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Thread: Worst day since 2008 financial crisis

  1. #161
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    Re: Worst day since 2008 financial crisis


    Mainstream Media Worst day since 2008 financial crisis
    And it gets worse ...

    China tells U.S. "good old days" of borrowing are over

    NEW YORK/SHANGHAI (Reuters) - 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.

  2. #162
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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by Sheik Yerbuti View Post
    And it gets worse ...

    China tells U.S. "good old days" of borrowing are over

    NEW YORK/SHANGHAI (Reuters) - 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.
    The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
    Do not write in this space!

  3. #163
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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by tryreading View Post
    The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
    They do have another option: they could allow their currency to rise. Fat chance of that happening....

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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by tryreading View Post
    The Chinese statement doesn't mean much, its just a nasty jab. They have to continue buying our debt. Says so in your article.
    They do not have to continue to purchase highly liquid dollar denominated assets. As the poster above me stated, they can allow the RYB to rise.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by Lord Tammerlain View Post
    So that it could raise taxes during an economic slowdown to pay for its operations? Not something I would suggest. Building a surplus that can be used during economic slowdowns is a much better idea then raising taxes during an economic slowdown in my opinion. Heck it is a policy I would suggest for everyone and business, build a rainy day fund for bad economic times
    -chuckles- Aww come on now .. that is just to logical ... and practical for our government.

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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by AdamT View Post
    It means that we need to raise more revenue to support the level of government most Americans want.
    5.3 trillion a year?

    LOL!

    U.S. funding for future promises lags by trillions - USATODAY.com

    good luck with all that
    Last edited by The Prof; 08-06-11 at 04:00 PM.

  7. #167
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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by AdamT View Post
    No, I don't speak for most Americans. But polls give us a pretty good indication what most Americans want, and time and time again they show that large majorities are pretty happy with Social Security and Medicare the way they are. And unless we make significant cuts to Social Security and Medicare, we will have to raise more revenue. Simple arithmetic.
    Most Americans have to be happy with SS and Medicare as they contributed to both. When you get a job you will find that some of your paycheck goes to SS and Medicare and your employer will match it. Do you think you should get your money back when you retire? SS and Medicare should have nothing to do with the debt and deficits but since LBJ allowed for any surplus to be put on budget the politicians have spent the money. My contributions are long gone and now people like Sheik are paying for me. Great ponzi scheme, isn't it? Why would you think that SS affects the deficits?

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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by Sheik Yerbuti View Post
    And it gets worse ...

    China tells U.S. "good old days" of borrowing are over

    NEW YORK/SHANGHAI (Reuters) - 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.
    I'm missing the negative here.

  9. #169
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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by AdamT View Post
    They do have another option: they could allow their currency to rise. Fat chance of that happening....
    Pay attention, Adam and Sheik, along with any other liberal Obama supporter. This CEO nails it

    Breitbart.tv Small Businesswoman’s Epic Rant Against Obama’s Disastrous Economic Policies

  10. #170
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    Re: Worst day since 2008 financial crisis

    Quote Originally Posted by Sheik Yerbuti View Post
    And it gets worse ...

    China tells U.S. "good old days" of borrowing are over

    NEW YORK/SHANGHAI (Reuters) - 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.
    ok.

    let's bring our manufacturing sector back, then. i like this plan.

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