S&P threatens downgrade

[tet1953]

It was reported today that the White House was notified by Standard & Poor's that a downgrade was imminent. The White House disagreed with them, of course, and prevailed upon S&P to reconsider. That is where it stands at this writing.

You can thank a republican for this, imo. What's going on with the stock market is due to many forces, but a downgrade on our rating is directly on them. I am truly stunned and apalled that elected leaders could cause such a thing. Something totally avoidable.

I keep asking myself, why? Why would they do that to us all? A downgrade means higher interest on just about everything, so you could sort of call it a tax on everyone. Except the government doesn't collect it.

Then it dawned me me that since the wealthy are not creating jobs with all the windfall profits and tax cut money, what are they doing with it? Financial markets. Dirivatives and stuff. Higher interest rates are probably a good thing for them.

I know this is a very pessimistic view, but really the past 10 years or so have caused me to suspect everything the government does. Either party.

 

[Carne Seca]

The new Robber Barons.

 

[sen.c]

I hear you but all this it's the republicans fault shit has got to stop. It is all the fault of
Greedy self serving politicians in general. People need to get over all the party shit and look at the person and their voting records
Before they vote. There are good people and there are bad it just so happens that politicians
For the most part are self serving assholes that just act like they care about your issue
To get your vote and once in office they go the way they want.

 

[tet1953]

Well, you're right that they all suck. But in this instance, this downgrade, it's squarely on the republicans and TPers no question.

 

[tet1953]

They did it. AA+

S&P not happy with the debt deal. Too little, too late. Yes, they want to see more spending cuts. Dems gotta compromise more on that, and on entitlement reform as well. That is where dems are dug in just as firmly as repubs. But the problems can't be solved without more revenue also.

 

[sen.c]

Yes but I must say what they did was right. The debt ceiling was going to be raised regardless due to the financial situation. All the Republicans did is what the majority of the cross section of the country wanted them to do and there were several Democrats that stood with them as well. It sucks that they even raised the debt ceiling they should have stood strong and made the administration responsible for all the excess spending that has gone on in the last 3 years eat humble pie. Then the American public would have really seen what they have done to this country.

 

[MuyLocoNC]

Yeah, because the Tea Party candidates not getting ANYTHING they demanded is what resulted in our downgrade. And the credit agencies telling us ahead of time that neither of the proposals that had been offered were even close to what was needed to avoid the downgrade. Yeah, it was the Tea Party crowd that wanted to give Obama another $2+ trillion dollars to play with over the next year and a half and to not make ANY substantial spending cuts. And since EVERYONE knew we weren't going to default even if there was no deal, waiting to the last couple of days had NO BEARING on the decision to downgrade us at all.

So please, taking into account the above FACTS, please enlighten us on how it's their fault. And please keep in mind, in your reply, that raising taxes in no way increases revenue. Don't even bother with that shit.

Dolt.

 

[sen.c]

Agreed but there is a difference in Revenue and printing money that is not backed by actual revenue.

 

[tet1953]

Agreed but there is a difference in Revenue and printing money that is not backed by actual revenue.

Absolutely. QE is funny money indeed.

Gonna be a bloodbath on Monday. Christ.

I just heard part of the report from S&P that accompanys the downgrade. They are basically blaming it on our government acting like children. I'm not joking.

 

[sen.c]

No doubt, as if our country isn't in enough termoil already. This just goes to show people what really runs the world, banks and power brokers not goverments. Glad I don't have a dime in the market, people will be going crazy Monday when their retirements are thrashed by the markets. It really is ashamed that it has to come to this for people to realize what means what but something tells me even this will not sway the droves of mindless sheeple in this country.

 

[sen.c]

All I know is I have a ton of ammo for many guns and I know how to survive off the land if it comes to it.

 

[redivider]

Yeah, because the Tea Party candidates not getting ANYTHING they demanded is what resulted in our downgrade. And the credit agencies telling us ahead of time that neither of the proposals that had been offered were even close to what was needed to avoid the downgrade. Yeah, it was the Tea Party crowd that wanted to give Obama another $2+ trillion dollars to play with over the next year and a half and to not make ANY substantial spending cuts. And since EVERYONE knew we weren't going to default even if there was no deal, waiting to the last couple of days had NO BEARING on the decision to downgrade us at all.

So please, taking into account the above FACTS, please enlighten us on how it's their fault. And please keep in mind, in your reply, that raising taxes in no way increases revenue. Don't even bother with that shit.

Dolt.

let me just correct you for a second:

the debt ceiling deal did NOT include an increase in taxes.

that's EXACTLY WHAT REPUBLICANS AND TEA PARTIERS WANTED.

 

[Carne Seca]

Well folks, it's no longer a threat. Because of the Republican bullshit the U.S. has been downgraded. We now sit below France, Germany and the U.K. in credit rating.

 

[420God]

Well folks, it's no longer a threat. Because of the Republican bullshit the U.S. has been downgraded. We now sit below France, Germany and the U.K. in credit rating.

Funny that you can sit there and blame one party.

The whole system is fucked.

 

[sync0s]

Well folks, it's no longer a threat. Because of the Republican bullshit the U.S. has been downgraded. We now sit below France, Germany and the U.K. in credit rating.

Yes, because you are so intelligent to blame a sole political party. You are very wise.

