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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Vince G, CSN MFT on August 05, 2011, 05:43:27 PM
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The S and P just downgraded our credit rating to AA+. Thanks a fucking lot for interfering in the affairs. If the debt ceiling was raised sooner and the tax increases for the wealthy was established, we wouldn't be in this mess.
The Democrats knew it, the Republicans knew it....but unfortunately the nutcases have gotten us into a serious pickle.
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lol
You are one dumb m0ther fucker.
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Yeah it was all them you economic imbecile, no budget for how long 27 months, and who had control of all 3 branches? Just conveniently forgot that didn't you ::)
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Really.... ::)
http://www.foxnews.com/politics/2011/08/05/us-official-says-sp-reconsidering-us-credit-downgrade/
Developing: Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."
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Really.... ::)
http://www.foxnews.com/politics/2011/08/05/us-official-says-sp-reconsidering-us-credit-downgrade/
Developing: Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."
And you can thank Obama for that
Here's an idea, go back to hocking you "bodybuilding" bullshit
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The downgrade is also the result of the failure of Obamanomics to generate any growth whatsoever.
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And you can thank Obama for that
Here's an idea, go back to hocking you "bodybuilding" bullshit
Unfortunately, that may not be the case anymore. People aren't going to buy exercise equipment if they can't get credit cards
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The downgrade is also the result of the failure of Obamanomics to generate any growth whatsoever.
Any one with half a brain knows what the stimulus was, a slush fund to prop up state governments. Shovel ready jobs ::)
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S&P downgrades U.S. credit rating for first time
By Zachary A. Goldfarb, Updated: Friday, August 5, 8:33 PM
Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time.
The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter.
S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending.
Analysts have said a downgrade could increase the cost of borrowing for the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too.
A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks.
But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks.
Standard & Poor’s has warned Washington several times this year that, unless the federal government took steps to tame its debt, its credit rating could be lowered.
Some analysts are worried about the impact of a downgrade on markets where Treasurys are held as collateral and the AAA rating is required. But most analysts don’t expect this issue to pose a major problem.
S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction.
The downgrade is likely to be used as a weapon by both Republicans and Democrats as they argue the other side has not taken deficit reduction seriously.
Other credit rating agencies — Moody’s Investors Service and Fitch Ratings — have decided not to downgrade the United States credit rating. But they’ve warned that, if the economy deteriorates significantly or the government does not take additional steps to tame the debt, they could move to downgrade too.
In April, S&P first said it might downgrade the U.S. credit rating on concerns that lawmakers would not be able to come to a deal on reducing the debt. In July, as efforts stagnated, S&P said the odds of a downgrade within three months had moved up to 50 percent.
The ultimate deal between Obama and Congress ultimately failed S&P’s benchmark. Obama administration officials have been critical of S&P for making what was essentially a political judgment and for failing to conclude that the country was making a strong first step to reducing its deficit.
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Really.... ::)
http://www.foxnews.com/politics/2011/08/05/us-official-says-sp-reconsidering-us-credit-downgrade/
Developing: Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."
The bolded portion of the text refutes your assertion completely.
The bill didn't go far enough in actual cuts, how is that the Tea Parties fault? If they aren't there than the bill is probably a bigger joke than it already is.
[/quote]
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S&P downgrades U.S. credit rating for first time
By Zachary A. Goldfarb, Updated: Friday, August 5, 8:33 PM
Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time.
The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter.
S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending.
Analysts have said a downgrade could increase the cost of borrowing for the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too.
A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks.
But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks.
Standard & Poor’s has warned Washington several times this year that, unless the federal government took steps to tame its debt, its credit rating could be lowered.
Some analysts are worried about the impact of a downgrade on markets where Treasurys are held as collateral and the AAA rating is required. But most analysts don’t expect this issue to pose a major problem.
S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction.
The downgrade is likely to be used as a weapon by both Republicans and Democrats as they argue the other side has not taken deficit reduction seriously.
Other credit rating agencies — Moody’s Investors Service and Fitch Ratings — have decided not to downgrade the United States credit rating. But they’ve warned that, if the economy deteriorates significantly or the government does not take additional steps to tame the debt, they could move to downgrade too.
In April, S&P first said it might downgrade the U.S. credit rating on concerns that lawmakers would not be able to come to a deal on reducing the debt. In July, as efforts stagnated, S&P said the odds of a downgrade within three months had moved up to 50 percent.
The ultimate deal between Obama and Congress ultimately failed S&P’s benchmark. Obama administration officials have been critical of S&P for making what was essentially a political judgment and for failing to conclude that the country was making a strong first step to reducing its deficit.
