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United States loses its AAA Credit rating from S & P

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"the credit rating company said 'political brinkmanship' in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable."
 
AdamT said:
There was never any reason to couple the debt ceiling (paying for past spending) with deficit reduction talks. That was purely a republican maneuver to manufacture a crisis and thus once again subvert the democratic process. Republicans played chicken with the economy and the economy just got sideswiped as a result.
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OK, I have to give you an A for remembering the Obama talking points. Must watch a lot of MSNBC between naps. If not the debt ceiling when? Oh that's right the budget. Oh a little problem, the senate has not passed a budget for nearlt three years. Want to take bets as to whether they pass one by the end of Sept?
 
AdamT said:
"the credit rating company said 'political brinkmanship' in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable."
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S&P would have less credibility than they have now if they based their judgement solely or even largely by whether they agreed with the legislative process. They had to say something like that to give Obama some cover. They are very weak politically. Let's see how Obama tries to discredit them.
 
washunut said:
OK, I have to give you an A for remembering the Obama talking points. Must watch a lot of MSNBC between naps. If not the debt ceiling when? Oh that's right the budget. Oh a little problem, the senate has not passed a budget for nearlt three years. Want to take bets as to whether they pass one by the end of Sept?
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Is it true that you can't talk when Rush Limbaugh is drinking water? Because he sure seems to be working you like a puppet.

There was absolutely no reason to create this artificial deadline on deficit reduction talks. Discussions have been going on for months and should have gone on for as long as necessary to achieve a sensible compromise.
 
Hopefully Obama can turn it around, but even Obama as great as he is can only do so much about Bush's failed policies. And when Obama can't get the funds that he needs to turn things around, makes you wonder if it's racially motivated. Is S&P racist? How much longer America, will the rich sit on their capital that's needed to turn this around. How long will the FAT CATS try to ruin this brilliant president's administration.
 
AdamT said:
Is it true that you can't talk when Rush Limbaugh is drinking water? Because he sure seems to be working you like a puppet.

There was absolutely no reason to create this artificial deadline on deficit reduction talks. Discussions have been going on for months and should have gone on for as long as necessary to achieve a sensible compromise.
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More proof you are a moron as I never listen to that knucklehead. You have too weak a grasp of the issue so I will not respond to any more of your nonsense.
 
washunut said:
More proof you are a moron as I never listen to that knucklehead. You have too weak a grasp of the issue so I will not respond to any more of your nonsense.
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Sure you don't, Bubba. :lol:
 
Awesome! said:
Hopefully Obama can turn it around, but even Obama as great as he is can only do so much about Bush's failed policies. And when Obama can't get the funds that he needs to turn things around, makes you wonder if it's racially motivated. Is S&P racist? How much longer America, will the rich sit on their capital that's needed to turn this around. How long will the FAT CATS try to ruin this brilliant president's administration.
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Great another knucklehead joins the discussion. Now it's racially motivated. Must be a full moon or this site is a magnet for folks with with few skills but time to kill. S&P racist? Disgusting.
 
AdamT said:
"the credit rating company said 'political brinkmanship' in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable."
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If not for the Democrats's notion that the government can fix the economy, we wouldn't be where we are.
 
Awesome! said:
Hopefully Obama can turn it around, but even Obama as great as he is can only do so much about Bush's failed policies. And when Obama can't get the funds that he needs to turn things around, makes you wonder if it's racially motivated. Is S&P racist? How much longer America, will the rich sit on their capital that's needed to turn this around. How long will the FAT CATS try to ruin this brilliant president's administration.
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Now, I'm going to puke! :rofl

How much longer America, will the rich sit on their capital that's needed to turn this around.
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Until Obama's dumbass gets voted out of office and run out of town on a rail.
 
apdst said:
If not for the Democrats's notion that the government can fix the economy, we wouldn't be where we are.
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I must disagree. The GOP got 98% of what they wanted. Its not the Dems fault. If the GOP got what they wanted then why did this happen? Ill tell you! No new revenue coming in. This is 100% on the Tea-Publicans. Dont get me wrong.... I like what they wanted BUT they played politics. I also like what the Gang of 6 wanted BUT.... because of bull crap politics the GOP didnt go for it. It was a dog and pony show - just like every other "budget cut", the accounting is a scam, and typically the cuts never happen.

Even in this deal, the spending is over the next two years, but the "cuts" would be over 10 years, and would still add over $10 trillion to the national debt. So after two years, where do they get the cuts for the next debt ceiling increase?

Take a step back and look at the big picture - it is another smoke and mirrors trick that only kicks the can down the road.
 
apdst said:
Now, I'm going to puke! :rofl



Until Obama's dumbass gets voted out of office and run out of town on a rail.
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Ah, more quality input from apdst. No matter how degenerate the discussion is, you seem to be able to make it even worse.

So, where are the "smart" folks from the Republican side? What great leadership have they shown? They seem willing to let the economy go in the toilet with no facts to indicate that what they want will do anything positive. People who think that there is no difference between believing and knowing are really dangerous. And these Tea Baggers are the worst. Their behavior is irrational and destructive.
 
