US Loses Credit Rating

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; Another indication that things aren't going very well. Be prepared! The next few years don't look so good. Anyone here besides me preparing for unusually ...

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  1. #1
    VIP Member Array mprp's Avatar
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    US Loses Credit Rating

    Another indication that things aren't going very well. Be prepared! The next few years don't look so good. Anyone here besides me preparing for unusually bad times? May not mean much but sure reflects the downward slope we seem to be gaining speed on.

    Taken from foxnews.com...

    S&P said it was now "pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."


    Read more: U.S. Loses AAA Credit Rating From S&P - FoxNews.com
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  2. #2
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    Probably did not help that Barry & Harry were talking about new taxes before the ink was dry on the debt ceiling raise. Why do we keep electing dunces as our masters?
    "I've noticed that everyone that is pro-abortion has already been born." - Ronald Reagan

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  3. #3
    Distinguished Member Array ArkhmAsylm's Avatar
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    What do they care? They'll be sitting pretty with their special interest jobs, government paid pensions & healthcare.
    "Historical examination of the right to bear arms, from English antecedents to the drafting of the Second Amendment, bears proof that the right to bear arms has consistently been, and should still be, construed as an individual right." -- U.S. District Judge Sam Cummings, Re: U.S. vs Emerson (1999)

  4. #4
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    Also, report states there is a NEGATIVE outlook on America's credit.

    Negative outlook goes along with credit downgrade.

  5. #5
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    Bout time..

    We saw this coming when the liberals were twisting arms, and pressuring their fellow senators and constituents to "increase taxes" for the controlled house.
    Normal everyday Americans who more than pay their fair share are sick and tired of their bad habits.
    We have to spend within our means so should they..
    One's dignity may be assaulted, vandalized and cruelly mocked, but it can NOT be taken away unless it is surrendered.

  6. #6
    Distinguished Member Array alachner's Avatar
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    This is bad news not only for Americans, but for the rest of the World. The stock markets around the World are plummeting and this will affect investors, banks, credit institutions and income to many people around the World. CRAP!
    "If you carry a gun, people will call you paranoid. That's ridiculous... If I have a gun, what in the hell do I have to be paranoid for?" [Clint Smith - Thunder Ranch]

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    VIP Member Array shockwave's Avatar
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    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.
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  8. #8
    Senior Member Array Dennis1209's Avatar
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    Things are going to get worse, much worse. We have been living beyond our means for a long time now on credit, both collectively and individually. Sooner or later you have to pay the piper. We're referred to as the "richest nation" That's an oxymoron if I ever heard one. We're a debtor nation up to our eyeballs in debt. No other nation can come close to how much debt each one of us owes. We have been insolvent for quite some time now and it's only a matter of time before Peter pays the piper. We're living on borrowed time. Better get ready for the collapse of the financial system and a new national / world currency that's inevitable. Something to jaw on. Script has been around and tried for centuries. It has failed in every nation each and every time. It has no value in and of itself. The " good faith and credit clause", give me a break. Our currency is printed out of thin air at will with no backing of any kind. Short example: 1982 was the last year pennies were made of copper, why? It cost more than a penny to produce. They went to a much cheaper zinc alloy. Now it costs a cent and a half to produce the cheap penny. Inflation is the result of printing to much money. It's not going to be pretty...

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    I think that as far we're concerned, we should stock up on ammo, double check or build a BUG and beef up our home security and defense strategy, since I believe that when things start getting worse, there will be an increase of crime due to unemployment. Bad times are very close!
    "If you carry a gun, people will call you paranoid. That's ridiculous... If I have a gun, what in the hell do I have to be paranoid for?" [Clint Smith - Thunder Ranch]

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    It's time for a flat tax.
    I haven’t heard any of the journalists who volunteered to be waterboarded asking to have their fingernails wrenched out with pliers, or electrodes attached to their genitals.

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    It sure is...but, it likely won't ever happen. The lobby against it is incredibly powerful.


    Quote Originally Posted by atctimmy View Post
    It's time for a flat tax.





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    A LARGER question would be... Why are wealthy politicians (on both sides of the aisle) building bunkers for themselves?

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    Practically, more than ever keep valuables out of sight. That includes pets and anything that may be traded quickly for cash. There was a time for pride in ownership and tasteful display and trust in human kind. But the have-nots are sapping that quality of life.

    The founders were farmers, merchants, and soldiers: real and productive people. Today, we have politicians pandering to self-made victims. Obama never held an honest job.

    Some say that if we don't have government programs for the poor, then they will steal it anyway. I would rather err on the side of too much liberty than too little. And those who sacrifice liberty for security deserve neither.

    Government, with its current runaway spending, is the problem. Debt, as a percent of GDP is approaching the historically highest levels - those at the height of WW II. Interest payments on the national debt are soon to be the largest item in our budget!!

    What if your greatest monthly expense were interest payments that left you with the same debt and you were borrowing more? That would qualify you as out of control. Welcome to USA 2011.

    Republicans are having the great task of cutting government spending (= cutting government) thrust upon them, by default, literally. It is the party's moment of truth, and they need to adapt to the fiscal conservative voices

    If they don't step up, this country is only starting down a long, hard road.
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    VIP Member Array mprp's Avatar
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    I took the opportunity months back when my family was all in one room and brought up the fact that things aren't looking good. I talked to them about the possibility of things getting bad enough with the economy that we may have to shift to survival mode. Also included in our economy talk was the natural disaster thing too. Stocked up on some stuff here and there We haven't done anything drastic yet but I figure that it's better to prepare and not have to panic when the time comes. Looks like we're closer to the 1930's than we have ever been since then and I will never consider us "too big to fail."
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  14. #14
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    Quote Originally Posted by Pistology View Post

    The founders were farmers, merchants, and soldiers: real and productive people. Today, we have politicians pandering to self-made victims. Obama never held an honest job.
    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.
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    Nothing happens by accident.

    It is all part of a carefully ochestrated plan and the goal is the total financial collapse of every nation in the world...a world that becomes so desparate for relief, for any kind of relief that it will scream for a fix. The result will be the very goal that those that would control every aspect of our lives have worked for years to achieve.

    Yep...its coming and when the smoke finally clears, the old will be gone and a new system will be in place that none of us will like, but we will accept because it appears to be the only answer to the problem.
    I would rather stand against the cannons of the wicked than against the prayers of the righteous.


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