're exporting inflation with our endless generation of increasingly toxic Treasury Bonds.
of people spend money they can't really afford. How about a new furnace replacing a roof that is falling down. You have a rip in your shirt and don't repair it. It then gets worse. These are minor things, but if you don't spend a little to fix things now, it will only get worse later.
It seems that trump spent a lot of money (lost it too in reducing the country's revenue with the tax "break".)
Old farmer wisdom, "You don't have to paint the barn but you damn well need to fix the roof."
Fitch is run by Hearst heirs. They saw Trump is toast and decided to make a lame attempt to sabotage Biden. Purely to protect their low taxes and keep democracy on the ropes.
I don't think they'd have anything to gain by doing that. And simply blaming the messenger is ridiculous. Fitch just downgraded Egypt's credit rating considerably after Al Sisi let the bills slide while pouring borrowed money into his pet "investment" projects that do nothing for the country or its millions of poor people. The US is not a stable democracy anymore, but one rated as "at risk," and that's because of the events that have taken place over the last 10 years. We have an economy that's strong, but the huge spending by the Bush, Trump and Biden administrations has had a negative effect, especially the brinkmanship over the debt ceiling.
Excellent, glad WH tried to do that
Hope Mike Bloomberg has the same thoughts/ could hear you!
This downgrade is terrible because by election day, all the voters will remember is that it happened on Joe Biden's watch. They don't pay attention to details.
Now is the time for everyone who cares about our future ..media, Democrats, individuals to shout out what this rating says and causes for all of us
I thought just that too, but they need to hear and see examples of the damage this grenade will cause to their real lives; what they will lose that is very important to them. Does anyone on this site have concrete examples? “Fiscal policies” is too general for them to understand.
Georgia Fisanick: I hope that the Republicans and Democrats hold the grenade(s) together and they both get blown to Kingdom Come!
You sound like the guy who leans against the wall outside the house where the party is being held and only wants to talk to people who also hate the party.
Will, from Cal: I hate both parties. They don't give a shit about us.
Yeah, see, I am an adult who doesn't need the emotional comfort of thinking "they" care about "us" or "me." Every non-tribal human society has had a government, I take my participation in my society seriously, part of that is by always voting, and my vote is given to the party who is currently supporting most of the stances I support. No more, no less. I'm satisfied with my Biden vote not because I think those fundraising emails he sends me are real and he really would be my buddy if we got to know each other, I'm satisfied with my vote because I like 90-95% of the actions he has taken in office.
*scrolls down* Oh, wait, you're a Covid conspiracy theorist who thinks the Civil War was Lincoln's fault and WWIII is on the way. Have a nice life, I guess.