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Obunganomics: US loses its AAA credit rating

 
 
Reply Fri 5 Aug, 2011 08:46 pm
The Washington Post:

http://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_print.html

Quote:

Standard & Poor’s announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system......
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Type: Discussion • Score: 0 • Views: 3,755 • Replies: 59

 
farmerman
 
  5  
Reply Sat 6 Aug, 2011 03:51 am
@gungasnake,
This lies primarily on the back of the Teabaggers. They were so intractible as to lose the opportinity to access the "big deal" that was negotiated among the two parties leadership. The GP leadership has no control over its rank and file.
FIRE ALL THE HOUSE AND SENATE> THE ENTIRE GOVT IS DYSFUNCTIONAL.
When the hard liners stick with their mantra and ignore the welfare of the entire country, I say make all of em pay.
CONGRESS is totally disconnected from America.
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farmerman
 
  4  
Reply Sat 6 Aug, 2011 04:31 am
@High Seas,
I wasnt predicting ultimate doom as you seem to wish to revise my post. Small folks will probably realize exactrly what the Tea baggers say they are against, increases in govt related "fees and expenses".
Intractibilty has yileded a mess and it falls on the teabaggers heads primarily.

I would not be averse to firing the en tire congress and starting over.

AS far as having "no expertise" in these matters, that never seems to stop Congress or all these erzats candidates that the GOP is unfurling for our amusement. Im registering my opinion, a freedom guranteed in Amendment 1, consequently you can stuff your view of my input wherever you find convenient and painless.



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farmerman
 
  4  
Reply Sat 6 Aug, 2011 04:38 am
@High Seas,
If I am correct, youve stated that you are working with one candidates campaign. That removes your credibility from the table in my opinion. Youve now graduated to the level of "Shill".
Everything you say from here on may be viewed as a commercial with underlying sponsorial support. (You should have kept that quiet for a while)
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farmerman
 
  2  
Reply Sat 6 Aug, 2011 04:51 am
@High Seas,
so, My vote cancels your vote.
farmerman
 
  5  
Reply Sat 6 Aug, 2011 04:56 am
@farmerman,
PS, your recent offerings included a phrase that you were "WORKING" for one of the pres candidates. Working has several levels of implied engagement. All the way from volunteer to contract employee. You failed to distinguish which category you were in.

So, as a pro bono worker, you certainly arent a shill, you are a poor deluded desciple.
Carry on!.
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farmerman
 
  5  
Reply Sat 6 Aug, 2011 05:20 am
@High Seas,
If you didnt use the exact word "working" , you implioed that you were somehow providing a service of expertise on econ to a GOP candidate. The statememnt left me with the feeling that you were "On the job".
SO if you are clarifying the position as as one of volunteerism, I have revised my comment . Im really not gonna bother trekking back to look it up as long as you support the conclusion Ive made

THE entire point wasnt a dump of which countries were A++ and who were A+++, it was a resposne to the lame headed "take no prisoner" attitude of the Teabaggers . The entire result of their intractible position was to derail any compromise larger scope"deal" between GOP and Dem leadership. Teabaggers dont seem to have the country's welfare at heart. They are like evil lemmings.
izzythepush
 
  0  
Reply Sat 6 Aug, 2011 06:01 am
@farmerman,
You shouldn't be dismissive of those who believe in public service. Dick Cheney was a great public servant, and how Halliburton benefitted during the Bush administration is entirely coincidental.
farmerman
 
  2  
Reply Sat 6 Aug, 2011 07:03 am
@izzythepush,
Smile Smile Smile Smile Smile Smile
Yes, he was a great Amerkin. He not only nbennied HAlliburton, but his guys totally exempted all tge gas and oil drillers from any environmental regs. Now we are paying for that .
Weve elected several GOP governors in enrgy producing states and these guys are so in the pockets of the gas and oil industry.

farmerman
 
  5  
Reply Sat 6 Aug, 2011 07:04 am
@farmerman,
PS, did I mention that Gungasnake is a racist douche bag???
revelette
 
  3  
Reply Sat 6 Aug, 2011 07:09 am
@gungasnake,
S&P Downgrades U.S. Debt Rating — Press Release

excerpts:

Quote:
- The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.

- More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.


Quote:
We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that 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 and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see “Sovereign Government Rating Methodology and Assumptions,” June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government’s other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.


Quote:
The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.


Quote:
Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.


I think this downgrade is going to be blamed on all three (4), Obama, republican and democrat congress and the tea party. Hopefully for the sake of our economy it won't hurt it too much.
farmerman
 
  4  
Reply Sat 6 Aug, 2011 07:13 am
@revelette,
However the HOuse and Senate leadership (even the "gang of six") soncluded with several "deals" that looked assured to p[ass until the Teaparty caucus got its face in the mix. Teabaggers are merely a bunch of fundamentalist hard liners .
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izzythepush
 
  1  
Reply Sat 6 Aug, 2011 07:16 am
@farmerman,
I think you're being unfair to douche bags.
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