-
Please be sure to read the rules and adhere to them. Some banned members have complained that they are not spammers. But they spammed us. Some even tried to redirect our members to other forums. Duh. Be smart. Read the rules and adhere to them and we will all get along just fine. Cheers. :beer: Link to the rules: https://www.forumsforums.com/threads/forum-rules-info.2974/
Down graded US credit rating
- Thread starter fogtender
- Start date
BOOM there it is, our credit is downgraded => http://www.washingtonpost.com/busin...redit-rating/2011/08/05/gIQAqKeIxI_print.html
Oh, and here is Obama's little puppet, tiny Timmy Geithner saying that the US credit won't be downgraded-- OOPS! => http://thehill.com/blogs/on-the-mon...r-no-risk-that-us-loses-its-top-credit-rating
Oh, and here is Obama's little puppet, tiny Timmy Geithner saying that the US credit won't be downgraded-- OOPS! => http://thehill.com/blogs/on-the-mon...r-no-risk-that-us-loses-its-top-credit-rating
Pelosi urges transparency
Finger pointing follows debt downgrade
GOP targets Obama administration, which faults S&P figures
http://www.msnbc.msn.com/id/44043408/ns/politics/?ocid=MSNToolbar110
Standard & Poor's downgrade of the U.S. government debt rating brought indignation from the Obama administration and finger pointing from leading Democrats and Republicans.
Minnesota Republican Michele Bachmann called for Treasury Secretary Timothy Geithner's resignation while House Speaker John Boehner, R-Ohio, said Democrats "who run Washington remain unwilling to make the tough choices required to put America on solid ground."
The Obama administration took issue with S&P.
"A judgment flawed by a $2 trillion error speaks for itself, a Treasury spokeswoman said after S&P went ahead with lowering the debt rating a notch to AA+ from AAA despite a White House claim the ratings agency overstated future federal debt.
The S&P report cited "the gulf between the political parties" evidenced during last week's debt-ceiling debate that resulted in legislation designed to cut over $2.1 trillion over 10 years among its reasons for the first-time lowering, but GOP leaders laid the blame on President Barack Obama, according to reports from NBC News.
Story: US government loses triple-A credit rating "President Obama has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling," said Bachmann, Minnesota Republican and GOP poll-leading candidate for her party's presidential nomination in 2012.
"President Obama is destroying the foundations of the U.S. economy one beam at a time," she said. "I call on the president to seek the immediate resignation of Treasury Secretary Timothy Geithner."
Advertise | AdChoices
Advertise | AdChoices
Advertise | AdChoices
Learning lessons
Boehner said Republicans have learned their lesson from out-of-control spending in Washington for decades.
"The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets, Boehner said.
"Republicans have listened to the voices of the American people and worked to bring the spending binge to a halt," Boehner said. "We are no longer debating how much to spend, but rather how much to cut. Unfortunately, decades of reckless spending cannot be reversed immediately, especially when the Democrats who run Washington remain unwilling to make the tough choices required to put America on solid ground."
"The administration and Democrats in Congress had sought an increase in the debt limit without any spending cuts or reforms. Republicans made clear the American people would not tolerate that and fought for the largest spending cuts possible. With the Budget Control Act, we made a positive first step toward reducing the debt, but much more must be done.
"As S&P noted, reforming and preserving our entitlement programs is the 'key to long-term fiscal sustainability,' " Boehner said.
Republican presidential candidate Tim Pawlenty, former Minnesota governor, said the downgrade is "a reflection of the failed leadership of President Obama. He really is inept when it comes to the economy. He's had over three years of being president. Barack Obama has had his chance and it's not working."
Story: Debt downgrade: Experts offer views on effects Former Senator Rick Santorum, R-Penn., also a candidate, noted the downgrade "happened on the president's watch."
"The markets are scared and the credit downgrade has happened because the president and this Congress continue to address the symptoms and not the disease," Santorum said.
Rep. Ron Paul, R-Texas, blamed "the old crowd of elites" for offering "fake" budget cuts and tricks instead of taking "bold actions to reduce out-of-control government spending, and get the federal government out of the way of small business and entrepreneurs so that they can start hiring again."
Pelosi urges transparency
House Minority Leader Nancy Pelosi, D-Calif., cited S&P's call for transparency in the work of a 12-member joint committee created to produce more than $1 trillion in additional savings over the next decade.
