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#1
08-05-2011, 10:49 PM
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Which party has successfully screwed the US economy just to try and screw Obama politically? It's the Republicans, who can't control their Tea Party faction. ABC News: Quote:
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"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts Last edited by Riot : 08-05-2011 at 11:11 PM. 
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#2
08-06-2011, 01:02 AM
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"We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.
"We have also removed both the short-and-long-term ratings from CreditWatch negative," S&P said in a statement. The downgrade, it said, reflects its opinion that the fiscal consolidation plan which Congress and the administration recently agreed to "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics". "More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011," the agency said. "Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon." LOLERZ!!!! From the same organization that gave AAA ratings to the CDO's and the Credit Default Swaps.... It's amazing how some love to immediately blame one side or the other when BOTH have been FUGGING you like ignorant pigs....Hopefully it isn't too late for us to realize that neither party has the best interest of this nation in mind and only their short term personal aspirations... Nah.... it IS too late... 
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#3
08-06-2011, 04:56 AM
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#4
08-06-2011, 07:21 AM
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everything we're confronted with now has been years in the making. the current group of eff-ups couldn't figure out a way to avoid this catastrophe...
and it isn't as tho they suddenly realized a couple months ago that we were coming up on this debt ceiling issue. it should never have been left to go this long, and with a bandaid fix for a hemorrhage.
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#5
08-06-2011, 07:23 AM
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and i agree, i think obama has proved he's no leader.
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#6
08-06-2011, 07:36 AM
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from slate:
S&P Downgrades U.S. to AA+, Blames Political Brinksmanship By David Weigel | Posted Friday, Aug. 5, 2011, at 10:46 PM EDT You can do one of two things with the news that Standard & Poor's has downgraded the United States's bond rating, dropping it below AAA status for the first time since 1941. You can stick to your nostroms -- it's the GOP's fault, it's the Democrats' fault, if only we'd listened to the Tea Party, if only Obama had used the 14th amendment -- or you can read what the gnomic ratings agency actually says. The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. OK: The deal wasn't big enough in the short-term. Advantage, Tea Party. More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011. That statement assigns the blame a lot more broadly. It's Washington's fault. It can't make real deals. Democrats were willing to bend on entitlements during the "grand bargain" negotiations; Republicans were unbending on taxes. The last point is important, because S&P really opens fire on the Republicans. Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade. This is not crazy. This what Republicans imply about the supercommittee -- they will not accept plans that increase taxes, and despite the fact that they've agreed to let the Bush tax cuts lapse on January 1, 2013, they are making noises about not accepting a return of the rates. The best possible scenario, if we assume that stance, is what I wrote about today -- tax reform plans that start in the supercommittee and win over a committed Congress. We actually have all the tools we need to recover the bond rating. The question is whether our political actors do that, or whether they see the openings to craft political narratives. Obama shouldn't have spent so much! (That spending included around $400 billion of tax cuts in the stimulus and $500 billion in the November 2010 Bush tax cut extension.) The Tea Party blew up the process! (More true -- I don't see how the passage of Cut, Cap, and Balance, with its requirement that the states force a Balanced Budget Amendment into effect over the next few years, after which point we need supermajorities for tax hikes... yeah, not quite sure how this gets us out of this!) It's easier to imagine a round or 10 of political point-scoring than, for the first time, some sober assessment of what's going on.
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#7
08-06-2011, 09:48 AM
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Sorry but when you spend like a crackwhore paying people to destroy cars, building railroads no one wants buying up all the bad mortgages, loaning money and thinking receiving 50%-70% back is great and giving away seniors' Social Security money to countries like Egypt and Pakistan your credit rating is bound to go down.
Guess the Dems stated plan of 'spending to prevent going bankrupt' didn't work so well. Kind of like bailing water into a sinking ship rather than bailing it out. And Repubs whimped out once again settling for promises to cut spending rather than actual cuts.
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#8
08-06-2011, 11:48 AM
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So no matter what you believe, or how much you want to blame Obama for being weak (and yes, he is a weak negotiator here) the deal was there, the deal was done, the Republicans screwed the deal up and have sole ownership of this. Along with having sole GOP ownership of making a routine debt ceiling rise into a two-months-long political circus. The Dems didn't obstruct the debt ceiling increase. The GOP did. The Dems didn't tie paying our past debt into a nonsensical political circus about future spending. The GOP did. The Dems didn't refuse to raise taxes or cut loopholes. The GOP did. The Dems weren't the ones that publicly said that not raising the debt ceiling wouldn't cause any problems, that it was a lie that it mattered, causing the world to think we are crazy and irresponsible about our debt obligations. The GOP did. The Dems agreed to spending cuts twice as large as the final offer, including entitlements, but the GOP refused it. The two parties are not the same. Blaming both parties equally just doesn't have any validity in truth. And the Republicans get extra credit for being irresponsibly stupid, and laying off 94,000 people and costing us $250 million in lost revenues, while holding out for 16.5 million in silly cuts, on their way out of town to vacation BTW, two Dem senators - no Republicans - showed up to pass a bill that extends the FAA for another month, until Congress gets back to town. So at least those people get to go back to work until this is settled. Thanks to the Democrats.
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"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts Last edited by Riot : 08-06-2011 at 12:07 PM.
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#9
08-06-2011, 01:28 PM
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just a reminder:
http://www.msnbc.msn.com/id/40675581...bush-tax-cuts/ and based on s&p's remarks, i think if they announced that these tax cuts would be axed immediately, the rating would be back to AAA in no time.
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#10
08-06-2011, 01:44 PM
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However: did you see Cantor on that Crazy Jim Financial guy show? (I think it's on MSNBC) Cantor said unemployment and the economy was the biggest thing right now. So Jim says, "Well, then, you'll extend unemployment benefits?" (because obviously that helps the unemployed and the economy) and Cantor looks puzzled and says, "No"
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"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts
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#11
08-06-2011, 03:30 PM
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i don't watch any of those shows, i'd be too tempted to throw a shoe through my tv screen.
at any rate, our oh so smart leaders need to get together and figure out what to do to grow some jobs, how to encourage the private sector to hire, and how to get people to put their cash to work, rather than shove it into the bank. bony is going to start charging to hold cash, as it's not something they can invest-the depositor might want it back too soon., so they have to have it available at a moments' notice.
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#12
08-06-2011, 06:15 PM
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Repealing the threat that is Obamacare would produce jobs Monday. Private jobs that is and after all they are all that count.
Obama brags he's created 100,000 new federal jobs. So despite the common sense approach the private sector is taking the Fed is hiring and hiring big! How much does 100,000 jobs and beni's paid for in part by SS withholding cash add to the debt? And this is somehow an accomplishment?
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