If the tax breaks for the wealthy that they didn't need were eliminated, then it would have greatly helped the deficit get cleared. But the biggest factor was the continued cock blocking by the Tea Party forcing the GOP to try to ask for things that were impossible forcing it down to the last few hours of a signed deal. The GOP is part to blame but the majority falls on the Far Right Lunatics that interfered with the process of insuring that America's bills are paid
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No it would nt moron? Do you even understand basic math?
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If the tax breaks for the wealthy that they didn't need were eliminated, then it would have greatly helped the deficit get cleared. But the biggest factor was the continued cock blocking by the Tea Party forcing the GOP to try to ask for things that were impossible forcing it down to the last few hours of a signed deal. The GOP is part to blame but the majority falls on the Far Right Lunatics that interfered with the process of insuring that America's bills are paid
Dumb, Dumber, Dumbest, Vince.
According to the CBO the "Tax Cuts for the Rich" were worth 70 BILLION in revenue. That's it, that's all.
Now lets do some math, shall we?
3.5 TRILLION DOLLAR "budget"
1.4 TRILLION DOLLAR deficit
70 BILLION DOLLARS in "projected revenue" all to.....and I quote "helped the deficit greatly get cleared" First off, what the fuck does that statement mean? Second, look at the math, I know it's painful and you'd like to ignore it but it's clear that raising those rates on the "Rich" would do jack shit in relation to "greatly getting the deficit cleared".
One more time..... 1.5 TRILLION DOLLAR DEFICIT will not be "greatly cleared" by 70 BILLION DOLLARS in "projected revenue".
Now here is some more math for you, follow along....
3.5 TRILLION DOLLAR BUDGET -vs- 2.1 TRILLION DOLLARS IN TAX REVENUE.
----Do you see the problem in this crazy hard equation I dropped on you?
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McGraw-Hill: meet Chicago-style negotiations. And there, in one sentence, is all that is broken with this country. The reason for the beyond ridiculous horse trade, according to CNN: S&P analysis of U.S. revenue, deficit picture was questioned. Presumably S&P ignored to add the $10 quintillion dollars that were saved by America not declaring war on Tatooine and its most infamous Hutt resident: Larry Summers. Indeed, again according to CNN, S&P acknowledged some errors in its analysis. Isn't it amazing what being threatened with having your NRSRO license can do for motivation to double check your work, eh you pathetic sellouts? Who would have thought that last week's farce debt ceiling would continue and develop into a national pastime. Below, for the sake of S&P's non-existent conscience and incompetence, are their own guidelines for what constitutes an AAA-rated credit. Readers can decide if the US is one. In other news, in USSAAA, government downgrade rating agency.
Www.zero hedge.com
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McGraw-Hill: meet Chicago-style negotiations. And there, in one sentence, is all that is broken with this country. The reason for the beyond ridiculous horse trade, according to CNN: S&P analysis of U.S. revenue, deficit picture was questioned. Presumably S&P ignored to add the $10 quintillion dollars that were saved by America not declaring war on Tatooine and its most infamous Hutt resident: Larry Summers. Indeed, again according to CNN, S&P acknowledged some errors in its analysis. Isn't it amazing what being threatened with having your NRSRO license can do for motivation to double check your work, eh you pathetic sellouts? Who would have thought that last week's farce debt ceiling would continue and develop into a national pastime. Below, for the sake of S&P's non-existent conscience and incompetence, are their own guidelines for what constitutes an AAA-rated credit. Readers can decide if the US is one. In other news, in USSAAA, government downgrade rating agency.
Www.zero hedge.com
HA!
Yeah, the U.S. will save 50 trillion dollars by not dropping nuclear weapons on its most populated cities. So, the budget is fine and we are actually running a surplus now.
Awesome!
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The bolded portion of the text refutes your assertion completely.
The bill didn't go far enough in actual cuts, how is that the Tea Parties fault? If they aren't there than the bill is probably a bigger joke than it already is.
The original bill that both parties originally agreed on early this year would have kept the S and P from even considering a downgrade. But unfortunately, the Tea Party basically threatened the GOP into backing out of the deal and stalling everything until the last minute.
Fortunately, Moody's still has us at AAA+ but this whole thing didn't have to happen.
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Bam a refuses to cut spending.
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Yeah it was the TEA Party at the last minute, this shit could have been avoided if the Dem controlled congress did their fucking job and passed a budget. But the gutless turds that they are decided wait out the midterms and see what happened. Well they got their asses kicked, so now we they will try to blame everything on the other guy.
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'No risk' the US will lose its top credit rating, says Treasury's Geithner (Flashback!)
The Hill ^ | 8/5/11 | Michael O'Brien
Posted on August 5, 2011 9:47:47 PM EDT by Nachum
Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."
Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.
(Excerpt) Read more at thehill.com ...
