Truth Before Dishonor

I would rather be right than popular

At what point did Barack Obama officially become our Worst President Ever™?

Posted by Dana Pico on 2011/08/07


Well, it’s been a sort of gradual process, but I’d put the date about two weeks ago.

In our “discussion” of the downgrade of the federal government’s credit rating by Standard & Poor’s, our good friend Perry, who is very loathe to speak ill of another person, yet has still described S&P as “a subversive organization” and your humble host as “an imminent threat,” wrote:

Otherwise why would these people¹ reject a $4 trillion plus Boehner/Obama plan which attacked our deficit/debt problem much more aggressively than the plan which finally passed?

It wasn’t “those people,” and it wasn’t even the Republicans. It was President Obama who torpedoed that deal! From ABC News:

Boehner’s decision to abandon negotiations with President Obama puts an end to a deal that would have cut spending by up to $3.5 trillion over the next 10 years and increased tax revenues by close to a trillion dollars. But the $14.3 trillion debt ceiling must be raised by Aug. 2nd to avoid a government default.

“We have now run out of time,” a visibly angry Obama declared at a hastily arranged press conference in the White House briefing room. Watch Obama Here

He said he has summoned Boehner, House Minority Leader Nancy Pelosi, Senate Minority Leader Mitch McConnell and Senate Majority Leader Harry Reid to the White House for an emergency meeting at 11am on Saturday.

“I expect them to have an answer as to how they will get this thing done over the next week,” Obama said. Both sides agree that a proposal should be hammered out over the weekend.

Talks now begin between Boehner and senate leaders on a far less ambitious a Plan B.

Boehner held his own press conference after 7 p.m. Friday night and said the talks broke down because “The White House moved the goal posts.”

Specifically, he said the two sides had agreed on an unspecified amount of revenue to be included in deficit reduction, achieved by broadening the number of Americans who pay taxes and lowering general tax rates. But he said President Obama on Thursday demanded another $400 billion in revenue, which Boehner said “was going to be nothing more than a tax hike on the American people.”

Emphasis mine. Not happy with just one professional media source? CBS News White House correspondent Mark Knoller confirms this, via Twitter, here and here. And President Obama himself (sort of) confirmed it, in a press conference, in which he said:

This was an extraordinarily fair deal. If it was unbalanced, it was unbalanced in the direction of not enough revenue.

The same link, from The Washington Post, noted Speaker Boehner’s statement that the President had changed the deal, and nowhere does either the White House staff or the President himself dispute that. Rick Klein of ABC News also confirmed it, via Twitter, though from the back end.

The debt downgrade was hardly unexpected: Karl wrote, on Patterico’s Pontifications, two weeks before the actual downgrade²:

House Minority Leader Nancy Pelosi says Dems may reluctantly accept a last-minute compromise to avoid a default that involves up to $2.5 trillion in spending cuts — without new taxes — if entitlements are protected. That may not suffice to avoid a downgrade of our AAA debt rating, and it doesn’t address the driver of the debt bomb… but it’s something.

It was the President Perry supports who fornicated that up! Because of the absolute fool for whom Perry voted, that deal was trashed!

Now, because of our 44th President, trying to renegotiate a deal he already had, and losing whatever trust Speaker of the House John Boehner ever had in him, Standard & Poor’s has done what they warned us all along they would do, downgraded the United States sovereign credit rating.

President Carter, at least, had the Camp David Peace Accords to his credit. In a discussion we had last March, I ranked Jimmy Carter dead last out of the last eleven Presidents, saying³:

Barack Obama is making our country weaker; he ranks ahead of President Carter only because President Carter was such a disaster due to Iran. but, then again, President Obama still has time to get much worse, which I believe he will. Since President Carter at least has the Camp David Accords to his credit, if President Obama weakens us only to the level President Carter did, President Carter will move up a notch.

I wrote further on why I rated President Carter last here. But now, I’d say that President Obama has officially taken over the bottom spot. After losing out on his request for a “clean” debt ceiling increase, something that would have triggered the S&P downgrade had he gotten it, because it wouldn’t have cut projected deficits by a penny, President Obama finally had a deal virtually in hand — there were still a few i’s and j’s which needed to be dotted — and he threw it away, just threw it in the trash, because he wanted to increase taxes, when he knew that Speaker Boehner couldn’t accept it.

