Fareed Zakaria Flat Out Lies About Deficits, Debt Ceiling and U.S. Credit Rating
In a "Fareed Zakaria GPS" segment to be aired on CNN Sunday and posted at the network's website Thursday, the host flat out lies about the current debt ceiling debate as well as when and why credit rating agencies began expressing concern about our nation's finances.
"Please understand that none of these things are happening because the United States is running deficits," Zakaria falsely claims. "We face downgrades and investor panic not because of our deficits" (video follows with transcript and commentary):
FAREED ZAKARIA: Since 1960, the debt ceiling has been raised 78 times. My basic point is that this is a crisis that we have manufactured out of whole cloth. We have created a circumstance in which the world doubts our credibility, rating agencies are thinking of downgrading our debt and the dollar's role as the world's reserve currency could be jeopardized.
Please understand that none of these things are happening because the United States is running deficits. There was no indication - by any metric - that the United States was having difficulty borrowing money one month ago. In fact, the world has been lending money to the United States more cheaply than ever before.
We face downgrades and investor panic not because of our deficits but because we are behaving like deadbeats, refusing to pay our bills, pouting while the bill collector waits at the door.
Absolute total nonsense.
The high and mighty Zakaria conveniently forgot the downgrade warning Standard & Poor's published on April 18 of this year:
* We have affirmed our 'AAA/A-1+' sovereign credit ratings on the United States of America.
* The economy of the U.S. is flexible and highly diversified, the country's effective monetary policies have supported output growth while containing inflationary pressures, and a consistent global preference for the U.S. dollar over all other currencies gives the country unique external liquidity.
* Because the U.S. has, relative to its 'AAA' peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable.
* We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013; if an agreement is not reached and meaningful implementation is not begun by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer 'AAA' sovereigns.
That last sentence warrants repeating: "We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013; if an agreement is not reached and meaningful implementation is not begun by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer 'AAA' sovereigns."
This was issued on April 18, more than three months ago. As you can see, there was nothing in this report about the debt ceiling. In fact, it wasn't even mentioned.
Quite the contrary, S&P on that day issued a negative outlook for our debt specifically due to our "very large budget deficits and rising government indebtedness."
Yet Zakaria says in this segment to be aired Sunday, "Please understand that none of these things are happening because the United States is running deficits...We face downgrades and investor panic not because of our deficits."
What Zakaria is doing is depicting the crisis to be about the debt ceiling rather than the debt and the deficit, and this is utter nonsense that is totally indefensible given S&P's warning in April.
Is this the kind of blatant misrepresentation that is now tolerated at the self-described "Most trusted name in news?"
In any other profession be it law, medicine, financial services, you name it, such a blatant lie by an employee to the public would be met with the harshest of consequences.
Why is this allowed in the so-called "news" industry?
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Comments
DOES THIS GUY HAVE A GREEN CARD-
Submitted by JIMMY1660 on Fri, 07/29/2011 - 5:57pm.
facts-truth he knows not.
if he is such a guru-why not back in his homeland-camelville-doing his thing,
what a POS
There is in fact no such person as Fareed Zakariah
Submitted by NL207 on Fri, 07/29/2011 - 11:10pm.
It's really Jim Carrey doing one of his facial impressions.
Also it's not pronounced Fahreed
Submitted by Boudin on Fri, 07/29/2011 - 11:24pm.
It's freakzoid
As good as Carrey is, I think
Submitted by killa37 on Sat, 07/30/2011 - 12:13am.
As good as Carrey is, I think that this guy has it down perfectly!!!!
fareed's boss
Submitted by LarryG on Sat, 07/30/2011 - 11:11am.
Considering who this chump works for, it should not be a surprise he would have some difficulty delivering information accurately. They should team him with Sharpton. Gawd, what a menagerie.
this kind of lie is accepted because
Submitted by ohio granny on Fri, 07/29/2011 - 6:11pm.
