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With overwhelming majority support from the Senate Finance Committee, Jack Lew appears headed for confirmation by the full Senate as the next Secretary of the Treasury.  There are plenty of reasons to doubt that Lew is the best available talent to manage the affairs of the world's largest economy during perilous economic circumstances.  But, it is also impossible not to notice the hypocrisy of Obama and his liberal minions who are silent about Lew's Cayman Island and Wall Street connections after scandalizing Mitt Romney as a "felon" and an "economic traitor" who "bets against America" during the Presidential campaign.    

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As if the last week wasn't already packed with bad news, yesterday we got two more unprecedented signs of the economic times.

Late yesterday, Standard & Poor's dropped the credit rating for the United States of America for the first time since 1917. The "full faith and credit" of the U.S. Treasury is no longer the world's gold standard. Instead of the U.S.A. the AAA rating that had become synonymous with the dollar, is now in the possession of France. America is on a par with New Zealand and Belgium.   

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