Ladies and Gentlemen please stop fighting. We have a legitimate problem and this isnt fighting. We are as dysfunctional as DC when we do this.

I am a Democrat and I take some the responsibility for this mess. We need to reduce spending but cutting domestic spending right now would be bad for the economy. Consumer spending is already so low, that would hurt even more. We need to raise taxes on the upper 1% and possibly repeal the Bush tax cuts altogether, until people start spending again.. This will bring in billions, helping to offset some of the cuts we will have to make. The next thing to do is to reform welfare, and create a system to more efficiently check for abuse. This includes need testing for SS and Medicare. Finally defense spending needs to be cut.

Liberals and Conservatives can either work together or fall together. There is no in between. Neither side will be happy but each side will be leaving future Liberals and Conservatives a better America.
 
Thank you, apdst, for diligently flagging posts filled with extreme right wing views. I’ve come to regard your “likes” as a kind of radioactive/biohazard warning sign indicating that a post is definitely not worth squandering the cognitive resources it takes to read. Keep up the good work. :mrgreen:
 
I'm not an American so maybe I don't know that much. Still I think your problem is that you have a goverment designed for compromise. With your division of power between senate, congress and the presidency. That at the same time your politics is getting more divided and polarization. That you can blame Bush for pushing a right wing agenda after 9/11 instead of using the movement to create more unity or the teaparty. Or if you right wing you can probably find left wingers to blame for that. Still you can't get away from that polarization makes you goverment not able to function.
 
Flyersfan314 said:
Ladies and Gentlemen please stop fighting. We have a legitimate problem and this isnt fighting. We are as dysfunctional as DC when we do this.

I am a Democrat and I take some the responsibility for this mess. We need to reduce spending but cutting domestic spending right now would be bad for the economy. Consumer spending is already so low, that would hurt even more. We need to raise taxes on the upper 1% and possibly repeal the Bush tax cuts altogether, until people start spending again.. This will bring in billions, helping to offset some of the cuts we will have to make. The next thing to do is to reform welfare, and create a system to more efficiently check for abuse. This includes need testing for SS and Medicare. Finally defense spending needs to be cut.

Liberals and Conservatives can either work together or fall together. There is no in between. Neither side will be happy but each side will be leaving future Liberals and Conservatives a better America.
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Hmm, so what percentage of people on welfare are abusive? How did they get on welfare to begin with? Doesn't the Welfare office weed them out by eligibility rules? What would you do to change it? And WHY, seeing as it represents less than 5% of the budget? We could raise taxes 1% on the top 10% of the rich and pay for the system.

Oh boy, do share your wisdom...............
 
I dont just mean welfare I mean all mandatory spending. I don't know what percentage abuse it, all estimates are conjecture. It accounts for about 500B
Government Spending Details: Federal State Local for 2011 - Charts


I agree we should increase taxes. The bigger part of my argument was needs testing for SS and Medicare. You don't have to be so hostile.
 
The Giant Noodle said:
Let me explain why this wouldnt have happened IF the congress raised taxes on the wealthy.....
What did Boehner say he got? 98% of what REPUBLICANS wanted.
Now why did the S&P lower the credit rating?
Because the REPUBLICANS GOT WHAT THEY WANTED!
And the Dems DIDNT!
Now..... go back and read WHY the S&P lowered the credit rating:
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.
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You keep posting this strange "proof of UFOs" style string of logical errors as some sort of proof. I can only hope you are being facetious.

The short explanation of why S&P downgraded us is very clear:

We spend way more than we take in.

further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed
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As much as you want to make one side of these scales more important than the other ... it doesn't matter. That's just (more and more and more) partisan BS.

Ockham is right unfortunately. Many of us will have to suffer greatly, and I'd dare say some of us will die before we actually grow the balls to take back our country from the screaming children who have taken it from the better folks who actually MAKE the money the jackasses can't spend fast enough.

The partisan bull**** is really tiresome. Until we lay that crap down we really have little hope to do the actual hard work that lies ahead.
 
We are talking about the company that rated crap as AAA and had a huge part of the blame of the financial crisis... they dont have much credibility left as it is....
 
Harry Guerrilla said:
It seems like a good time to buy stock.
Pretty confident that there will be an upswing, to ride back up.
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Screw stock, I am buying ammo, it may be only thing of value soon, trade a box of 22 LR to get your teeth cleaned, stuff like that. Maybe that sounds a bit wacko, time will tell. Thanks Obama and Democrats for SPENDING US OVER A CLIFF!
 
sawyerloggingon said:
Screw stock, I am buying ammo, it may be only thing of value soon, trade a box of 22 LR to get your teeth cleaned, stuff like that. Maybe that sounds a bit wacko, time will tell. Thanks Obama and Democrats for SPENDING US OVER A CLIFF!
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I don't think that'll happen.
Just my :twocents:.
 
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