Deficit Reduction
The main difference between Standard & Poor's and its rivals is that S&P has said a meaningful deficit reduction deal, if not agreed now, would be even more difficult in 2012, when presidential elections are likely to increase political divisions in Washington.

"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. -S&P

"The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case."-S&P

Seems the democrats should have done more negotiating to me.

 

[UncleBuck]

Seems the democrats should have done more negotiating to me.

democrats did ALL the negotiating and compromise.

we could have had twice the cuts and avoided downgrade if only the teapublicans had been able to accept the end of tax breaks for corporate jets.

i feel OK pinning all the blame for this on one party.

 

[sen.c]

Yeah yeah and when you would have been paying more taxes then you would have been bitching about that too.

Also we need to have our clock cleaned so all the stupid people out there can understand the consequences of being stupid, don't touch that it is hot................ Why did I get burned? LOL.......

 

[MuyLocoNC]

let me just correct you for a second:

the debt ceiling deal did NOT include an increase in taxes.

that's EXACTLY WHAT REPUBLICANS AND TEA PARTIERS WANTED.

No, let me correct you sir.

The Tea Party and many true Conservatives (notice in the post you quoted I purposely avoided saying Republicans) did not want to raise the debt limit at all, I'm sure you remember mocking them for it and seeing them mocked endlessly by the MSM and a string of Progressive puppet heads...so you don't get to say the Tea Party got ANYTHING they wanted.

The real COMPROMISE for the Tea Party was allowing the debt increase to happen in exchange for HEAVY spending cuts and a balanced budget agreement...and to them even that was a total shit deal. They got neither.

The Libs wanted a debt increase AND tax increases for limited spending cuts. They got two of their three wishes, again the tea party got none...nada. Your side shouldn't get to specify what the compromise is...they wanted the increase that was the "tit", and they wanted the power to determine the "tat" ...life doesn't work that way in a real compromise...but they got to do exactly that. Justify it by saying some bullshit like the debt increase was mandatory...total fucking bullshit.

I'm not a member of the Tea Party, but I can surely see they got screwed on this deal, no matter how many MSM pundits say it was a huge victory for them. Go ask a couple of real Tea Party members if they feel like they're "WINNING" on this one.

I think the Tea Party is gonna keep growing, despite all the ridiculous polls being paraded around about how they are viewed unfavorably. Do you really think these Americans give a crap about those polls? These are devoted people that truly believe (rightly so) that their country is being pulled under by the Progressive agenda. A freaking poll isn't gonna break their resolve...the left is worried, as they should be.

 

[sync0s]

democrats did ALL the negotiating and compromise.

we could have had twice the cuts and avoided downgrade if only the teapublicans had been able to accept the end of tax breaks for corporate jets.

i feel OK pinning all the blame for this on one party.

Yes, considering the S&P specifically stated in their release regarding the degraded rating that it was due to not significant enough of cuts into spending and the deficit, as well as failure to work together on either side of the aisle in Congress showing instability in our government. Yup, only republicans can be responsible for that. Democrats are experts at spinning situations to blame everything on someone else. Just look at Obama not taking responsibility for anything and dumping it on Bush for the past 3 years. Don't get me wrong, Bush was terrible, but it's time for Obama to man up and step up to the plate.

 

[redivider]

No, let me correct you sir.

The Tea Party and many true Conservatives (notice in the post you quoted I purposely avoided saying Republicans) did not want to raise the debt limit at all, I'm sure you remember mocking them for it and seeing them mocked endlessly by the MSM and a string of Progressive puppet heads...so you don't get to say the Tea Party got ANYTHING they wanted.

The real COMPROMISE for the Tea Party was allowing the debt increase to happen in exchange for HEAVY spending cuts and a balanced budget agreement...and to them even that was a total shit deal. They got neither.

The Libs wanted a debt increase AND tax increases for limited spending cuts. They got two of their three wishes, again the tea party got none...nada. Your side shouldn't get to specify what the compromise is...they wanted the increase that was the "tit", and they wanted the power to determine the "tat" ...life doesn't work that way in a real compromise...but they got to do exactly that. Justify it by saying some bullshit like the debt increase was mandatory...total fucking bullshit.

I'm not a member of the Tea Party, but I can surely see they got screwed on this deal, no matter how many MSM pundits say it was a huge victory for them. Go ask a couple of real Tea Party members if they feel like they're "WINNING" on this one.

I think the Tea Party is gonna keep growing, despite all the ridiculous polls being paraded around about how they are viewed unfavorably. Do you really think these Americans give a crap about those polls? These are devoted people that truly believe (rightly so) that their country is being pulled under by the Progressive agenda. A freaking poll isn't gonna break their resolve...the left is worried, as they should be.

the real compromise?? the 'tea party' holds less than half of one house of congress. they are not the majority and REPUBLICAN leaders failed to bring together unity within their own party.

s&p wasn't as concerned about spending as they were about how the US is financing itself. if the bush tax cuts would've expired when they should've then this little party we're having wouldn't be happening.... the US government has historically been able to spend more than any other entity on earth, but it needs revenues, and the government has taken action to increase revenues when necessary.

the ones pulling america down are conservatives trying to implement their agenda into legislation that typically gets passed just so the government can function, and it's making the US government look dysfunctional. their agenda will only make things worse. their methods are making things worse too....

people are realizing it, not even fox news can spin this fiasco......polls are reflecting it...