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Topic: S&P Downgrades the USA< Next Oldest | Next Newest >
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PostIcon Posted on: Aug. 06 2011,8:27 am  Skip to the next post in this topic. Ignore posts   QUOTE

Article

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Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

Lowering the nation’s rating to one notch below AAA, 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.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.


Was this really any surprise?  The man has never ran a business or managed a payroll in his life.

Sad.   :(
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PostIcon Posted on: Aug. 06 2011,8:56 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Boner?
This country has become the playground for spoiled rich kids. Don't try and blame it on ONE person.  :p


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git er done!
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PostIcon Posted on: Aug. 06 2011,9:04 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Tit for tat, I say.

NObama is all for hope and change...just not "tomorrow".   :rofl:
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PostIcon Posted on: Aug. 06 2011,9:09 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I came across a report this morning as I was checking my email.  The biggest concern I would see of this situation has to do with our interest rate on debt.  Currently several hundred BILLION every year goes to interest on the debt.  Even a slight increase in interest would devastate our fiscal outlook.  Not sure if this change will impact that though.  And last I looked at the debt the largest portions the nation owes to itself through borrowing from trust funds to pay for wars and tax cuts.

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Was this really any surprise?  The man has never ran a business or managed a payroll in his life.


It was not a surprise, but the idea that we would be better if we had a businessman in there doesn't hold water; certainly without any historical proof either.  The objective of most in business is to cut taxes on the rich, not to balance the budget.  Obama has simply carried on with the game plan of tax cuts on income/capital gains and continued wars without appropriating funds to pay for them.


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PostIcon Posted on: Aug. 06 2011,11:02 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(irisheyes @ Aug. 06 2011,9:09 am)
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Was this really any surprise?  The man has never ran a business or managed a payroll in his life.


It was not a surprise, but the idea that we would be better if we had a businessman in there doesn't hold water; certainly without any historical proof either.  The objective of most in business is to cut taxes on the rich, not to balance the budget.  Obama has simply carried on with the game plan of tax cuts on income/capital gains and continued wars without appropriating funds to pay for them.

I agree to some extent, but practical application is always just a little bit handy.  I see it all the time in my bussiness.  They take a guy who has never turned a wrench and make him a service manager or (gawd) take an accountant and make him a sales manager.  In most of those cases, it wasn't good.  :dunno:   Who knows what a cheerleader can do?

Obama isn't necessarily the one who needs to be hung out to dry unless you fault him for surrounding himself with tax evaders and a secretary of treasury who can't fill out his own taxes right.  If one person is singled out, Geithner is the one who needs to go because of this.


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PostIcon Posted on: Aug. 06 2011,11:19 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

The Republican party sold it's soul to the TParty, now we all will pay...
Boehner said he got 98% of what he wanted!.... :dunce: ....
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PostIcon Posted on: Aug. 06 2011,11:31 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

98% of what he wanted?  Like convincing enough of the tea party movement that was voted into office last year to go with a plan not entirely accepted by the tea party as a whole?

Was there enough cut from the budget?  No.  Should the debt ceiling been raised without the subtantial cuts made?  No.

Hindsight now tells the tale that they should have never compromised.

Where do we go from here?


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PostIcon Posted on: Aug. 06 2011,11:58 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(MADDOG @ Aug. 06 2011,11:02 am)
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If one person is singled out, Geithner is the one who needs to go because of this.

Grover Norquist and his Republican Teabaggers need to go..

Revenue and tax reform will have to be a part of any long term debt reduction.. Republicans need to go..

George W. Bush as a cheerleader at Andover


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PostIcon Posted on: Aug. 06 2011,1:11 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

typical politics... It's always someone else's fault.  Unless it is good.

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PostIcon Posted on: Aug. 06 2011,2:37 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

In the polls I've seen so far, a clear majority of Americans blame the Republican controlled Congress for this. Why would they blame the democrats for this when it's pretty clear who's fault it is?

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