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

#52
#52
lawgator1 said:
Does it matter ? Wut ?
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Does it matter why? They downgraded our debt and it's the correct call. Given our political processes, we have no prayer of becoming less risky over time and certainly aren't any longer the risk free rate. 100% leverage to GDP is enormous.
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#53
#53
thebjd said:
S&P was looking for $4T in cuts and said so in the beginning. Those hoping $2T would do the trick were wrong. Not enough was done to correct the trajectory of the national debt and now President Obama is the first president to see our credit rating downgraded.
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THIS!!!!!

Everyone that followed the debt ceiling debate knows the only reason that we had the $2T cuts was because of the fiscallly resposible, reasonable voice of the teaparty, otherwise known by the left as terrorrist, hijackers, santan sandwich makers.
You guys that don't get the debt situation we are in and the fact that the teaparty movement isn't a social movement, about racism and human rights, but only a fiscal one about keeping spending in check are truly blinded by your own bias. wake up, at what point don't you see or admit the obvious.
MORE SPENDING OUT THAN COMES IN DOESN'T WORK. Its simple math all you self proclaimed intellectual types on the left.

How in the Holy Hell are you guys STILL defending Obama. I know it isn't just his fault but his policies certainly put the throttle down to speed up financial ruin.
 
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#54
#54
If Obama wanted 4 trillion in cuts he could have gotten it. He is a ****ing clown
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#56
#56
golfballs03 said:
If Obama wanted 4 trillion in cuts he could have gotten it. He is a ****ing clown
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same could be said for the R's as well imo .. a short-term (like 3 mos.) debt ceiling increase would have kept the debate front and center ...
 
#57
#57
altidore17 said:
"We have changed our assumption on this because the majority
of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act."



-Straight from S&P's official statement. If you think this is all the Obama administration's fault, you must've left Earth from 2000 to 2008. Maybe you should read this before you flip out and say the world is ending..

Why S&P's Downgrade Of The U.S. Credit Rating May Not Be As Bad As It Sounds : Planet Money : NPR
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Here is how the largest foreign holder of US debt feels about the lack of US cuts in that last debt ceiling mess.
China Demands US ‘Cure its Addiction to Debts’ | TheBlaze.com



Here is Russia feelings.Putin,the chino-clad Russian PM tried to sound tough too, reportedly calling the U.S. a parasite on the global economy.


Why should we care about what they say, because TEA PARTY principals, fiscal responsiblily, weren't followed for years by Dems and Repubs and have been GREATLY speed up by BO and now we are weakened and have to care because as the good book says, The Borrower is Slave to the Lender.
 
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#58
#58
he wants to piss and moan about what he inherited from Bush. But it's his responsibility to deal with the situation at hand. how the **** can he complain about the state of things he inherited and then turn around and double down on those same policies: out of control spending? he's the ultimate dickhead. he could have prevented this from happening, but he didn't. the economy is in the ****ter, and he is completely inept. Americans better wake the **** up and vote his ass out next fall.
 
#59
#59
Daddy Gee said:
same could be said for the R's as well imo .. a short-term (like 3 mos.) debt ceiling increase would have kept the debate front and center ...
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And what the **** would they have done 3 months from now? It would have been the same ****.
 
#60
#60
MG1968 said:
and when the democrats had majorities in both houses of congress, they could have passed a budgetit 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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Do you even need to bother when your not gonna make it balance?
 
#61
#61
We are going to have to do alot of cuts that people aren't going to like. It's time to put America to work again. Make it where companies can put jobs back here and not over seas and Mexico.

Great to see that the president didn't even mention the credit rating lowering in his speech today! I guess his head is in a big sand pit at Camp David!
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#62
#62
What would happen if the 51% that don't pay any taxes paid 5%?
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#64
#64
Oldvol75 said:
We are going to have to do alot of cuts that people aren't going to like. It's time to put America to work again. Make it where companies can put jobs back here and not over seas and Mexico.

Great to see that the president didn't even mention the credit rating lowering in his speech today! I guess his head is in a big sand pit at Camp David!
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You'll have to get congress out of the way first. Good luck with that.
 
#65
#65
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, and the awful economy Obama inherited. To blame it on one individual is simply moronic.



P.S.- Neo I'm sad you gave up so early, please come back.
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Bush's fault, yet stupid to blame on one individual. Got it.
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#66
#66
MUR73 said:
THIS!!!!!

Everyone that followed the debt ceiling debate knows the only reason that we had the $2T cuts was because of the fiscallly resposible, reasonable voice of the teaparty, otherwise known by the left as terrorrist, hijackers, santan sandwich makers.
You guys that don't get the debt situation we are in and the fact that the teaparty movement isn't a social movement, about racism and human rights, but only a fiscal one about keeping spending in check are truly blinded by your own bias. wake up, at what point don't you see or admit the obvious.
MORE SPENDING OUT THAN COMES IN DOESN'T WORK. Its simple math all you self proclaimed intellectual types on the left.

How in the Holy Hell are you guys STILL defending Obama. I know it isn't just his fault but his policies certainly put the throttle down to speed up financial ruin.
Click to expand...

Well actually the lower credit rating is the same as
more borrowing since we will now have to pay higher
interest.

The $2t in proposed cuts over the next ten years, (not
nearly enough,) isn't binding on future congresses and
administrations, it's just a smoke a mirrors political move
to appease the masses.

"The average American IQ is exactly average, this
can be proven mathematically."
P J O'Rourke







golfballs03 said:
If Obama wanted 4 trillion in cuts he could have gotten it. He is a ****ing clown
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seiulovesobama.jpg





MUR73 said:
Here is how the largest foreign holder of US debt feels about the lack of US cuts in that last debt ceiling mess.
China Demands US ‘Cure its Addiction to Debts’ | TheBlaze.com



Here is Russia feelings.Putin,the chino-clad Russian PM tried to sound tough too, reportedly calling the U.S. a parasite on the global economy.


Why should we care about what they say, because TEA PARTY principals, fiscal responsiblily, weren't followed for years by Dems and Repubs and have been GREATLY speed up by BO and now we are weakened and have to care because as the good book says, The Borrower is Slave to the Lender.
Click to expand...

obama2012chains.jpg


Buy Russian postage stamps commemorating Barry's
50th birthday, they will be worth a fortune some day
as a collector's item.




golfballs03 said:
he wants to piss and moan about what he inherited from Bush. But it's his responsibility to deal with the situation at hand. how the **** can he complain about the state of things he inherited and then turn around and double down on those same policies: out of control spending? he's the ultimate dickhead. he could have prevented this from happening, but he didn't. the economy is in the ****ter, and he is completely inept. Americans better wake the **** up and vote his ass out next fall.
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If the market closed down yesterday then it would have
had the longest decline since Carter was in office in
1978.

Did it close down??

If not, it still had the longest decline since Carter,
eight straight days.

obama2012bluff.jpg
 
#69
#69
Do you think there is going to be a push against these guys? Buffet was outright mocking them today and several foreign governments seem to be ready to eliminate or downgrade the agencies.
 
#70
#70
MontereyVol said:
Do you think there is going to be a push against these guys? Buffet was outright mocking them today and several foreign governments seem to be ready to eliminate or downgrade the agencies.
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Im sure obama has already tried to get them to reconsider. Only way they get in trouble is if people stop using them which isn't happening.
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#71
#71
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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Simply raising the debt ceiling would not have stopped this. Further, if it would have then blame the Dems because they punted on doing this while they controlled House and Senate because Harry Reid wanted Republicans (the incoming group) to have to have a hand in raising the debt ceiling. Smooth move Harry.

altidore17 said:
Read S&P's statement, and then come back with a real response instead of your conservative babble.
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I noticed you left a few key comments out of your summary of the S&P rationale:

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.
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You realize who continually argued against entitlement changes right?

In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.
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Ouch, there's that dirty word (entitlements) that Dems repeatedly said was off the table and that Obama used to demonize Republicans

In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid)
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Oh yeah, there's that pesky little issue of GROWTH. Clearly you have to look to Ds more than Rs on this issue since they've been in charge for most of the past 3 years.

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.
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Interesting.

So is it all Obama's fault? No. Is it the Tea Party's fault for resisting revenue increases? Hardly.

I defy anyone however to look at Obama's track record and policy record on the economy and conclude that he has done a good job.
 
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#72
#72
Guy on Fox today said it will have no effect because US bonds still best investment there is in sovereign debt
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#74
#74
lawgator1 said:
Guy on Fox today said it will have no effect because US bonds still best investment there is in sovereign debt
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He's right, but there will be some forced selling by those required to hold AAA debt.
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#75
#75
droski said:
He's right, but there will be some forced selling by those required to hold AAA debt.
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From what I have read, that's easily the largest negative of this.

I beieve the number I saw was the increase of interest would be akin to $65 a year on a $200K mortgage.
 
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