Michele Bachmann and Market Volatility

If the stock markets continue their roller coaster ride this week, blame 4,823 straw poll voters in Iowa. After all, the S&P made clear that its historic downgrade of America’s credit rating was not a reaction to government debt and spending levels but, rather, the irresponsible and reckless fact that “people in the political arena were even talking about a potential default.” Yet here come 4,823 Ames straw poll voters endorsing Michele Bachmann, head cheerleader for defaulting on our nation’s debts.

Perhaps their judgment was clouded by fried butter. But it’s our economy that will suffer the heart attack. If the markets have yet another precarious week, blame Michele Bachmann.

After all, Bachmann’s the one who led the absolutist Tea Party charge against increasing the debt ceiling and said that default would not lead to a credit downgrade. But Bachmann also said that high unemployment and a struggling economy would help her chances at winning the presidency. “I hope so,” Bachmann quipped, literally cheering on national economic decline.

Republicans are accusing President Obama and Democrats of trying to pass the blame on the S&P downgrade and resulting market declines. But the S&P has made it unquestionably clear that the rhetoric and actions of anti-government zealots like Michele Bachmann caused this disaster.

Still, 4,823 Iowans voted for Bachmann. This week, Wall Street will feel the aftershocks. Going forward, all of us — especially the 25 million out of work Americans — will pay the price.