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-- S&P downgrades U.S. credit rating from AAA
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quote:

Originally posted by Groundhog Boy I'm just curious, what is the Republican view on the banks doing "universal default?" In the way our system has worked, you fail to pay Citi for a credit card and just pay BoA, you're getting slammed by both for increased rates.

I don't know dude. Who is advocating universal default?

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Originally posted by jonSun That graph is not accurate. 2009 was President Bush's budget.

Wrong again. The Congress put an extension on it, waiting to pass it after Bush was toast.

quote:

Originally posted by jester If you move to Canada and still are a US citizen. The IRS still can tax you. Read There is even a story, this woman was born in the US but has been living in Canada for 50 years and the IRS is going after her. Even though she never lived a day of her life in the US. So if you do come here, cut off all ties to the US.

Really???

My father, born in Poland, came to the States. Became a citizenship through serving in the military, said fuck it and left for Canada. Nothing was ever done about it. My purpose for going back to Canada would be to leave this shithole behind.

I served in the army, and yes, I think this country is great comparing to the ones that I've been in overseas. But as a leader in the free world it is not setting the standard that I want to be a a part of when other choices (Canada) seem to be a better fit.

The education is not a priority, injustice is a constant and our government is self mutilating each and every citizen's pockets and households through its own agendas and motives. Yes, this country is the land of opportunity. But it's senseless to be in the position that we're in because of these puppets that have proceeded in their own processes of trying to establish their own power and individual gain.

You are aware that we're only at $14.5 trillion in debt. How did Obama triple the debt, when at Reagan it was already about $3 trillion? By the end of Bush, we were already north of 14 digits in the debt.

quote:

Originally posted by Groundhog Boy You are aware that we're only at $14.5 trillion in debt. How did Obama triple the debt, when at Reagan it was already about $3 trillion? By the end of Bush, we were already north of 14 digits in the debt.

tripled the DEFICIT. He merely doubled the debt in 2 years

quote:

Originally posted by The17sss I don't know dude. Who is advocating universal default?

You are aware of what a universal default means when it comes to credit cards, right?

http://en.wikipedia.org/wiki/Universal_default.

You think that other countries and ratings agencies won't do the same?

The problem with the Teabaggers is that they can't understand microeconomics (their checkbooks) vs. macroeconomics (the larger, converse side of those).

quote:

Originally posted by Groundhog Boy The problem with the Teabaggers is that they can't understand microeconomics (their checkbooks) vs. macroeconomics (the larger, converse side of those).

Dude... what are you talking about? They supported the only debt reduction bill (CC&B) that was, as I said on the last page, guaranteed by all ratings agencies to avoid a credit rating downgrade if passed. The only one. Stupid Teabaggers!

quote:

Originally posted by The17sss Wrong again. The Congress put an extension on it, waiting to pass it after Bush was toast.

FYI

quote:

Originally posted by The17sss Dude... what are you talking about? They supported the only debt reduction bill (CC&B) that was, as I said on the last page, guaranteed by all ratings agencies to avoid a credit rating downgrade if passed. The only one. Stupid Teabaggers!

With no revenues...which also would have appeased them.

No one advocated tax increases now. They advocated them in the future, when recovery had happened.

Instead, we're going to cut now, which is an economic hindrance. I love to hear Republicans talk about creating jobs, while removing government jobs. Apparently, those aren't "real."

And I will say, as much as I want Pentagon/war spending to decline, those will cut both public & private sector jobs.

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Originally posted by Nrg2Nfinit FYI

The Democrat Congress demanded and Bush agreed that Obama and the Democrats would be responsible for the 2009 budget. The budget was signed into law on March 11, 2009. The Omnibus Appropriations Act, 2009 (H.R. 1105, Pub.L. 111-8), signed into law on March 11, 2009 is NOT the federal budget (if that's what you are getting at).

quote:

Originally posted by The17sss the only graph you need to look at:

Oh, so this is the only graph I need to look at? Good to know. I wont look at any others. You're probably right, this is all I need to look at.

quote:

Originally posted by Groundhog Boy With no revenues...which also would have appeased them. No one advocated tax increases now. They advocated them in the future, when recovery had happened. Instead, we're going to cut now, which is an economic hindrance. I love to hear Republicans talk about creating jobs, while removing government jobs. Apparently, those aren't "real."

