S&P Cuts US Credit Rating to AA+

wkmac

Well-Known Member
http://money.msn.com/investment-advice/article.aspx?post=278ba336-13dc-4ba8-8889-db80e0e88a0c&scptb=friend

Let's see, raise the debt ceiling or the market will tank and our credit rating will get reduced. And when TARP came to the stage we were told to either approve TARP or the economy will crash. We now have a track record that whatever they say do and what consequences could happen, the truth is just the opposite should and will occur!
 

The Other Side

Well-Known Troll
Troll
Thanks TEA PARTY, you took the argument TOO FAR.

You screwed all americans tonight. 8/5/11

Americans will remember this. The republicans will run for cover all weekend.

Peace.
 

klein

Für Meno :)
Yup, come Monday morning, the US dollar will sink, raising all commodity prices, including oil, gold, and foods.
The US stockmarket will take another dive.
And ofcourse the federal bank will need to raise interest rates.
US citizens will be paying more for a loan, mortgage and those credit cards.

Like TOS said above : Would have been much easier just to get rid of those Bush tax cuts.....too late now..... now you get to pay extra taxes in form of interest payments and so does the fed !

What a stupid awlful trade !
 

Catatonic

Nine Lives
From the article:

... analysts at Standard & Poor's were looking for $4 trillion in cuts over 10 years. Washington gave them a little more than half of that through gimmickry, untested "committees" and a political sideshow that didn't exactly instill confidence.

I think it was the Republican's that tried to get the 4 trillion and they were blocked by the Democrats.

It was a bad, ugly, childish show by both parties though that did not instill much confidence.

And the worst thing is that the bill they passed will actually increase the debt by over $7 trillion over the next 10 years.
 

tourists24

Well-Known Member
Thanks TEA PARTY, you took the argument TOO FAR.

You screwed all americans tonight. 8/5/11

Americans will remember this. The republicans will run for cover all weekend.

Peace.
Yep that was it... all this was because of all those powerful tea party people.... shoot em all... they have too much power
 

tourists24

Well-Known Member
Yup, come Monday morning, the US dollar will sink, raising all commodity prices, including oil, gold, and foods.
The US stockmarket will take another dive.
And ofcourse the federal bank will need to raise interest rates.
US citizens will be paying more for a loan, mortgage and those credit cards.

Like TOS said above : Would have been much easier just to get rid of those Bush tax cuts.....too late now..... now you get to pay extra taxes in form of interest payments and so does the fed !

What a stupid awlful trade !
Oh yes... lets raise those taxes... that will get the economy moving.
 

klein

Für Meno :)
Oh yes... lets raise those taxes... that will get the economy moving.

Beats cuts and laying off people !
Besides, you have your "tax hikes" now, just in form of higher interest payments and national debt repayments, which will do no good to reduce the deficit, but actually to raise it by another few trillion in the next decade.
 

brett636

Well-Known Member
Oh yes... lets raise those taxes... that will get the economy moving.

Beats cuts and laying off people !
Besides, you have your "tax hikes" now, just in form of higher interest payments and national debt repayments, which will do no good to reduce the deficit, but actually to raise it by another few trillion in the next decade.[/QUOTE]

I can avoid paying higher interest rates by simply not borrowing.
 

klein

Für Meno :)
I can avoid paying higher interest rates by simply not borrowing.

Too late, since each household in the USA is over $550.000 in debt (National debt).
They will now definitly need to raise taxes to pay for the extra interest on the national debt alone !

But, yes, you can avoid personal loans, just not the National debt !
 

brett636

Well-Known Member
I can avoid paying higher interest rates by simply not borrowing.

Too late, since each household in the USA is over $550.000 in debt (National debt).
They will now definitly need to raise taxes to pay for the extra interest on the national debt alone !

But, yes, you can avoid personal loans, just not the National debt ![/QUOTE]

It was inevitable. Better for this to occur while the people responsible are still in power.
 

klein

Für Meno :)
Well, DS and I remember the early 90's when Canada lost it's AAA rating (but got it back thankfully after a few years).....

