Page 19 of 207 FirstFirst ... 917181920212969119 ... LastLast
Results 181 to 190 of 2065

Thread: United States loses its AAA Credit rating from S & P

  1. #181
    Sage

    Join Date
    Sep 2007
    Last Seen
    09-24-17 @ 04:38 AM
    Lean
    Undisclosed
    Posts
    29,261

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by apdst View Post
    The smart folks on the GOP side are the ones that realize that the government isn't going to fix the economy. The same folks that understand that massive government spending didn't work for Roosevelt and it's not going to work now. They're also the same folks that know that you can't kill jobs, bust your ass to raise taxes, then expect that scenario to lead us out of the depression.

    Well what do you think brought us out of the Great Depression?

  2. #182
    Guru
    deltabtry's Avatar
    Join Date
    Jan 2010
    Location
    MA.
    Last Seen
    11-26-16 @ 03:07 PM
    Gender
    Lean
    Very Conservative
    Posts
    4,021

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by teamosil View Post
    Hopefully this shot across the bow will be enough to snap Republicans out of it. They can't keep treating 2/3 of the components of deficit reduction as sacred cows. They need to accept revenue increases and military cuts along with entitlement cuts. We can't possibly address the deficit if they keep preventing action to fix it like this.
    Since 1978 when I started paying attention to who runs this country, either the left or right it is of my opinion (actually fact) that both parties have a serious spending problem. Now if we continue to blame one side opposed to another we will get no where except more in debt. That said, since 1978 the blame game has not resolved a single issue, what it has done is divided us so those who cheer lead us on will remain in power at our expense and now at the expense of our country as one credit rating. Don't be fooled by our politicians, the blame game has a positive effect on their careers just look at the freshman fiances opposed to the senior when exiting congress.

  3. #183
    Banned
    Join Date
    Jun 2011
    Last Seen
    03-16-12 @ 11:02 PM
    Gender
    Lean
    Libertarian
    Posts
    7,624

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by winston53660 View Post
    Well what do you think brought us out of the Great Depression?
    A belief in the country. We did not emerge because of the spending. That's a fallacy. We were still struggling like today until WWII. We won WWII and everyone had a great belief in America.

    What brought us out of our malaise wasn't spending but a belief in the country. It's the same thing Reagan did. It's the exact opposite of "default, default, default" (which both parties did) when they knew there wasn't going to be a default.

  4. #184
    Sage

    Join Date
    Sep 2007
    Last Seen
    09-24-17 @ 04:38 AM
    Lean
    Undisclosed
    Posts
    29,261

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by 1Perry View Post
    A belief in the country. We did not emerge because of the spending. That's a fallacy. We were still struggling like today until WWII. We won WWII and everyone had a great belief in America.

    What brought us out of our malaise wasn't spending but a belief in the country. It's the same thing Reagan did. It's the exact opposite of "default, default, default" (which both parties did) when they knew there wasn't going to be a default.

    I'm sorry you can not take belief to the bank.

  5. #185
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: United States loses its AAA Credit rating from S & P

    There are several astonishing things about this downgrade.

    First, maybe it's been mentioned somewhere in this thread, but S&P made a $2 TRILLION math error in their calculations. The WH pointed this out to them but they elected to go ahead with the downgrade anyway! This from one of the principle firms that, by repeatedly assigning AAA ratings to near worthless MBAs, contributed as much as anyone to the financial meltdown. Why anyone would take them seriously is beyond me.

    This would be like your auto insurance agent running a red light and T-boning your car, and then raising your rates because you got in an accident.

    Second, this was clearly as much, if not more, about our political dysfunction than it was about our debt situation:

    "The firm's conclusion 'was pretty much motivated by all of the debate about the raising of the debt ceiling,' John Chambers, chairman of S&P's sovereign ratings committee, said in an interview. 'It involved a level of brinksmanship greater than what we had expected earlier in the year.'"

    In other words, the main factor in the downgrade was the Republican's hostage-taking tactic, coupled with their refusal to negotiate over revenues. This was an own-goal ... an entirely self-inflicted wound.
    Last edited by AdamT; 08-06-11 at 12:50 PM.

