When I briefly scanned an editorial in the LA Times' Wednesday section, I instantly knew what the LAT said was not only not true -- but that it was the exact opposite of what had happened. But with all the drama over the Neighborhood Council/DWP MOU agreement being finalized the day before and the aftermath, I forgot to follow up.
But now - four days later - the LA Times has placed the below retraction on-line:
"GOP governors - An editorial Wednesday on Republican governors' approaches to taxes and spending misstated California's bond rating history under Gov. Arnold Schwarzenegger in saying that the state had "watched its bond rating plummet." Two of three major bond rating agencies sharply lowered the state's general obligation bond ratings in December 2003, the month after Schwarzenegger took office, but raised them in 2004 to about the levels that existed before he took office."
That's it. Now to refresh your memory, California was virtually bankrupt in 2003 due to LA Times supported Gray Davis' out of control spending. And shortly after Arnold was put in office by the voters, the state's bond rating plunged, due to his predecessor's policies. But once Arnold cut spending and refinanced the debt without new taxes, the bond ratings promptly went back up to what they were before the full truth came out about the state's fiscal mess.
So instead of the state's bond rating plummeting under Arnold's policies - as the LAT said -- they actually rose due to his approaches to taxes and spending.
Now since all of this was reported in depth by the LA Times, there is only one of three things we can believe. First, the editorial board actually read what was printed in the paper and knew the truth, but still decided to lie about what really happened. Second, they actually never pay any attention to what is going on and just make this stuff up. Third, and most likely, they are so disconnected as to what is really going on in this city and in this state, that they can not grasp the difference between the real world - and the world as they would like it to be.
But no matter which of those options is true, it is clear that the only honorable thing for whomever wrote, edited or approved that editorial is to publish a front-page apology to both the Governor and the people of this state, and to then submit their letters of resignation to the president of the Tribune Company in Chicago.