These kind of lies are accepted because our so-called mainstream media is in the pockets of the democrat party. They really are the puppets to the democrats.
I have one question for Zarkaria and that is how does it feel to be a a puppet? Even worse than being a puppet is having everyone know that is what you are.
"Even worse than being a
Submitted by ant on Sat, 07/30/2011 - 12:02pm.
"Even worse than being a puppet is having everyone know that is what you are." Good point. You would expect a little shame in the conscience of the media, and maybe even a strive to change. But no, the amount of trust the people have in the media is almost non-existent, and they don't even seem to care.
We face investor panic because of the likes of Zakaria
Submitted by Galvanic on Fri, 07/29/2011 - 6:13pm.
Zakaria: "We face downgrades and investor panic not because of our deficits but because we are behaving like deadbeats, refusing to pay our bills, pouting while the bill collector waits at the door."
1. We have not refused to pay any bills
2. No one has proposed not paying our bills
Elderly Americans like my father-in-law are panicking over the prospect of not getting his SS check and Medicare because Democrats and little echoes like Zakaria are telling them that.
→ Zakky baby
Submitted by Cool Arrow on Fri, 07/29/2011 - 6:20pm.
This is the advice Zakaria gave Obummer? This is the guy Obummer calls for guidance?
The fool has learned from the fool . . . to be foolish.
When the blind lead the blind...
Submitted by packman on Fri, 07/29/2011 - 6:41pm.
...they both end up in the ditch!
"...Were we directed from Washington when to sow and when to reap, we should soon want bread..." ~Thomas Jefferson
Well remember
Submitted by hbnolikeee on Fri, 07/29/2011 - 6:29pm.
It's okay to lie to an infidel.
Achmed
No Surprise
Submitted by Joe W. on Fri, 07/29/2011 - 6:27pm.
Not surprised at all. Everyone knows that Muzzies lie. Anything to further their goal in dominating the world and advancing their Jihad....
There are a lot of liberal talking heads
Submitted by bkeyser on Fri, 07/29/2011 - 6:56pm.
the annoy me, but this guy and his waxy face is right up there near the top. I think I'd rather have a conversation with Keith Olbermann than this one. At least with Olbermann, we could talk sports.
Maybe, but Keef talks sports
Submitted by killa37 on Sat, 07/30/2011 - 12:06am.
Maybe, but Keef talks sports the way he talks politics........and that would irritate the hell out of me. Plus, he's such a self-aggrandizing bag of flatulence that I'd rather talk to my ex-mother-in-law!!! But as for this dothead mooooooooooooooooooslem,
I wouldn't even shake his hand, much less spend five seconds talking to him.
Ya know, If I didn't know better, I'd say that comrade Mullahs..
Submitted by Dave. on Fri, 07/29/2011 - 7:03pm.
...Zakaria, Bashir, and the recently sunk Cenk, are all Islamic goon plants.
Then again, maybe I don't know better.
Or, maybe I've read way too much Tom Clancy over the years.
-Dave
Vote for the American in November
Yeah, this dope Bashir has
Submitted by killa37 on Sat, 07/30/2011 - 12:10am.
Yeah, this dope Bashir has really been flapping his jaws lately - like he's SOMEBODY who knows SOMETHING??? I'll tell ya what I know, pal.....and that's that you and your 'Islamic goon plants' are all a bunch of traitors and infiltrators.............and I'm sick of you alien creeps trying to tell us how the hell we should be doing things. Go back to your own screwed up countries............ see if they care about you either!!! And take as many of your MSM syncophants and paymasters as you can convince would want to live in the Islamic paradises' that you come from.................
killa, That works fer me
Submitted by Dave. on Sat, 07/30/2011 - 10:35pm.
:-)
-Dave
Vote for the American in November
Zeke
Submitted by Jerry Mack on Fri, 07/29/2011 - 7:15pm.