The outcome : We got a 7% GST tax (National Vat tax), now down to 5%.
National Healthcare was cut big time, and as of today, still hasn't fully recovered (waiting lists)..
And our Canadian dollar that was between 85 and 90 cents US dropped all the way down to just above 60 cents US.

It wasn't pretty !
 

brett636

Well-Known Member
klein:864009 said:
Well, DS and I remember the early 90's when Canada lost it's AAA rating (but got it back thankfully after a few years).....

The outcome : We got a 7% GST tax (National Vat tax), now down to 5%.
National Healthcare was cut big time, and as of today, still hasn't fully recovered (waiting lists)..
And our Canadian dollar that was between 85 and 90 cents US dropped all the way down to just above 60 cents US.

It wasn't pretty !

Then perhaps this is our nation's wakeup call regarding our debt problems. It needs to get resolved otherwise we will all become slaves to it(the debt).
 

The Other Side

Well-Known Troll
Troll
Youre correct Brett, the republicans control the house. The house creates the bills for the senate and the president to sign.

Finally, you make a good point.

The republicans took this argument all the way to the cliff and pushed it over. This is what they wanted and this is what they got for us. Political rhetoric and higher interest rates.

God help any of you with an adjustable mortgage. Your about to pay for the republicans idea of bringing america back to health!

Peace.
 
Youre correct Brett, the republicans control the house. The house creates the bills for the senate and the president to sign.

Finally, you make a good point.

The republicans took this argument all the way to the cliff and pushed it over. This is what they wanted and this is what they got for us. Political rhetoric and higher interest rates.

God help any of you with an adjustable mortgage. Your about to pay for the republicans idea of bringing america back to health!

Peace.
The mistake was in agreeing to less than the 4T reduction in ........wait for it......SPENDING.....this is what S&P sighted as the main reason for the downgrade. Yea boy, the republicans are such spend crazy loons. geeez
 

moreluck

golden ticket member
From the article:

... analysts at Standard & Poor's were looking for $4 trillion in cuts over 10 years. Washington gave them a little more than half of that through gimmickry, untested "committees" and a political sideshow that didn't exactly instill confidence.

I think it was the Republican's that tried to get the 4 trillion and they were blocked by the Democrats.

It was a bad, ugly, childish show by both parties though that did not instill much confidence.

And the worst thing is that the bill they passed will actually increase the debt by over $7 trillion over the next 10 years.

I think you are exactly right. The R's drew a line in the sand......they stood their ground. The Dems. just whined with no plan of their own. The plan didn't do enough. The spendthrift Dems. didn't want their allowance taken away. Both TOS and Klein are celebrating misfortune and throwing around the "I told you so attitude". Last time I looked, there was no box to check to register as a tea party member. It's a movement, not a party!
 

moreluck

golden ticket member
Yup, come Monday morning, the US dollar will sink, raising all commodity prices, including oil, gold, and foods.
The US stockmarket will take another dive.
And ofcourse the federal bank will need to raise interest rates.
US citizens will be paying more for a loan, mortgage and those credit cards.

Like TOS said above : Would have been much easier just to get rid of those Bush tax cuts.....too late now..... now you get to pay extra taxes in form of interest payments and so does the fed !

What a stupid awlful trade !

So, do you have your hot dog cart all ready for the sink America celebration???
 

moreluck

golden ticket member
Thanks TEA PARTY, you took the argument TOO FAR.

You screwed all americans tonight. 8/5/11

Americans will remember this. The republicans will run for cover all weekend.

Peace.

The buck stops where ????? The first time America's credit rating was downgraded?? I'll take "Obama Presidency" for $300, Alex !!
 

moreluck

golden ticket member
Little Klein One Note........I've told you numerous times before.......you can tax all the rich people 100% and you still won't have enough $$$.
Why can't you get that through your head. The spending is the "sin".

People HAVE TO live within their means. You can't make $200 a week and drive a Bentley!! Maybe the Bentley dealer would try to sell you one, but you've got to be smart enough to know you can't afford it. Gee, that applies to the housing market too !!
 
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