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If what I read was true, the Congress itself and mostly the Republicans are to blame for this downgrade.
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Both parties are equally responsible for this tragedy, and in regards to spending, there is no significant difference between them. It was nothing but a dog and pony show to distract from the fact that the debt ceiling was raised $2.5T, they didn't cut any real spending, and essentially this bomb was made bigger and set to explode sometime after the next election. And both sides are shaking each other's hands for the good job they did. This time however, nobody is buying it.
If Charlotte doesn't do something to diversify away from the Finance Industry, when the explosion happens, this city might not recover for a generation or so. Detroit was once the 4th largest city in the USA and when the automobile industry sat on its ass and lost 75% of its customers in 25 years, look what happened to it.
I am inclined to your point of view since I trust all politicions about as far as I could throw one with my pinkie.
I was actually repeating what I had read rather than putting my own spin on the subject.
I am however inclined to the view that the currently elected government should be allowed to govern for the good of the country and its people and the other mob - whoever they may be - should also help with this but nonetheless keep the elected party honest (within the limits of Congress, of course).
Charlotte di not lose any rating at all. The whole of the United States lost its AAA rating and was downgraded to AA+ with a note that the outlook was negative which indicates that a further downgrade could be me considered in 12-18 months.
Yes I know I just try to keep it Charlotte related because then the posts get way too off topic People know I was referring to the USA when I said Charlotte. Some here don't like it when I talk down the economy but I just tell it like it is.
You are right about another possible downgrade coming in the next 12-18 months. Things will get much worse from here. I have been saying that August 2011 is October 2008 all over again.
Investors speak with their "money" much the way people vote with their feet. What S&P, Fitch, and Moody's say doesn't really matter when much of the financial sector has access to the Fed lending window basically free and US Treasuries still sell globally. Look at what the giant funds are doing. Large exporting countries aren't going to chop their nose off to spite their face - they need the US as consumers.
In the end, remember that these same ratings companies had AAA on the MBS disaster that was Lehman / Countrywide / etc. They went straight from AAA to junk default. So it's all just part of the horse and pony show. The entire system is ill and if it continues, Charlotte will not lead the meltdown. The largest metros globally will feel the impact before Charlotte and when that starts to happen, we'll know it's something imminent to worry about.
Until then I don't see a reason to either tout an upswing or tout beans / bullets Armageddon scenarios. Charlotte will be somewhere in the middle for the foreseeable future... likely falsely pushed to near the top with the DNC heading to town.
Until then I don't see a reason to either tout an upswing or tout beans / bullets Armageddon scenarios. Charlotte will be somewhere in the middle for the foreseeable future... likely falsely pushed to near the top with the DNC heading to town.
Milkey--why are you and so many others counting on the convention to bring in bux to CLT? These conventions are not a sure thing by any means.I don't know the budget that has been set by the city so perhaps I'm completely in the dark on this but are you sure this is good for Charlotte??
I know in the primary thread on this subject the "good for the image of Charlotte" is mentioned many times, but sadly you can't eat images.
Just curious about your thoughts why this is a money maker.
..krokus...snipped...S&P felt that there was far to much party politics and far, far too little concern for the care, management and wellbeing of the United States.
The Republicans (including the Tea Party) were only concerned with STOPPING the democratically elected Obama from implementing his policies.
If what I read was true, the Congress itself and mostly the Republicans are to blame for this downgrade.
IMO, Congress must look to play party politics far less and look to helping the country and its people far more in the future. - Fat chance.
I guess I may have misunderstood but, I thought the tea party was holding out for bigger spending cuts and holding the line on the debt ceiling.....was I wrong ? Isn't that what the S&P wants to see, according to a article I read this a.m.....? fiscal responsibility ? Though they did cite overspending on Medicare. I guess I just need to go away somewhere and die, already. (senior citizen still working) Can someone more knowledgable than myself help me here ?
AnneA, The tea party was holding out for this. Lots of other groups where holding out for similar items. It didn't matter. Obama, Reid, Bohner, and McConnell created a backroom deal late at night that paid the tea party or anyone else for that matter, no mind. The deal was all about maintaining the current status quo. The spending cuts are actually promises not to spend as much as planned in the future.
The debt was raised by $2T+. To put this number in perspective, all the money spent in the USA and the colonies before that didn't add-up to $1T until 1971. More than 300 years. This deal spends 2.5x that much in about 18 months. It's a disaster in the making and we all have a ring side seat. Our own local government acts in much the same manner. CMS went from having a $100M shortfall to all of a sudden having enough tax money to increase their payroll by 500. How was this done? On the backs of the local taxpayers.
This won't change until the people make them change.
Last edited by yantosh22; 08-07-2011 at 01:12 PM..
"Mecklenburg's jobless rate jumped to 11.1 percent in June from 10.2 percent the month before as the government sector slashed jobs"
The CO does not have very intelligent writers does it? The author is not aware that between the 2nd week in May and the 2nd week in June public school teachers go on Summer Vacation and are dropped from the payrolls. No wonder left-wingers think teachers are under paid. Left-wingers think teachers work all 12 months of the year.
I should add, last year from July to September local governments in the Charlotte MSA went on a hiring binge. Employment (on a non seasonally adjusted basis) increased from 71k to 91k!
Milkey--why are you and so many others counting on the convention to bring in bux to CLT? These conventions are not a sure thing by any means.I don't know the budget that has been set by the city so perhaps I'm completely in the dark on this but are you sure this is good for Charlotte??
I know in the primary thread on this subject the "good for the image of Charlotte" is mentioned many times, but sadly you can't eat images.
Just curious about your thoughts why this is a money maker.
I'm just talking about fluff mostly, but something is better then nothing. I know it's not going to magically bring sustainable growth with the DNC, but it will be a bump to the local economy leading up to and during the convention.
I simply don't understand how it could be viewed as "bad" because these political parties are ruled by special interests and those special interests have skin in the game to make the DNC something special. What you may be referring to is "how much it costs" to host the conference and what we're left with at the end - I can see that point... But in the context to this thread "Charlotte's recovery" - I'm strongly on the side that austerity alone doesn't work. It never has and don't see any indication anywhere that it ever will.
So Charlotte is not going to "recover" by turning down opportunities like the DNC and simply looking to slash spending alone. If you don't give people any reason to come and spend money here, they won't - which puts into motion and feeds a financial death spiral... I honestly don't see how it's any simpler then that.
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People know I was referring to the USA when I said Charlotte. Some here don't like it when I talk down the economy but I just tell it like it is. 