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If the tax breaks for the wealthy that they didn't need were eliminated, then it would have greatly helped the deficit get cleared. But the biggest factor was the continued cock blocking by the Tea Party forcing the GOP to try to ask for things that were impossible forcing it down to the last few hours of a signed deal. The GOP is part to blame but the majority falls on the Far Right Lunatics that interfered with the process of insuring that America's bills are paid
Completely false. Did you also forget who authorized the extension of the Bush Tax Cuts? I salute your stupidity with utmost grandeur. You are exactly why this country has gone to shit, this type of thinking and lack of basic logic. I'm sure you feel great knowing the savior you voted for brought us to this point.
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thanks for 8T new taxes
16T deficit from 8T bush
thanks shithead!!!
thanks for fucking capitalism even more!!
shithead!!!!
pay interest fist and cut from there back to clinton levels = 10t deficit ceiling ok
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thanks for 8T new taxes
16T deficit from 8T bush
thanks shithead!!!
thanks for fucking capitalism even more!!
shithead!!!!
pay interest fist and cut from there back to clinton levels = 10t deficit ceiling ok
Capitlism had nothing to do with this. Corportism and fascism are to blame. Neither bush or Obama are capitilists, their policies clearly show that.
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Downgrade shows DeMint was right
The Washington Examiner ^ | 8-5-11 | David Freddoso
Posted on August 5, 2011 9:40:23 PM EDT by The Old Hoosier
Throughout the debate over the debt ceiling, the media did all of us a great disservice. They reported as though the Republicans were threatening to ruin America's credit unless they got their way.
Closer to the truth: If only conservatives like Sen. Jim DeMint, R-S.C., had gotten their way -- i.e., huge spending cuts -- perhaps we wouldn't have just been downgraded by S&P. DeMint predicted ahead of time that none of the debt deals on the table except for "Cut, Cap and Balance" would prevent a downgrade. He has been vindicated.
(Excerpt) Read more at campaign2012.washingtone xaminer.com ...
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lol
You are one dumb m0ther fucker.
aint that the fucking truth...
hey vince please explain how this is the tea parties fault...oh yea in your own words...
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here you go obamabot CSN MFT...::)
"S&P downgrades US credit rating from AAA"
"The promised cuts were not enough to satisfy S&P."
http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html
hmmmmm....now who wanted more cuts...
obammers and pelosi...or the tea party?
but in your ignorant mind it was the tea parties fault our rating got lowered?
really???
go back to the G&O you fucking moron, you have no place here...
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Really.... ::)
http://www.foxnews.com/politics/2011/08/05/us-official-says-sp-reconsidering-us-credit-downgrade/
Developing: Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."
lol
Dummy.
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'No risk' the US will lose its top credit rating, says Treasury's Geithner (Flashback!)
The Hill ^ | 8/5/11 | Michael O'Brien
Posted on August 5, 2011 9:47:47 PM EDT by Nachum
Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."
Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.
(Excerpt) Read more at thehill.com ...
Turbo Tax Timmy, yeah, you can count on him.
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Unfortunately, that may not be the case anymore. People aren't going to buy exercise equipment if they can't get credit cards
Nobody who can read, write or has any money would buy your worthless dung even if you gave it away for free.
Don't blame the tea party for you being a loser.
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Dumb, Dumber, Dumbest, Vince.
According to the CBO the "Tax Cuts for the Rich" were worth 70 BILLION in revenue. That's it, that's all.
Now lets do some math, shall we?
3.5 TRILLION DOLLAR "budget"
1.4 TRILLION DOLLAR deficit
70 BILLION DOLLARS in "projected revenue" all to.....and I quote "helped the deficit greatly get cleared" First off, what the fuck does that statement mean? Second, look at the math, I know it's painful and you'd like to ignore it but it's clear that raising those rates on the "Rich" would do jack shit in relation to "greatly getting the deficit cleared".
One more time..... 1.5 TRILLION DOLLAR DEFICIT will not be "greatly cleared" by 70 BILLION DOLLARS in "projected revenue".
Now here is some more math for you, follow along....
3.5 TRILLION DOLLAR BUDGET -vs- 2.1 TRILLION DOLLARS IN TAX REVENUE.
----Do you see the problem in this crazy hard equation I dropped on you?
lol. Don't try and confuse people with the facts. :)
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"The United States of America has had a AAA credit rating since 1917. That rating survived WWI, the Great Depression, World War II, The Korean War, Vietnam, Jimmy Carter, 9-11, and those "unfunded" wars in Afghanistan and Iraq. It couldn't survive less than one term of the current White House occupant's misguided policies." -- Michael J. Fell
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Oh brother, it's still not Obama's fault. ::)
And where was Obama's counter proposal? BTW Vince, speeches don't count. Yeah, they sound good for the dumb masses such as you - but the reality is Obama put nothing forth.