  6. #186
    Sage
    apdst's Avatar
    Join Date
    Jun 2009
    Location
    Bagdad, La.
    Last Seen
    Today @ 08:55 AM
    Gender
    Lean
    Very Conservative
    Posts
    76,496

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by winston53660 View Post
    Well what do you think brought us out of the Great Depression?
    It wasn't WW2...

  7. #187
    Sage

    Join Date
    Nov 2009
    Last Seen
    Today @ 12:11 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,358

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by 1Perry View Post
    A belief in the country. We did not emerge because of the spending. That's a fallacy. We were still struggling like today until WWII. We won WWII and everyone had a great belief in America.

    What brought us out of our malaise wasn't spending but a belief in the country. It's the same thing Reagan did. It's the exact opposite of "default, default, default" (which both parties did) when they knew there wasn't going to be a default.
    I think more people are coming to understand what you mention above often called behavioral economics. There is a lot to be said about the way people feel about the economy.

    However there is a price being paid for the culling out of the manufacturing sector in the U.S. People had to replace jobs that were relatively high paying with low paying service sector jobs. America paid the price for expanding the middle class for many millions in Asia. Where is the growth in the US. Service sector and health care.

    It would have been great if Obama had elected to spend the first two years of his Presidency on long term economic issues like free trade versus fair trade like he talked about during his campaign. Maybe he can begin to address the long term economic needs of the country. He can afford to. he will have $1 billion in campaign funds and a weak opponent. Plus the country is looking for real solutions to a very difficult set of problems. maybe this is too optimistic but there is a possibility.

  8. #188
    Banned
    Join Date
    Jan 2011
    Last Seen
    08-25-16 @ 08:31 PM
    Lean
    Liberal
    Posts
    11,265

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by apdst View Post

    It wasn't WW2...
    WW2 = massive government spending + massive government jobs

  9. #189
    Sage
    apdst's Avatar
    Join Date
    Jun 2009
    Location
    Bagdad, La.
    Last Seen
    Today @ 08:55 AM
    Gender
    Lean
    Very Conservative
    Posts
    76,496

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by Sheik Yerbuti View Post
    WW2 = massive government spending + massive government jobs
    Actually, it was the tax cuts after WW2 that did it.

    If it were true that the war ended the depression, then why are we pulling out of Iraq and Afghanistan? Why do Libbos support massive defense cuts? Why are we in a depression, now? Where does the money come from for all that spending?

  10. #190
    Sage

    Join Date
    Nov 2009
    Last Seen
    Today @ 12:11 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,358

    Re: United States loses its AAA Credit rating from S & P

    Quote Originally Posted by AdamT View Post
    There are several astonishing things about this downgrade.

    First, maybe it's been mentioned somewhere in this thread, but S&P made a $2 TRILLION math error in their calculations. The WH pointed this out to them but they elected to go ahead with the downgrade anyway! This from one of the principle firms that, by repeatedly assigning AAA ratings to near worthless MBAs, contributed as much as anyone to the financial meltdown. Why anyone would take them seriously is beyond me.

    This would be like your auto insurance agent running a red light and T-boning your car, and then raising your rates because you got in an accident.

    Second, this was clearly as much, if not more, about our political dysfunction than it was about our debt situation:

    "The firm's conclusion 'was pretty much motivated by all of the debate about the raising of the debt ceiling,' John Chambers, chairman of S&P's sovereign ratings committee, said in an interview. 'It involved a level of brinksmanship greater than what we had expected earlier in the year.'"

    In other words, the main factor in the downgrade was the Republican's hostage-taking tactic, coupled with their refusal to negotiate over revenues. This was an own-goal ... an entirely self-inflicted wound.
    Does anyone really know what our debt number will be 10 years from now? Can anyone predict what our GDP will be for the Q3 of this year.

    Not that this will stop the blame game. Can't wait until tomorrow so you can have another 3 hours worth of talking points from Geithner.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •