Obama is the first President ever to have a credit rating downgrade on his watch

#26
#26
MG1968 said:
and when the democrats had majorities in both houses of congress, they could have passed a budget

it may make you feel good to place all the blame on the GOP, you may even get an occasional kiss from LG when you ride his train, but don't forget which party held huge majorities from January '07 to January of this year.

also don't forget that Obama/democrat legislation has allowed the debt/gdp ratio to increase nearly 30% in the 2 1/2 years since Obama inaugurated.
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Read S&P's statement, and then come back with a real response instead of your conservative babble.
 
#27
#27
altidore17 said:
I agree that he did his fair share for sure, but all these Republicans seem to forget the 8 years Bush was in office prior,
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IIRC, Bush never had a single year budget deficit larger than half of Obama's failed stimulus package. If Obama had simply done nothing... the economy would have been better than it was.
and the awful economy Obama inherited. To blame it on one individual is simply moronic.
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As is continuing to try to shift blame for the current state of things away from BO with the argument that he inherited a terrible economy.

Bush inherited an economy in 2001 destined for a correction. It had to come in part due to the Y2K scare and subsequent capital spending by virtually every American company. I worked for Ace Hardware Corp at the time. They spent a very large chunk of their 3 year technology capital budget in '99 to avoid the threatened meltdown. For two years, they and most other companies had to go on a diet.

Also, Bush was a victim of the housing bubble every bit as much as Obama was/is... The two biggest Prez culprits for that problem were Carter and Clinton.

Bush was horrible on the economy.... Obama doubled down on the worst of Bush's policies and ideas.
 
#28
#28
altidore17 said:
Read S&P's statement, and then come back with a real response instead of your conservative babble.
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take the word of a ratings agency that gave AAA ratings to all those mortgage backed securities? How did those turn out?
 
#29
#29
altidore17 said:
Still missing where this is solely Obama's fault. This would've never happened had the GOP led House held up the voting until the day before the deadline. All that had to be done was to raise the debt ceiling right off the bat, as had been done many many times before. The head of S&P just made a statement saying as much.
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It is more reasonable to blame Obama alone for the down grade than to blame this "crisis" for it. The debt crisis was a symptom of the cause... not the cause.
 
#30
#30
And this is why our government is currently f#&$ed. Everyone always blames the other party while the country continues to go down the crapper. #AmericanUnity
 
#31
#31
altidore17 said:
And this is why our government is currently f#&$ed. Everyone always blames the other party while the country continues to go down the crapper. #AmericanUnity
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I blame ideals and policies... I argue with those who advocate stupid ones.

Blame fixes nothing... but neither does recycling failed Keynesian spending ideas.

It is unfortunate that we have reached a crisis point before anyone had the courage to stand up and scream "We have to stop spending so much"... it is more unfortunate that cuts need to take place in a weak economy. But that is the way out. There is no other.
 
#33
#33
Sounds to me like we were screwed no matter what. The S&P:

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 said in a statement issued late Friday, after financial markets were closed for the week.
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But according to Obama and other media, we can't make spending reductions and address the debt now because doing so would kill the meager economic recovery.

So which is it? Address the debt and hurt the economy, or ignore the debt, get downgraded and hurt the economy?
 
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#34
#34
altidore17 said:
Still missing where this is solely Obama's fault. This would've never happened had the GOP led House held up the voting until the day before the deadline. All that had to be done was to raise the debt ceiling right off the bat, as had been done many many times before. The head of S&P just made a statement saying as much.
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This mess isn't Obama's fault because he has no idea what he's doing. He has no experience in running anything. His advisors, whoever they may be, are the buttholes running this country into the round.
 
#35
#35
i still find it funny that people think there were cuts in the debt ceiling bill.
 
#36
#36
I am a little surprised S&P based their decision almost entirely on a political viewpoint. Its a bit ironic that they are basing a decision on bad policy.
 
#37
#37
It is everyone's fault across the board- including the American public who consistently votes fools into public office.
 
#39
#39
President and congress from last 20-30 years are to blame for this. They both suck from both sides of the aisle. The fingerpointing is ridiculous. Nobody listened when "crazy" libertarians were *****ing about war and entitlements sinking us...they just both continued spending and now they want to point the finger at one another.
 
#40
#40
VOLatile said:
Don't let them fool you! It's 100% Obama's fault! It all falls on the shoulders of ONE PRESIDENT. :crazy:
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it's not all his fault. He's just the guy that knew the bridge was out but misjudged the stopping distance.
 
#41
#41
MontereyVol said:
I am a little surprised S&P based their decision almost entirely on a political viewpoint. Its a bit ironic that they are basing a decision on bad policy.
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Makes you wonder about their motivations, doesn't it?

S&P also gave AIG a top rating ... Days before we had to lend them $180 billion to make payroll.

I'm not saying this is good news. But let's keep it in perspective.
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#42
#42
Is there a positive vibe out there about whether they can ever pay the debt down? They lost confidence and saw what most of us already knew, the whole system in Washington is broke. You can't spend more than what you have coming in and those people up there just can't grasp the concept.
 
#43
#43
Makes you wonder about their motivations, doesn't it?

S&P also gave AIG a top rating ... Days before we had to lend them $180 billion to make payroll.

I'm not saying this is good news. But let's keep it in perspective.
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I think they are trying too hard to manipulate politics in the US. Something they should not be doing.

I think they further damaged their reputation on this judgement and will be interested to watch how the administration reacts to it.
 
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#44
#44
Said it in the other thread. The s&p is racist. Their reasons for downgrading us were racially motivated. You think it's a coincidence that the only president to have the country downgrade on his watch is also the only black president we've ever had?? Racist, IMO
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#45
#45
MontereyVol said:
I think they are trying too hard to manipulate politics in the US. Something they should not be doing.

I think they further damaged their reputation on this judgement and will be interested to watch how the administration reacts to it.
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I am not sure about their reputation, but agree that the commentary seems transparently politicized.
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#46
#46
golfballs03 said:
Said it in the other thread. The s&p is racist. Their reasons for downgrading us were racially motivated. You think it's a coincidence that the only president to have the country downgrade on his watch is also the only black president we've ever had?? Racist, IMO
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Maybe a but pro-republican? When they should be objective ?
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#47
#47
nbakerld said:
President and congress from last 20-30 years are to blame for this. They both suck from both sides of the aisle. The fingerpointing is ridiculous. Nobody listened when "crazy" libertarians were *****ing about war and entitlements sinking us...they just both continued spending and now they want to point the finger at one another.
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Don't let FDRs massive amounts of bullshiz off the hook. He's the guy that started the unstoppable march.
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#48
#48
Treasury says the downgrade based on a $2 trillion error.
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#49
#49
lawgator1 said:
Treasury says the downgrade based on a $2 trillion error.
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Does it matter? We can't expect better with a political process that rewards giving away tax dollars.
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