Zeke has been hanging out with the Messiah so much that when they speak, you can not tell the difference.
It's time
Submitted by HockeyKid on Fri, 07/29/2011 - 7:19pm.
to say, "Good day", Fez.
"Beauty is only skin deep, but liberal's to the bone." - me
This guy Zakaria looks like
Submitted by djwolf12 on Fri, 07/29/2011 - 7:33pm.
something that Obama flushed down the toilet.
ahhhhhh. those credit rate n' agencies
Submitted by donabernathy on Fri, 07/29/2011 - 10:29pm.
da same guys that said all them mortgage backed securities was okey dokey..... now all O a sudden dey is toxic...
they is nut n more than shills for da gubRmint
roflmao
"If it moves they tax it ..."
Submitted by Crash on Sat, 07/30/2011 - 8:08am.
"... If it keeps moving they regulate it. If it stops moving they subsidize it." Ronald Reagan
I don't know about the rest of you, but, every area that my business is having problems with is either regulated or mandated by the US Government.
The Demoncrats have doomed healthcare. Not to mention, burdened us all with non-health related business regulations buried in the bill.
My business has been audited 13 times since Katrina.
We were fined by the EPA for improper wording on a product that we do not produce. Even though we would have won in court we decided to cut our losses and pay a small fine due to surmounting legal fees.
We cannot find capable, trustworthy replacements for all of the Mexican workers we had to let go after they could not be verified through e-verify. 70% of our recent applicants have served time. Thanks to early release ... they're back on the streets.
Banks do not work to establish personal relationships like they did in the past; thanks to big government regulators that lack the backbone to take a chance. This has slowed our growth by 100 million dollars (conservatively).
Business property values have depreciated too (we own three warehouses).
Fuel costs are stripping profits. Banning new oil platforms sent the message that the Obama is not serious about a viable energy policy. Tractor trailers don't have sails.
The cost of corn has gone crazy (I'm in food service). Thanks for making it a fuel additive Uncle Sam and the corn-buskers. Now China is hoarding it to try to force up costs; which will also affect fuel prices.
Move over and let us work fools!
P.S. If a president can issue a spending freeze, couldn't he also use executive privilege/power to raise spending?
I always get my economic advice from a ....
Submitted by Red Jeep on Sat, 07/30/2011 - 8:20am.
...Muslim-Indian Liberal with a degree in Philosophy, don't you?
A famous investor said the same thing as Zakaria
Submitted by povertypimpin on Sat, 07/30/2011 - 9:54am.
Warren Buffet on CNBC a week or two ago said the debt ceiling has been raised 70 plus times without any issues and now all of a sudden it is a problem. He made the same point as Zakaria. Buffet should be ashamed of himself for acting like a democrat party hack. He can't see the difference between $200 billion deficits and $1.5 trillion?
Stand back, everybody, we
Submitted by jessieH on Sat, 07/30/2011 - 10:14am.
Stand back, everybody, we have an escaped moron running his mouth on CNN, again.
They ALL lie. The mainstream
Submitted by mattm on Sun, 07/31/2011 - 11:15pm.
They ALL lie. The mainstream media is nothing but a lie factory. Yet, they get away with it because they package it so well and because most of the people are ignorant morons who have been brainwashed by the education system, which is just as much of a lie factory as the media.
Translation
Submitted by Bill Brasky on Sun, 07/31/2011 - 11:32pm.
The word "Fareed" roughly translates to "shit for brains". Thought you might want to know. His parents did.
Beside Being Ass Clowns, What do These Mopes Have in Common?
Submitted by Motormouth KOS on Mon, 08/01/2011 - 2:59pm.
Fried Egg Zaccaria
Eliott Client 0.9 Splitzer
Wolf Blitzer.
Criatiane Amanpour.
Zero talent.
On a zero cable network channel.
The Obamination... A crisis leading to a catastrophe..(please donate to MRC)