"Without regard or respect for the recent S&P comment on our nation's credit rating, it is important to note the role that transparency and accountability play in making their judgment," Pelosi said. "As S&P stated, 'The transparency and accountability of institutions bear directly on sovereign creditworthiness because they reinforce the stability and predictability both of political institutions and the political framework.'
"The American people are watching to see if the bipartisan Joint Committee will develop a plan to responsibly reduce the deficit in a balanced way while promoting economic growth and creating jobs."
Senate Majority Leader Harry Reid, D-Nev., said the downgrade underscored the need for a "balanced approach to deficit reduction that combines spending cuts with revenue-raising measures" such as doing away with tax breaks for the wealthy and oil companies.
Finger pointing follows debt downgrade
GOP targets Obama administration, which faults S&P figures
http://www.msnbc.msn.com/id/44043408/ns/politics/?ocid=MSNToolbar110
Standard & Poor's downgrade of the U.S. government debt rating brought indignation from the Obama administration and finger pointing from leading Democrats and Republicans.
Minnesota Republican Michele Bachmann called for Treasury Secretary Timothy Geithner's resignation while House Speaker John Boehner, R-Ohio, said Democrats "who run Washington remain unwilling to make the tough choices required to put America on solid ground."
The Obama administration took issue with S&P.
"A judgment flawed by a $2 trillion error speaks for itself, a Treasury spokeswoman said after S&P went ahead with lowering the debt rating a notch to AA+ from AAA despite a White House claim the ratings agency overstated future federal debt.
The S&P report cited "the gulf between the political parties" evidenced during last week's debt-ceiling debate that resulted in legislation designed to cut over $2.1 trillion over 10 years among its reasons for the first-time lowering, but GOP leaders laid the blame on President Barack Obama, according to reports from NBC News.
Story: US government loses triple-A credit rating "President Obama has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling," said Bachmann, Minnesota Republican and GOP poll-leading candidate for her party's presidential nomination in 2012.
"President Obama is destroying the foundations of the U.S. economy one beam at a time," she said. "I call on the president to seek the immediate resignation of Treasury Secretary Timothy Geithner."
Advertise | AdChoices
Advertise | AdChoices
Advertise | AdChoices
Learning lessons
Boehner said Republicans have learned their lesson from out-of-control spending in Washington for decades.
"The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets, Boehner said.
"Republicans have listened to the voices of the American people and worked to bring the spending binge to a halt," Boehner said. "We are no longer debating how much to spend, but rather how much to cut. Unfortunately, decades of reckless spending cannot be reversed immediately, especially when the Democrats who run Washington remain unwilling to make the tough choices required to put America on solid ground."
"The administration and Democrats in Congress had sought an increase in the debt limit without any spending cuts or reforms. Republicans made clear the American people would not tolerate that and fought for the largest spending cuts possible. With the Budget Control Act, we made a positive first step toward reducing the debt, but much more must be done.
"As S&P noted, reforming and preserving our entitlement programs is the 'key to long-term fiscal sustainability,' " Boehner said.
Republican presidential candidate Tim Pawlenty, former Minnesota governor, said the downgrade is "a reflection of the failed leadership of President Obama. He really is inept when it comes to the economy. He's had over three years of being president. Barack Obama has had his chance and it's not working."
Story: Debt downgrade: Experts offer views on effects Former Senator Rick Santorum, R-Penn., also a candidate, noted the downgrade "happened on the president's watch."
"The markets are scared and the credit downgrade has happened because the president and this Congress continue to address the symptoms and not the disease," Santorum said.
Rep. Ron Paul, R-Texas, blamed "the old crowd of elites" for offering "fake" budget cuts and tricks instead of taking "bold actions to reduce out-of-control government spending, and get the federal government out of the way of small business and entrepreneurs so that they can start hiring again."
Pelosi urges transparency
House Minority Leader Nancy Pelosi, D-Calif., cited S&P's call for transparency in the work of a 12-member joint committee created to produce more than $1 trillion in additional savings over the next decade.
"Without regard or respect for the recent S&P comment on our nation's credit rating, it is important to note the role that transparency and accountability play in making their judgment," Pelosi said. "As S&P stated, 'The transparency and accountability of institutions bear directly on sovereign creditworthiness because they reinforce the stability and predictability both of political institutions and the political framework.'
