S&P Cuts US Credit Rating to AA+

[Babagounj]

Dump Obamacare = $1 T saved.

 

[The Other Side]

Dump Obamacare = $1 T saved.

How do you figure that?

Peace

 

[moreluck]

CAN YOU SPELL RECESSION? If anyone took your advice, we'd head right into a depression. Stop consumer spending for a while? Seriously? What happens to GDP? Dont buy a car? What happens to the tax revenue that isnt collected during that period?

It doesnt take a mathematical genious to know that if you stop buying, tax revenue isnt collected and the DEFICIT GROWS larger!

Geez, does anyone really have a clue?

Peace.

So if somebody couldn't afford a house or car, you would advise them to get it anyway.......just like the president.....spend money you don't have.

 

[moreluck]

"...........Geez, does anyone really have a clue?.."

Peace.

No, no one else has a clue. You are the only one who knows how the world works. Maybe you could start to write your proposal to solve the world's problems. Get started on that right away........should only take you a few months. In the meantime, we'll just hang out here and chew the fat!

PIECE

 

[Buddybrown]

It doesnt take a mathematical genious to know that if you stop buying, tax revenue isnt collected and the DEFICIT GROWS larger! Peace.

It takes only a maroon to believe that spending on hiring employees and moving forward in an Obama economy of uncertainty would make any sense. Why do you think Corporations are holding on to billions in cash? Why are saving rates for consumers at the highest levels since 1993? Why, why, and why???

YES, stupid actions by the "tea party terrorists" is the common factor in every denunciation of the congressional actions. CUT CUT CUT without increase revenues is a plan to fail. S&P points this out clearly. It may sound good on the elephant channel, but it doesnt sound good on wall street. Peace.

More like MSNBC SPEW! Your talking points are from the bible of liberal babble. Sure to be recognized in the hall of fame of failed liberal policies as always. You and your "like" Canadian counterpart are two peas (make sure to eat them) in a pod. You align yourself and ideas with the same failed ideology as a person who was fired for drinking on the job an now runs some kind of weeny wagon (could have said wagging but didn't) operation. This person is anti-American just like you! And you want to call the fiscally responsible Tea party people terrorist? The S&P only mentioned revenues ( new word for TAX INCREASES) so they wouldn't seem so anti administration. The real issue is the spending, and you know it. So quit being a spending terrorist and let’s get the greatest country in the world back on track!!!

 

[The Other Side]

"...........Geez, does anyone really have a clue?.."

Peace.

No, no one else has a clue. You are the only one who knows how the world works. Maybe you could start to write your proposal to solve the world's problems. Get started on that right away........should only take you a few months. In the meantime, we'll just hang out here and chew the fat!

PIECE

Moreluck,

It appears that whatever business school you went to taught you the wrong concepts. Reagan started this mess by working with the big three automakers and allowing them to shut down plants, fire workers, and move those plants to another country and as a bonus, give them a 25% tax reduction right off the top. If that was not enough, he worked out trade deals that reduced tariffs on those american products that were then imported back into the united states.

When this happens my dear, you take REVENUE out of the system. From the peoples side, there is NO MONEY to spend on consumer goods, in addition, without a paycheck, there is no REVENUE collected by the feds, state or county, there is also no deductions for social security or medicare or disability insurance.

All the various pots of gold that would have otherwise been filled up ran dry forcing Reagan to BORROW BILLIONS out of social security to fix his mess.

On the corporate side, reducing the top 1% tax bracket (you know the one, the tea partys favorite issue) 25% punched an immediate 3.2 trillion dollar deficit into the national debt creating the DEBT CLOCK.

Further, allowing companies to bail on america and moving to foriegn countries allowed corporations to escape taxes alltogether! Reagan wasnt done yet however.

A little plan called NAFTA was born but the republicans who were the minority at the time couldnt get it passed.

Now, today the TEA PARTY financial morons want to do the same thing to america and place the final nail into the coffin. The richest people in the country are controlling the tea party and its activists and you all seem to take the hook, line, sinker and rod.

Stopping consumer spending is just speeding up the trip to a depression moreluck.

Collecting revenue in this country has been harder to do everytime a republican controls the country. Reagan, Bush, Bush stole from the treasury, ran the country into the ground and left one hell of a mess for our first black american president to clean up and all you can do is suggest making it worse.

To you, its just not buying a car, but in reality, your COSTING THIS COUNTRY JOBS! You see, the auto industry works off a 60 days system of inventory, and if cars sit idle in dealerships, then people start getting layed off! Maybe you dont get the concept, and Im not surprised, but every action has an unforseen reaction.

We wouldnt be in this mess if GW BUSH hadnt decided after the advice of his beloved party that "growing goverment surpluses isnt the goverments money, its the peoples money". If he had just left the money alone, he could have shored up social security, medicare and unemployment for decades.