Now he had to accept a half-sized deal, one which was known well in advance to be far lower than Standard & Poor’s had said would be necessary to avoid a credit downgrade, and earned us that downgrade. Like all politicians — Democratic and Republican alike — he’s pointing fingers at everybody else. President Truman’s famous desk top sign sure isn’t in the Oval Office these days!

But whether the sign is there or not, President Obama cannot escape one solid fact: the President of the United States is given the credit when things go well, whether he had anything to do with them going well or not, and the blame when things go badly, whether it’s really his fault or not.

How badly will things go? I, for one, didn’t think that they’d go too badly. I wrote, in an e-mail to some friends last night:

We will probably see some losses early on Monday, but this is really a major buying opportunity. The losses of last week cost the market 10% of its value, and there have to be brokers out there who see chances to pick up some undervalued stocks.

Despite the downgrade, I don’t see higher interest rates immediately on T-Bills. The interest rates on those are set by the sale prices at auction, and there’s no technical reason why those prices ought to change much.

The Federal reserve will make it clear that US Treasuries still fit the definition of zero risk as far as bank regulations are concerned, which means there will be no federal pressure to change asset mixtures.

Investors knew, long before the downgrade, what the potential risks and rewards of buying T-Bills were; that had been factored into their calculations long before Friday evening, and the fact that S&P downgraded our credit rating won’t mean much to them. I’d say that this is actually more of an important thing for the people who aren’t market professionals.

Well, I might have been wrong on that: the Tel Aviv Stock Exchange, which is open on Sundays, fell by just a hair under 7% today.


Banks lead huge market losses


7 August 11 17:23, Aviv Levy

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 6.99% to 1,074.27 points, the Tel Aviv 100 Index fell 7.20% to 972.80 points, and the BlueTech 50 Index fell 7.61% to 246.15 points. Turnover was NIS 2.66 billion.

Panic swept the TASE today in the wake of Friday’s credit downgrade of the US to AA+. The market opening was delayed 45 minutes, after the Tel Aviv 25 Index fell over 6% in premarket trading, and the TASE website crashed altogether in late afternoon.

Investors are now waiting nervously for tomorrow’s opening on Wall Street to get a sense of the downgrade’s significance there and the market’s direction. The TASE will be closed on Tuesday for the Tisha B’Av fast.

Tamir Fishman investments manager Gil Kuperberg said, “For the sentiment to change, the US administration must take command of the situation and launch a jobs program.”

In the bond market, long-term Shahar unlinked government bonds fell by up to 0.2%, and long-term Galil CPI-linked bonds fell by up to 1%. The corporate bond benchmark Tel-Bond 20 Index fell 2.13%.

In the foreign currency market, options pointed to a 0.5% gain in the shekel-dollar exchange rate to NIS 3.537/$, and a 0.58% rise in the shekel-euro exchange rate to NIS 5.008/€.

Markets in Egypt, Dubai, Qatar, and Abu Dhabi also fell significantly, though Saudi Arabia’s stock market managed a bare 0.08% gain.

Perry, as you’d expect, complained that the S&P downgrade was wholly a political move, and its aim “is to hold Obama to one term.” Well, I don’t know if that was what the top people at Standard & Poor’s were actually thinking, but if they weren’t, they should have been: Barack Obama is the worst President in my lifetime, and I have lived through Lyndon Johnson’s, Richard Nixon’s and Jimmy Carter’s administrations.

Who knows, maybe my economic optimism of last night will eventually turn out to be right, but that still won’t matter. President Obama, with his ridiculous overspending (far worse than even the younger President Bush), his economic ignorance (his “stimulus plan” wasted nearly a trillion dollars and we were worse off after it than the President and the Congressional Budget Office said we’d be if we did nothing), and his absolute lack of any leadership ability at all (he managed to take a huge win for himself and his party in 2008, and turn the majority of the voters against his party and himself), simply has to go.
_____________________________
¹ – By “these people” I assume that Perry meant the people he specified in his previous paragraph: “a constituency in America of powerful people in Congress, abetted by folks such as the Koch brothers, willing and eager to drive us into default, and that constituency includes S&P.”
² – I am indebted to Karl for many of the internal links in this article.
³ – The last eleven Presidents number was picked because they were the ones who were President during my lifetime.
_____________________________
Cross posted on Common Sense Political Thought

