Before Black Presidents: China Was Always Happy to Loan Us More Money

This must be racism:

China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden.

China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.

William Jacobson explains the "Before Black Presidents" meme.

Here are a few of my faves from Twitter:

stephenkruiser #BeforeBlackPresidents raising the debt ceiling was seen as a ‘failure of leadership.’ http://bit.ly/oiLDMx

jamestaranto: #BeforeBlackPresidents a failed president had to worry about a primary challenge. http://t.co/M58yzqT

radanneskjold: @jtLOL #BeforeBlackPresidents Mexican drug gangs had to buy their own guns. I think. Maybe not.

jeromeehudson: #beforeblackpresidents America had a AAA rating.

cadgweep: #beforeblackpresidents they were commonly referred to as “American” presidents

#BeforeBlackPresidents you could depict the President as a chimp without being called a racist. @jtLOL http://t.co/XqrFtij