US Loses Credit Rating

This is a discussion on US Loses Credit Rating within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Originally Posted by shockwave This is no place to discuss economics. But if you must, the problem here is that there is an influential contingent ...

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  1. #16
    Distinguished Member Array mr.stuart's Avatar
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    Quote Originally Posted by shockwave View Post
    This is no place to discuss economics.

    But if you must, the problem here is that there is an influential contingent in the government that is opposed to raising revenue.

    Fact is, a very small number of people - about .1 percent of our population - own about half or more of everything. By some estimates, they own a lot more. So our GDP ($14 trillion) mostly goes to them and they refuse to pay any additional taxes.

    They fund lobbyists to compel our Senators and Congresspeople to not raise their taxes.

    These lobbyists are very good.

    As a result, the superwealthy - the ultrarich - the people who have the 100-foot yachts are insulated. And, as a result, we are being downgraded because this is the classic signature of a banana republic. The super-rich control everything and pull up the ladders behind themselves.

    Yeah, I know, talk like this means I'm a bad communist or whatever.

    True.The ways of our world are not what they appear to be on the surface.20 years ago I would be one of those people that thought it was about conservative or liberal,now I know better.It is about money,always has been.
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  3. #17
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    Quote Originally Posted by Hopyard View Post
    Just for CLARITY about this innuendo. Did Kennedy ever hold a real job? Did LBJ ever hold a real job?
    Besides completing law school, did Nxion ever have a real job? What about Ford? Carter (Peanut farmer)?
    Ronnie worked, but is acting a real job?

    Bush I-- like son, born with silver spoon in his mouth, but at least he did lots of public service.
    Clinton-- maybe, but was governor of Arkansas at a really early age. No real job in his background either.

    George Jr. -- Born with a silver foot in his mouth, and never had a real job; Gov. of Texas isn't a real job, it is a joke job. The power lies in the Lt. Governor.

    The point here is that the intended slur falls on rather deaf ears because it doesn't matter.

    Probably Truman was the only post WWII president who actually worked for a living outside of politics.
    It matters that Obama vowed to veto Cut, Cap, and Balance. It matters that he offers nothing to bring government spending under control. It matters that he, unlike the founders, is more part of the problem than the solution. It matters that we need strong leadership and have none.

    Kennedy was a senator's son and war hero who parlayed into politics. LBJ a high school teacher. Nixon a family grocery / gas clerk, combat veteran. Ford a waiter, Eagle Scout, combat veteran. Carter - Annapolis graduate, peanut farmer, exactly (see, you're getting the point). Reagan, a lifeguard, sportscaster, and acting is a tough job. George HW was a senator's son but was shot down as a combat airman. Clinton (daft dodger isn't my choice for Commander in Chief) - gotta agree with you on that one - but for all of his many faults, debt as a percent of GDP fell during his two terms. W Bush, Air National Guardsman, oilman, baseball team owner. Obama inherited much of the problem, but his lack of leadership is unacceptable.

    Finally, btw, it was a combination of cutting - not raising - taxes and cutting spending during the Truman and Eisenhower terms that began the post-war boom. So all of you who are looking to "the rich" to surrender their wealth to incompetents should know that the total wealth of all of the billionaires in this country is less than ten percent of the national debt and even fails to cover the current deficit! Definite tax and spending cuts are the only proven way to save the economy from its current downward spiral.
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  4. #18
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    Enough of the blame game and politics. This is an important topic to discuss and watch, DO NOT ruin it for everyone else with the political junk.
    "Just blame Sixto"

  5. #19
    Distinguished Member Array claude clay's Avatar
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    and late in the fall OPEC will go off the US Dollar for pricing oil and create a OPEC DOLLAR.

    America shall have a Winter Of Its Discontent unlike any since the Great Depression.
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  6. #20
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  7. #21
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    All they had to do was freeze spending and repeal healthcare and we would have had a handle on it and there would not have been a rating downgrade.

    You can call that political or just the truth, but one side wanted no part of that.
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  8. #22
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    Big surprise - the Treasury Dept claims S&P made a "2 trillion dollar" error in their assessment. The other 2 rating agencies, Moody and Fitch, still have not moved on this. Probably by Monday S&P will change their story under pressure from the White House.