11 Responses to “At what point did Barack Obama officially become our Worst President Ever™?”

  1. […] were the ones who were President during my lifetime. _____________________________ Cross posted on Truth Before Dishonor. Filed under 2012 Election, Absolute Total Ignoramus, Contempt for the Sake of Contempt, […]

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  2. Yorkshire said

    Yorkshire says:

    7 August 2011 at 13:31 (Edit)

    My first thought was Jan. 21, 2009, but that would be too partisan, and anyway, I thought, I’m not a fan of his, didn’t vote for him, but he was the new President, give him a chance. I said the same of Clinton. But that wasn’t that bad. But my turning point was the day Obamacare was passed and BO signed it. At that point, I knew we had too many unsustainable “entitlements” then we couldn’t pay for, I felt this one would break the bank and leave the country in uncontrolable debt. We have passed that point.

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  3. Hoagie said

    In my opinion he became the worst President ever when he uttered these three gems:
    1. I want to fundamentaly change the United States.
    2. We should share the wealth.
    3. Under his plan coal companies would necessarily go out of business.

    Each of those thoughts identified him as a marxist in itself, but taken all together they painted him as an ideological fool and an economic ignorant. On the lighter side, I’d like to thank the other two economic morons, Perry and Pho for the windfall in gold I’m about to enjoy tomorrow. If you can’t make money betting contrary to these two idiots, you don’t deserve to be in the market. They always call me the fool but I always make money and they….well, don’t. Guess you don’t have to be a genius, just employ the Austrian Model created by geniuses and that’ll work just as well. How’s that Hope & Change workin’ out for you leftist slugs?

    Morst President ever, worst ideology ever, worst group of ideological goons ever put in charge of our government. He and his “czars” should be run out of Washington on a rail. And they can take “Print it Again Ben” with them. I’m just dying to see who they blame for their childish socialist failures. Cause we all know, it’s not their fault.

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  4. I knew he was the worst President ever long before I ever wrote that “open letter” that caught so much flack from the 2 Ps in a Pod. I knew he would be the greatest existential threat to the US if elected President, back in 2007. None of his America-destroying actions since have surprised me in the least.

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  5. AOTC said

    i like to think he will be the vehicle that will bring us back to our foundations. so ironically, being the worst president ever, he will serve to restore america in a way no president ever has. even if he did not intend to or perhaps against his prideful will.

    life is ironic that way sometimes.

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  6. Questionman said

    The best part is that the right wing are the ones criticising him for not stimulating jobs/economy enough…

    Yet the fundamental right wing view is it’s not the governments job to interfere and create private sector jobs…

    Alot of ‘conservatives’ seem to forget that point when they criticise Obama. Their entire ideology on the matter is flawed completely, they can’t blame the 3 trillion bond loan from the Chinese on Obama either since it was Bush. But they are all too happy to blame Obama for everything, like they expect him to save everything?

    Education: Right wing=Individualist who believes the state shouldn’t have a big impact on helping people. (Essentially)

    So the fact conservatives are expecting Obama to save the economy is fairly ironic.

    Tip: If you live in a glass house, don’t throw stones.

    Unfortunately, I am beginnig to realize that the Republican party is not for the people. Just for getting rid of the black man.

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  7. Questionman, had you bothered to look at my sidebars, you would have already known your absolute lie of “raaaaacism” wouldn’t fly here. So, pack up that lie and take it back to the DUmb sites that buy that lie.

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  8. To the Leftist who wrote a single sentence in an attempt to defend Obama by using the words “lies” and “smears” and alluding to racism while using the Alinskyite cheap shot of ridicule, “study to shew thyself approved.” You will not survive on Truth Before Dishonor so long as you show no honor, no logic or reasoning skills, no ability to “study to shew thyself approved.” You would be best served staying on emotionalist Leftist sites instead of trolling sites that use reasoning skills and integrity.

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  9. AOTC said

    questionman not interested in…answers or questions. lol

    must have been a drive -by

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  10. AOTC said

    i see obama is now taking the position of bashing congress. you know, like he has no culpability in anything himself. like he is just one of us ole’ citizens, standing back, seeing fools fouling up our country. LOL someone ought to tell him, its no use playing games. people know. well, real people know.

    he is like a slithery little snake.

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  11. […] talk. Back when Carter (the worst President since the 1940s until Obama surpassed him and became the worst President ever) was President, food and energy were part of the metric in determining inflation. Since then, those […]

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