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Thread: USA's Credit Rating Downgrade

  1. #1
    Senior Member Franco's Avatar
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    Default USA's Credit Rating Downgrade

    Well, one had to know it was coming when our politicians failed to put a realistic plan together to address our ever-growing debt.

    We were warned by our politicians that it would be doom and gloom if our credit rating was downgraded and that we had to raise the debt ceiling (so as to pay for all thier wasteful spending).

    Credit was downgraded, the debt hasn't been truthfully addressed and I expect more of the same smoke/mirrors and double talk coming out of DC.


    Bring me Ron Paul!
    Last edited by Franco; 08-06-2011 at 09:11 AM.
    The Libertarian Party believes that all persons are entitled to keep the fruits of their labor. A call for the repeal of the income tax, abolishment of the Internal Revenue Service and all federal programs and services not required under the U.S. Constitution. We support the passage of a "Balanced Budget Amendment" to the U.S. Constitution, provided that the budget is balanced exclusively by cutting expenditures, and not by raising taxes. LP.org

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    Senior Member Gerry Clinchy's Avatar
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    Right on, Franco.

    The Congresscritters once again displayed their ignorance of the facts of life.
    G.Clinchy@gmail.com
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    Senior Member K G's Avatar
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    The Congress and the President were warned by Standard & Poors (S&P) that they needed at least a $4 trillion cut to avoid a downgrade. They approved a $2.1 trillion cut. In essence, they thumbed their noses at S&P. As a result, the potential for ALL of us to have to pay more to borrow money just went up exponentially.

    It is time for a sea-change in our country. And the time is now.

    k g
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    Senior Member BonMallari's Avatar
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    there is one thing that the BHO administration inherited from the Bush administration...





    a AAA credit rating
    All my Exes live in Texas

    Quote Originally Posted by lanse brown View Post
    A few things that I learned still ring true. "Lanse when you get a gift, say thank you and walk away. When you get a screwing walk away. You are going to get a lot more screwings than gifts"

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    Senior Member Buzz's Avatar
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    S & P defending their rating of Lehman:

    http://www.cfo.com/article.cfm/12295579?f=related


    Rating Itself: S&P Defends Lehman's "A"

    Detailed self-review lets it off the hook for giving the bank high marks during its slide toward bankruptcy. Why? Investor fear did it in.

    September 24, 2008


    Standard & Poor's is taking great pains to defend its "A" rating for Lehman Holdings Inc.

    The rating company fired off a report Wednesday asserting that the recent collapse of the investment banking firm was a case of negative market sentiment — whether or not grounded in fundamentals — creating significant difficulties that led the company to the point of failure.

    "In our view, Lehman had a strong franchise across its core investment banking, trading, and investment management business," S&P stated. "It had adequate liquidity relative to reasonably severe and foreseeable temporary stresses."

    The ratings service insisted that looking beyond the current downturn, the firm had good earnings-generating ability. "We believe the downfall of Lehman reflected escalating fears that led to a loss of confidence — ultimately becoming a real threat to Lehman's viability in a way that fundamental credit analysis could not have anticipated with greater levels of certainty," said S&P credit analyst Scott Sprinzen.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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    Senior Member Buzz's Avatar
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    Boehner got 98% of what he wanted from the debt deal. It must have been the 2% that resulted in the downgrade...

    See the video:

    http://www.cbsnews.com/stories/2011/...20086598.shtml
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

    Raven - Moneybird's Black Magic Marker***
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    Senior Member road kill's Avatar
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    Buzz, who are you arguing with?

    OK, it's all somebody else's fault (Bush, Tea Party, Boehner) when will our leader lead and start fixing this mess???

    Because it is getting worse by the day.........

    RK
    Stan b & Elvis

  8. #8
    Senior Member Mike W.'s Avatar
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    The Democrats and Liberals will be blaming George Bush for years to come, they just can't help it.

    Barack Obama inherited the recession....ok, we get it....everybody knows it.

    But the recovery, or lack thereof, is all Obama's. They can try and shift they blame all they want, but they own this one.

    This credit downgrade, combined with the persistently high unemployment rate will be Hussein's undoing.

    He is a one term President, and you can go ahead and write it in the book.

  9. #9
    Senior Member Goose's Avatar
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    Where's Paul Krugman when you need him. I thought keynesian economics was our salvation? What happened? Didn't we spend enough? I thought debt=growth

    The ChiComs and Russians and everybody else who owns our stinking AA+ debt still expect to be paid. No doubt the Ber-Nank is warming up the presses in his basement in preparation for another round of keynesian money printing to save the day. It's the only thing he knows how to do. Isn't that amazing! Money printing is the only thing central bankers know how to do.

    And I just read where the Germans told the Italians to stick it. Monday should be fun!

    This will ultimately end in a huge world war. That's the keynesian end game. Global wars always work at making things right again. Good for global GDP and helps keep the population under control. I just hope that we form a brigade of keynesians and send their sorry asses to the front.

    Keep your pantry stocked.

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  10. #10
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    Quote Originally Posted by Buzz View Post
    Boehner got 98% of what he wanted from the debt deal. It must have been the 2% that resulted in the downgrade...

    See the video:

    http://www.cbsnews.com/stories/2011/...20086598.shtml
    Buzz, I love you to death But Gosh you like spin sometimes even Republican spin. What the Debt deal is lower the GROWTH of gov. expenditures for the next 10 years to 7% with an economy that is growing at about 1%, and that is asuming that the plan is actually implemented. All that aside, I have argued with you that interest rates would go up. In fact I'm not sure the downgrade will even make a difference.

    Personally, I believe the Blanced Budget Amentment is a non-starter and the only real plan has been presented by Congressman Connie Mack. Take 2011 expenditures and reduce them in REAL TERMS(actually we haven't had a budget for the last 2 1/2 years and the only one presented by POTUS was rejected by the senate 97-0, and those passed by the house have never been voted on by the senate) by 1% a year for the next 7 years. This would lower gov. expenditures from about 25% of GDP to 18% of GDP which has been the historical norm. I believe such a plan would have stopped the downgrade and the possible of capital flowing out of this country but it would not have stopped interest rates from rising. Lest you forget-THE NUMBERS DON'T LIE. i try to keep reminding you of that and you seem to keeep forgetting it.

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