"The American people are watching to see if the bipartisan Joint Committee will develop a plan to responsibly reduce the deficit in a balanced way while promoting economic growth and creating jobs."
Senate Majority Leader Harry Reid, D-Nev., said the downgrade underscored the need for a "balanced approach to deficit reduction that combines spending cuts with revenue-raising measures" such as doing away with tax breaks for the wealthy and oil companies.
HOW F#@KED ARE WE?
Former Obama economic advisor speaks out: http://www.mrctv.org/videos/former-obama-economic-adviser-downgrade-were-pretty-darn-f-ked
Former Obama economic advisor speaks out: http://www.mrctv.org/videos/former-obama-economic-adviser-downgrade-were-pretty-darn-f-ked
It WOULD be funny to everyone but Tim Geithner's mom, who just found out what type of language he uses in the White House
It WOULD be funny to everyone but Tim Geithner's mom, who just found out what type of language he uses in the White House
English????
Our national debt jumps by a higher percentage as we are force to pay higher interest rates. These are passed along to borrowing of all kinds from credit cards to home and corporate borrowing. Pretty much leads to a depression instead of a recession but then what do I know about it as the debt ceiling has always been just that in my life time and not tied to the next budget.
You know the rule. If you want ENGLISH you have to PRESS 1 first
I don't think that will stay the same, will have to PRESS 2 shortly...
Yep, always approved and increased by politicians, at the request of politicians, without question or challenge.
Look how well that has worked out.
Just swimmingly.
I agree, but in today's situation you might want to consider moving this part of your post over to the Jokes section!
The first sentence is a difference without a distinction. It is also an inverse of how things work in the private sector. There you get your loan approved and THEN you go make your purchase. Only in goverment do you go on a bipolar spending binge and then claim that if you can't cover your bill with new credit that you will go bankrupt.
And it has everything to with current spending and sticking to a budget. The practice to date, of approving every requested debt increase without question, has conditioned our congressional jackasses to spend with impunity, knowing the bill will be passed on to the non voting unborn, or taxed via inflation to the world at large.
Pikes, my pikes; where did I put my fookin' pikes.
Well down 635 on the Dow, tomorrow may jump up a bit with some buyers looking for deals, but I think they are going to dry up quick and continue on down.
Lot of people are really going to be hurting with this crap that the congress and white house think is a game.
Lot of people are really going to be hurting with this crap that the congress and white house think is a game.
You are probably correct on that. However somewhere out there is the inevitable sucker’s rally that will occur. Kind of like what drove it back up to 12k or so from 6700.
A sucker's rally fueled by nothing more than freshly printed money backed by only the diminishing faith and even more quickly diminishing credit of the USA.
On the other side of the sucker's rally is the pit.
The pit is dark and deep.
The sad thing is we could have fixed this back in 08 with substantial but survivable and manageable pain; and we could have done it more or less on our terms. But we did not. We had another chance with the recent debt ceiling negotiations; we chose no again.
Math will fix it eventually; and on its terms.
This one will leave a mark.
Somehow I have a mental picture of some rich asshole (George Soros puppet master) sitting on his thrown while petting his favorite black cat saying with an evil laugh "once again everything is going according to my plan, its good to be king " .
Looks like I might have not been to far off .Somehow I have a mental picture of some rich asshole (George Soros puppet master) sitting on his thrown while petting his favorite black cat saying with an evil laugh "once again everything is going according to my plan, its good to be king " .
Full article at the link. Who 'made $10bn on 10/1 bet that U.S. credit rating would be downgraded'?
A mystery investor or hedge fund reportedly made a bet of almost $1billion at odds of 10/1 last month that the U.S. would lose its AAA credit rating.
Now questions are being asked of whether the trader had inside information before placing the $850million bet in the futures market, or if the bet happened at all.
There were mounting rumours that investor George Soros, 80, famously known as ‘the man who broke the Bank of England’, could be involved.
Read more: http://www.dailymail.co.uk/news/art...US-credit-rating-downgrade.html#ixzz1UXxej0kM
Read more: http://www.dailymail.co.uk/news/art...US-credit-rating-downgrade.html#ixzz1UXxVvreu