I'll bet even that idiot Palin could sail into the Presidency by the time Barry's done.
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http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html
"The promised cuts were not enough to satisfy S&P."
The Tea party wanted more cuts, as did S&P.
Case closed.
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Vince is your typical 95er. Its really sad and pathetic how 95% of blacks will sell their souls and dignity to support a communist traitor who does not give a damn about them solely based on the color of his skin.
Really fucking sad.
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After U.S. downgrade, liberals attack messenger
Washington Examiner ^ | 8/6/11 | Byron York
In the wake of Standard & Poor's decision to downgrade the United States government's credit rating from AAA to AA+, a number of commentators on the left are directing most of the blame not at high levels of government spending, and not even at tax rates they would like to increase, but at the ratings agency itself. Since S&P made enormous mistakes in rating securities backed by subprime mortgages prior to the economic meltdown, they argue, the ratings agency has no right to judge the U.S. government today.
"These are some of the people who have the worst records of incompetence and irresponsibility around," top House Democrat Rep. Barney Frank told MSNBC. S&P analysts, Frank continued, are "trying to justify their reputation" by being tough on the U.S. An unnamed White House official, quoted by CNBC, called S&P's performance "amateur hour" and cited a $2 trillion math mistake made in an earlier S&P assessment. Another anonymous administration official added: "A judgment flawed by a $2 trillion error speaks for itself."
Farther along on the left, the New York Times columnist Paul Krugman called the downgrade "an outrage" and accused S&P of "just making stuff up." "After the mortgage debacle," Krugman said, "they really don't have that right." Later, Krugman approvingly passed along a tweet from the lefty blogger Atrios, who wrote of S&P: "Apparently we're supposed to care about what some idiots at some corrupt organization think about anything."
There's no doubt that S&P's rationale for the downgrade is subjective; much of the report reads like political punditry. On the other hand, S&P's assessment is based on a reasonable reading of trends in deficit spending that even administration officials admit are unsustainable. The bottom line of the report seems to be this: S&P's analysts doubt that all of the spending cuts in the recent debt-ceiling deal will actually take effect. And even if all those cuts do take effect, they would not be enough for the credit agency to restore the U.S. to its former AAA rating. And even if the Bush tax cuts on higher earners were allowed to expire, that would not be enough for a restored AAA rating without more spending cuts and taxes. And if none of the second round of cuts built into the debt deal actually occur, the U.S. rating could fall again to AA.
S&P analysts were clearly unsettled by the intensity of partisan fighting that led to the debt deal. But beyond politics, the numbers are what they are.
Nevertheless, some liberal analysts, after pointing the finger at S&P, direct the rest of their blame at Republicans. One said the downgrade was the result of a "manufactured crisis" -- that is, it occurred because Republicans created a political fight around the debt-ceiling extension. S&P gave the United States a top AAA rating, with a stable outlook, as recently as last year, some say, so the downgrade must be the result of Republican malfeasance.
There's a problem with that assessment. In its explanation for the downgrade, S&P points not only to recent spending trends and politics, but also to longer-term issues. "Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29," the report says. That revised data, S&P points out, shows that "the recent recession was deeper than previously assumed," and it highlights "the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions." In other words, the news on the economy has been even worse than we've know for the last couple of years.
For their part, many Republican presidential candidates blamed President Obama for the downgrade. But not everyone was quite so partisan. "This announcement is probably long overdue," said Republican Sen. Tom Coburn in a statement. "For decades, political careerism has trumped statesmanship in Washington. Both parties have done what is safe, not what is right. The dysfunction in Washington is the belief that we can live beyond our means forever. We can't. The moment to make the hard decisions we have long avoided has arrived. There is nowhere left to kick the can."
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Farther along on the left, the New York Times columnist Paul Krugman called the downgrade "an outrage" and accused S&P of "just making stuff up." "After the mortgage debacle," Krugman said, "they really don't have that right." Later, Krugman approvingly passed along a tweet from the lefty blogger Atrios, who wrote of S&P: "Apparently we're supposed to care about what some idiots at some corrupt organization think about anything."
lol
Its as if he were talking about himself.
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This thread is fucking embarrassing. Is it any wonder why this country is in the fiscal position it is?
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The chixkens are coming home to roost after years of bullshit chaos, no budget, obamacare, explosion in govt, etc
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The chixkens are coming home to roost.....
quoting Jeremiah Wright ?
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LOL.....Vince you're an idiot. Hahahahaha,
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Hey Vince - your messiah is a pofs and Schiff slices and ddices your entire bullshit belief system. Obama is collapsing the nation and you voted for it. Thanks bro.