S&P Cuts US Credit Rating to AA+

Discussion in 'Current Events' started by wkmac, Aug 5, 2011.

  1. wkmac

    wkmac Well-Known Member

  2. The Other Side

    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.
     
  3. klein

    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 !
     
  4. Monkey Butt

    Monkey Butt You can call me Chappy Staff 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.
     
  5. tourists24

    tourists24 Well-Known Member

    Yep that was it... all this was because of all those powerful tea party people.... shoot em all... they have too much power
     
  6. tourists24

    tourists24 Well-Known Member

    Oh yes... lets raise those taxes... that will get the economy moving.
     
  7. klein

    klein Für Meno :)

    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.
     
  8. brett636

    brett636 Well-Known Member

    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.
     
  9. klein

    klein Für Meno :)

    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 !
     
  10. brett636

    brett636 Well-Known Member

    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.
     
  11. klein

    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 !
     
  12. brett636

    brett636 Well-Known Member

    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).
     
  13. The Other Side

    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.
     
  14. trplnkl

    trplnkl 555

    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
     
  15. moreluck

    moreluck golden ticket member

    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!
     
  16. moreluck

    moreluck golden ticket member

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

    moreluck golden ticket member

    The buck stops where ????? The first time America's credit rating was downgraded?? I'll take "Obama Presidency" for $300, Alex !!
     
  18. over9five

    over9five Moderator Staff Member

    Is there any way at all we can BIOB???
     
  19. moreluck

    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 !!
     
  20. moreluck

    moreluck golden ticket member

    BIOB??

    [TABLE="class: AcrFinder"]
    [TR]
    AcronymDefinition[/TR]
    [TR]
    [TD="class: acr"]BIOB[/TD]
    [TD]Bighorn In Our Backyard (Canada)[/TD]
    [/TR]
    [TR]
    [TD="class: acr"]BIOB[/TD]
    [TD]Birkenhead Institute Old Boys (alumni group)[/TD]
    [/TR]
    [/TABLE]