You're familiar with "baseline budgeting" that our government practices, no? No matter what, spending growth is going to increase each year like 7.5%. So the "cuts" we just had are going to give us 7.5 trillion over the next 10 years instead of 10 trillion. It's not even a cut, it's just a slightly slower expanding crack in the dam. Why the heck do you think we are getting downgraded? Because the bill that just passed was nothing more than political charades on both sides, showing no real commitment to stop the madness.

quote:

Originally posted by The17sss Dude... what are you talking about? They supported the only debt reduction bill (CC&B) that was, as I said on the last page, guaranteed by all ratings agencies to avoid a credit rating downgrade if passed. The only one. Stupid Teabaggers!

Yeah, the bill that was a waste of time, since they just threw it together haphazardly, knowing that it would never pass. They're great at writing down nonsense. I realize Obama never put anything on paper. Why would he when the dialogue nixes it before it's even on paper?

Secondly, I realize this means nothing to someone that thinks WWII isn't covered by Keynesian government stimulus, but you'd never have been able to spend that money unless you use riders that permit war/terrorism. There would be no other way to stimulate government enough under that amendment other than by creating a WAR.

quote:

Originally posted by The17sss You're familiar with "baseline budgeting" that our government practices, no? No matter what, spending growth is going to increase each year like 7.5%. So the "cuts" we just had are going to give us 7.5 trillion over the next 10 years instead of 10 trillion. It's not even a cut, it's just a slightly slower expanding crack in the dam. Why the heck do you think we are getting downgraded? Because the bill that just passed was nothing more than political charades on both sides, showing no real commitment to stop the madness.

I know, unwinding the stupidity of 2000-2008 is going to take awhile. Just like unwinding AIG, etc.

Only government ever to go to war and cut taxes at the same time. Congrats for supporting.

quote:

Originally posted by The17sss The Democrat Congress demanded and Bush agreed that Obama and the Democrats would be responsible for the 2009 budget. The budget was signed into law on March 11, 2009. The Omnibus Appropriations Act, 2009 (H.R. 1105, Pub.L. 111-8), signed into law on March 11, 2009 is NOT the federal budget (if that's what you are getting at).

Of course, Obama had won the election lol. I'm talking about the TARP

The actual bailout packaged proposed by paulson and immediatley backed by bush. so you should take at least 700 billion of that first red line and add it to bush's last year.

I'm all for the free markets and less government interferance, but what if we didn't have a bailout? i think you guys would be in a bigger shit hole than you're in now.


I better renew my mortgage quick before they start to hike up interest rates.

quote:

Originally posted by Nrg2Nfinit what if we didn't have a bailout? i think you guys would be in a bigger shit hole than you're in now.

Bingo.

quote:

Originally posted by OrangestO Bingo.

Agree entirely, which really pisses me off when I hear Dems argue against it.

quote:

Originally posted by Nrg2Nfinit but what if we didn't have a bailout? i think you guys would be in a bigger shit hole than you're in now.

It's because of the bailouts and continuous borrowing and spending that the country can not recover from the bust. Chances are, we'd have forgotten what happened in 2007 already because we would have already recovered from it.

quote:

Originally posted by Groundhog Boy Agree entirely, which really pisses me off when I hear Dems argue against it.

Honestly it would be better in the long run to totally destroy the republican party, which is what a default would have done.

I'd wager 10 years of hard economic times, even 20, would in the long run be better than letting this country continue on with Republicans as any sort of serious contender for political power.

quote:

Originally posted by DOOMBOT It's because of the bailouts and continuous borrowing and spending that the country can not recover from the bust. Chances are, we'd have forgotten what happened in 2007 already because we would have already recovered from it.

Seriously, please, just smash your computer right now. It will do everyone good.

Tell him to do it with his head.

quote:

Originally posted by Joss Weatherby Honestly it would be better in the long run to totally destroy the republican party, which is what a default would have done. I'd wager 10 years of hard economic times, even 20, would in the long run be better than letting this country continue on with Republicans as any sort of serious contender for political power.

and peeps call you a fool,
yep,
unfortunately they are correct.
sorry charlie

quote:

Originally posted by Joss Weatherby Seriously, please, just smash your computer right now. It will do everyone good.

You think that by printing endless amounts of money by borrowing from other countries or firing up the printing press is or has saved the country from further economic depression? That by saving failed companies, the economy will recover? By socializing costs for goods and services that markets provide will make things cheaper and more efficient?

If you believe that the above actually saved the economy from even greater damage, you have a lot of explaining to do. So go on, do tell.

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