    White House adviser slams S&P after U.S. downgrade - Yahoo! News
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    It cannot, however, be put back from where it came." --Quicksabre

  9. #23
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    At some point in the future, AMMUNITION will be the preffered currency.
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  10. #24
    VIP Member Array mprp's Avatar
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    Quote Originally Posted by HotGuns View Post
    At some point in the future, AMMUNITION will be the preffered currency.
    Been stocking up on that too. Maybe I'll barter with you some day. Curious to see what happens on Monday with the stock market. It may affect the rate at which I get more "stuff." Never really had to think of this stuff before except for maybe a short term power outage or even a disaster that can take weeks to get back on one's feet again. But this seems like it can turn into something long-lived given what history tells us. Let's stay tuned, shall we?

    BTW, didn't mean for a political thing to get started. I know that millions of people out there are frustrated and I'm sure that we all know that things are pretty screwed up. Politics is just the vehicle that got us here. Really though, I think that people should be preparing for long term hardships as much as they can.

    1. Garden - check
    2. Guns - check
    3. Ammo - check
    4. Bleach for potable water - check
    5. Home-canned food - check
    6. Stocked up on food - some but need more really

    The list goes on. Paranoid? Let's hope so! I like to think of it as prepared though. It's my duty to my family. Maybe it's time to start spreading the word to your family and close friends that they ought to at least look at this situation with an open mind and prepare to really hunker down for the possible tight times to come.
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  11. #25
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  12. #26
    VIP Member Array obxned's Avatar
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    The credit rsting agencies had stated exactly what was required in order for the US to keep our AAA rating. Every member of Congress and that person occupying the White House knew this. The House passed a bill known as Cut, Cap, and Balance, which would have kept our rating AAA.

    This was followed by a mad scranble to discredit common sense and the rules of arithmatic. The outcome was a 'compromise' that got our credit downgraded, exactly as promise.

    The up-side is we can continue with insane spending and politics as usual. Nero gets a new 3.5 trillion dollar fiddle, and We, the People got burned.
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  13. #27
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    Quote Originally Posted by obxned View Post
    The credit rsting agencies had stated exactly what was required in order for the US to keep our AAA rating. Every member of Congress and that person occupying the White House knew this. The House passed a bill known as Cut, Cap, and Balance, which would have kept our rating AAA.

    This was followed by a mad scranble to discredit common sense and the rules of arithmatic. The outcome was a 'compromise' that got our credit downgraded, exactly as promise.

    The up-side is we can continue with insane spending and politics as usual. Nero gets a new 3.5 trillion dollar fiddle, and We, the People got burned.
    Exactly. But just like everything else, this admin knew more and what was better for the country. Everyone else is just stupid and ignorant.
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  14. #28
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    All politics aside, what concerns me most is that there is not much of a public uproar about this. Whomever's watch something like this happens on, it is demonstrated proof of incompetance of leadership.

    Where is the public outrage?

    ...and Atlas shrugged.
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  15. #29
    Distinguished Member Array deadguy's Avatar
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    Quote Originally Posted by WHEC724 View Post
    All politics aside, what concerns me most is that there is not much of a public uproar about this. Whomever's watch something like this happens on, it is demonstrated proof of incompetance of leadership.

    Where is the public outrage?

    ...and Atlas shrugged.
    Sadly, we are but a small group here. The majority of the population could care less as long as they get what "they deserve" from the government.
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  16. #30
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    Quote Originally Posted by ksholder View Post
    ... Why do we keep electing dunces as our masters?
    Choice of evils, and a majority of the people are incapable of making an informed decision.

    Just look what we have on the list as potential replacements. Not one moderate in any of the now 3 parties. All extremists on their respective party stances (which is the only way that they will be recognized by the party delegates (that and the finances/corp-rat backing), and unacceptable. Never mind the boat load of career politicians in the House and Senate that are also a huge part of the problem.

    Reset the candidate selection process and see what happens. I'd bet we'd get some intelligent people on the ticket, instead of weeding them out early in the game for not towing the party line.
    Sticks

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