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Show us where the S&P said the second part of that statement.
All of our Congress has screwed up very badly and consistently for many, many decades especially the last 5.
They have no desire to control any spending and its become quite apparent.
Our government has knowingly now inflicted this upon us further.
Did yu read the full text? They repeatedly mention the political stalemate in Washington, in terms of lack of confidence that this congress can do anything constructive.
As NJBEST in the investing board puts it, this is an "emotional" downgrade, which is precisely correct. Big investors and fund managers are scratching their heads becoz the downgrade makes no sense at this time.
And as I asked earlier, when the GOP is in a hostile divide within itself, what credibility does it have in becoming an efficient negotiating side, even for argument's sake we can assume that Obama and the democrats were crying fowl from the get go?? We can only recall the house vote last thursday when the GOP held the nation waiting and Boehner postpones the vote, clearly stating the wide rift in the GOP. And even if he goofed up, Obama clearly made a desperate attempt by addressing the nation that some of the freshman republicans from the tea party were being adamant, and therefore urging the masses to call their offices. The events are clear.
I like the concept of the tea party, but honestly, when Fox news shows some freshman congressman who say that "they cannot negotiate with this president", and that "they are here to put an end to Washington's spending", and that "so what, it's okay to default", and the worst of ALL, that "they are heading for the chapel to pray for the nation"
Give me an effing break. Even if you go pray, God only wants you to fricking help yourself by offering a compromised solution. The whole drama was pretty childish and pathetic. What's the point in praying and exercising such christianity when you refuse to exercise your duty and thereby keep the creditors anxious and waiting.
Last edited by Currency Pair Crocodile; 08-06-2011 at 06:43 AM..
Location: New Albany, Indiana (Greater Louisville)
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Ultimately it's about a lack of foresight. From the president down to the burger flipper everyone kept living like the 90s economic boom was sustainable. It wasn't. Voters still want mega road projects that are unaffordable and their politicians give it to them to get reelected. (Who cares about debt?) Such a project would have been doable 15 years ago but now it isn't
We're not going back to the stone age, but we must accept that our standard of living is going to decrease slightly.
Exactly the whole "debt crisis" was nothing but a PR stunt by the right in an attempt to bash Obama and make him look bad which blew up in their faces. The debt ceiling was raised 7 times under W no questions asked. If there was a GOP president right now, the debt ceiling discussion would have been a non-issue.
again, where the heck were you people when OBAMA OPPOSED RAISING THE DEBT CEILING?
now that his political cronies stand to profit from the profiteering, you guys are all for it....
i cannot believe all the hypocrisy.
at least the tea party denounces the reckless spending by BOTH parties.
It's amusing that conservatives vote for Obama here. Obviously both parties are responsible, but S & P themselves specifically said it was primarily Republicans that prompted this decision.
Yay for ignoring words directly from the horse's mouth just to attack Obama!
True. As the saying goes, you are entitled to your own opinions, but not your own facts. The facts are the Republicans drove us off the cliff. To be charitable, one can say that the debt is a larger problem that could have eventually lead to this, and the Republicans *talked* about that problem more than the Democrats. It's hard to take them seriously though when the last guy they had in power spent like the drunk a bender.
Neither party, in concert with the Tea Partiers, have a grasp of the problem and should be "buggy whipped" for that.
Partisan politics has no place in deciding who should go below and fix the leaks when the boat is sinking. At a time like that it's "all hands on deck"!
This didn't happen overnight and this didn't happen in the last 6 months.
Put it in perspective. Let's say you got a downgrade in your job and your salary cut yet you kept your standard of living and started using your credit cards to fill that gap.
You make min payments and you know where that leads.
Then you start to get maxed out so you cut cable, maybe don't eat out anymore. But you are still in denial that you really have to change big time. Then you see you can't pay your mortgage..now you are into the big ticket items you cannot pay.
Then foreclosure and bill collectors swarm in. Reality hits and you're shocked and finally wake up to reality but you are so far into the hole there is no fixing it. Bankruptcy and losing your home is what results. All because you didn't heed the warnings when you spent more than you made.
That is the US. We've been doing this for decades..spending more than we take in, raising the limit and watching our revenues decrease as taxpayer standards of living decrease.
You cannot have 1/2 the country paying taxes to support the entire country with the breadth and scope of our entitlement programs and wage war in 5 countries and think you can fund all these little pork projects around the US.
Delusional doesn't even begin to describe this nation.
And Michelle Bachmann, clearly she either has no brains or she is one of those Obama saboteurs.
She made headlines how she is against raising the debt ceiling. That means the US would default and get downgraded by all three, Fitch, Moody's and S&P. That means the DOW will be in a free-fall. Yet she eloquently ran her mouth that she is against any raise to the debt ceiling.
Same mouth yesterday - "Well, we have lost our top notch credit rating. And it has happened for the first time ever since 1917 and under Obama's watch blah blah blah"
I can't help but infer that the GOP and its candidates are focused on one thing and one thing only - position themselves against Obama, whether he is right or wrong, and craft a way to boot him out of the white house. That's very patriotic.
again, where the heck were you people when OBAMA OPPOSED RAISING THE DEBT CEILING?
now that his political cronies stand to profit from the profiteering, you guys are all for it....
i cannot believe all the hypocrisy.
at least the tea party denounces the reckless spending by BOTH parties.
Obama proposed 4 trillion in cuts, all the right had to agree to was one trillion in cuts to close up tax loopholes and corporate handouts to the rich which they absolutely refused.
The republicans only proposed 900 billion in cuts, which not one penny was of "their" outrageous spending.
The only thing the tea party proposed a little while back was wildly unpopular and called for destroying medicare and medicaid, spending even more on the bloated military and wouldn't balance the budget until almost 30 years from now.
There is only one side that's bringing the BIG cuts and that's the democrats.
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