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Old 08-05-2011, 07:50 PM #1
EricS96521 (Banned)
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S&P Downgrades U.S. Credit Rating

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[Updated, 8:27 p.m. ET] The credit rating agency Standard & Poor's announced Friday that it has downgraded the U.S. credit rating to AA+ from its top rank of AAA.
http://news.blogs.cnn.com/2011/08/05...ing/?hpt=hp_t1

We all knew it was coming. Now what does this really mean? News networks are going crazy over this story.
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Old 08-05-2011, 07:57 PM #2
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What it means is that Republicans ****ED us over. There is no way to sugarcoat it, no other way to cut it. They took the economy hostage and didn't give a **** that this might happen. And now it has. Big surprise.

The statutory debt limit must now be abolished.
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Old 08-05-2011, 08:04 PM #3
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Yes Gonzo! The Republicans Did It! Not The Democratic Senate! Not The Democratic Congress! Not The Democratic President!

Republicans Did This!
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Old 08-05-2011, 08:06 PM #4
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Tea Party is more like it.
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Old 08-05-2011, 08:08 PM #5
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Originally Posted by F1VENOM View Post
Tea Party is more like it.
And what banner do Teabaggers run under?

I give you credit for at least being honest though. You are right.
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Old 08-05-2011, 08:14 PM #6
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And what banner do Teabaggers run under?

I give you credit for at least being honest though. You are right.
The Tea Party I'm pretty sure is how the label themselves. Then again you like to lump where it suits you.
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Old 08-05-2011, 08:14 PM #7
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You realize that with JUST the Reid plan, this would have happened as well... right? It wasn't what we could or couldn't borrow that caused the downgrading of the credit rating.
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Old 08-05-2011, 08:15 PM #8
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Originally Posted by F1VENOM View Post
The Tea Party I'm pretty sure is how the label themselves. Then again you like to lump where it suits you.
Every piece of paper I've ever seen shows an (R) next to Teabaggers names. You can say anything you like but what's on paper is what's real.

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You realize that with JUST the Reid plan, this would have happened as well... right? It wasn't what we could or couldn't borrow that downgraded the credit rating.
Seeing as how the Reid plan was basically agreeing to what Republicans wanted in the first place in a completely politically gutless manner, that wouldn't be surprising. However if Republicans had shown some trend towards compromise it would have changed the entire picture starkly. Ultimately debt and deficits don't matter if both parties do what they know has to be done. If you get one party that things it's politically advantageous to NOT do what has to be done, that's how **** like this goes down.
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Last edited by drgonzo : 08-05-2011 at 08:17 PM.
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Old 08-05-2011, 08:17 PM #9
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I'm not a part of that group, but I find your term for them derogatory and offensive.
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Old 08-05-2011, 08:19 PM #10
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Originally Posted by drgonzo View Post
What it means is that Republicans ****ED us over. There is no way to sugarcoat it, no other way to cut it. They took the economy hostage and didn't give a **** that this might happen. And now it has. Big surprise.

The statutory debt limit must now be abolished.
Hey Einstein we were downgraded for our overspending and our debt. Which is mostly due to the Dems not wanting to balance the budget. When the entire country collapses eventually and we can string up the liberals for it
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Old 08-05-2011, 08:20 PM #11
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Hey Einstein we were downgraded for our overspending and our debt. Which is mostly due to the government not wanting to balance the budget. When the entire country collapses eventually and we can string up the liberals for it
I had to correct that for you.
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Old 08-05-2011, 08:20 PM #12
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I can't believe our credit rating is as high as it still is.
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Old 08-05-2011, 08:21 PM #13
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Originally Posted by barrel roll View Post
I'm not a part of that group, but I find your term for them derogatory and offensive.
You shouldn't, it's their name for themselves.
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Old 08-05-2011, 08:22 PM #14
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Originally Posted by barrel roll View Post
I had to correct that for you.


True partly All the Republicans where not on board. but alot of Republicans wanted a balanced budget amendment. which the Liberals think is some crazy wacky idea for some reason
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Old 08-05-2011, 08:24 PM #15
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Originally Posted by BlackAngelSS View Post
Hey Einstein we were downgraded for our overspending and our debt. Which is mostly due to the Dems not wanting to balance the budget. When the entire country collapses eventually and we can string up the liberals for it
Spoken like someone who 1) hasn't read the release a 2) doesn't understand that deficit is INCOME minus expenditures.
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Last edited by drgonzo : 08-05-2011 at 09:44 PM.
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Old 08-05-2011, 08:27 PM #16
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The Tea Party I'm pretty sure is how the label themselves. Then again you like to lump where it suits you.
lol

The extremely basic reasoning behind the downgrade was the fact that S&P wanted to see further cuts and added efforts to decrease debt levels. If the administration wants to please them, which wouldn't be a bad idea, they will probably push the debt committee to make more cuts including cuts to welfare programs as well as urging the right to agree with localized tax reform, i.e. tax increases. There is something crazy like a $2T discrepancy between S&P's desired cuts to what actually came to fruition. That's going to be incredibly hard to approach without looking at tax reform and cuts to social security, medicare, etc. Oh well, it's not the end of the world, worse could happen.
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Old 08-05-2011, 08:32 PM #17
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Hey Einstein we were downgraded for our overspending and our debt. Which is mostly due to the Dems not wanting to balance the budget. When the entire country collapses eventually and we can string up the liberals for it
Actually it is partially because of the incompetence of our congress.

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S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. "The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges."
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Old 08-05-2011, 08:34 PM #18
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The same S&P that rated the ABACUS CDO/credit default swaps as AAA?
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Old 08-05-2011, 08:38 PM #19
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Yea, thats the same one. Too bad what they say holds a little weight.
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Old 08-05-2011, 08:40 PM #20
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The same S&P that rated the ABACUS CDO/credit default swaps as AAA?
Yes same one. As you can see, their ratings can **** a whole economy up.
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Old 08-05-2011, 08:50 PM #21
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Don't worry, Obama will save us
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