Instead, he gave back an immediate 3.5 trillion in tax cuts putting us in a deficit, then spent another 6 trillion on wars, prescription bills, wall street bailouts and a stimulus to the people to kick the can down the road till he left.

Your logic Moreluck is backwards. Its middle america that make this country great. The consumer spending has to INCREASE in order for there to be growth. Without it, the economy declines.

I wish you would get yourself away from the TV and FOXED SPEWS and take a class on economics and history.

Peace.

 

[Babagounj]

Since you wish to chat about overseas taxes , please explain why the US gov't double taxes foreign profits if the US company attempts to bring that money back into the USA ?
Oh, You didn"t know ?
First the Us Co. pays the foreign gov't taxes then the US gov't also taxes those same profits again.
Could that be why the big Three auto makers failed ? Yet their overseas operations are profitable ?

 

[Babagounj]

You know it’s been bad when even far-left NYT op-ed writers are apologizing.
NYT Op-Ed Columnist, Joe Nocera
. .That anger reached its apex on Tuesday, when I wrote a column comparing the Tea Party Republicans to terrorists. The words I chose were intemperate and offensive to many, and I’ve been roundly criticized.
I was a hypocrite, the critics said, for using such language when on other occasions I’ve called for a more civil politics.
In the cool light of day, I agree with them.
I apologize.

I still think it was terribly wrong for the Republicans to use the threat of default to insist on massive spending cuts, though President Obama also deserves blame for playing his hand so poorly.
Putting on my pragmatist hat again, I also think Congress could not have chosen a worse time to rein in spending. Yes, the country’s enormous debt — and the entitlement programs that are driving the federal deficit — needs to be brought under control. . . .

Undoubtedly, I’ll write columns about those negotiations. But I won’t be calling anybody names. That I can promise.

 

[menotyou]

I don't want to offend anyone here, but here I go. If you want to see the problem with entitlements, walk through a grocery store, thats not one of the nicer ones, around the beginning of the month. Sorry to say, but we have people from Katrina still living in hotels paid for by taxpayers, getting money and a price of plastic to swipe on our dime. That's just one example. Don't get me started on the generational welfare recipients. Or, the SSI debacle.

 

[bbsam]

I think the" cut, cut, cut" crowd is completely missing the crippling spectra of deflation. Prolonged period of that coming right up to the 2013 contract? Dagger through the heart of any tough union negotiation.

 

[moreluck]

Moreluck,

It appears that whatever business school you went to taught you the wrong concepts. Reagan started this mess by working with the big three automakers and allowing them to shut down plants, fire workers, and move those plants to another country and as a bonus, give them a 25% tax reduction right off the top. If that was not enough, he worked out trade deals that reduced tariffs on those american products that were then imported back into the united states.

When this happens my dear, you take REVENUE out of the system. From the peoples side, there is NO MONEY to spend on consumer goods, in addition, without a paycheck, there is no REVENUE collected by the feds, state or county, there is also no deductions for social security or medicare or disability insurance.

All the various pots of gold that would have otherwise been filled up ran dry forcing Reagan to BORROW BILLIONS out of social security to fix his mess.

On the corporate side, reducing the top 1% tax bracket (you know the one, the tea partys favorite issue) 25% punched an immediate 3.2 trillion dollar deficit into the national debt creating the DEBT CLOCK.

Further, allowing companies to bail on america and moving to foriegn countries allowed corporations to escape taxes alltogether! Reagan wasnt done yet however.

A little plan called NAFTA was born but the republicans who were the minority at the time couldnt get it passed.

Now, today the TEA PARTY financial morons want to do the same thing to america and place the final nail into the coffin. The richest people in the country are controlling the tea party and its activists and you all seem to take the hook, line, sinker and rod.

Stopping consumer spending is just speeding up the trip to a depression moreluck.

Collecting revenue in this country has been harder to do everytime a republican controls the country. Reagan, Bush, Bush stole from the treasury, ran the country into the ground and left one hell of a mess for our first black american president to clean up and all you can do is suggest making it worse.

To you, its just not buying a car, but in reality, your COSTING THIS COUNTRY JOBS! You see, the auto industry works off a 60 days system of inventory, and if cars sit idle in dealerships, then people start getting layed off! Maybe you dont get the concept, and Im not surprised, but every action has an unforseen reaction.

We wouldnt be in this mess if GW BUSH hadnt decided after the advice of his beloved party that "growing goverment surpluses isnt the goverments money, its the peoples money". If he had just left the money alone, he could have shored up social security, medicare and unemployment for decades.

Instead, he gave back an immediate 3.5 trillion in tax cuts putting us in a deficit, then spent another 6 trillion on wars, prescription bills, wall street bailouts and a stimulus to the people to kick the can down the road till he left.

Your logic Moreluck is backwards. Its middle america that make this country great. The consumer spending has to INCREASE in order for there to be growth. Without it, the economy declines.

I wish you would get yourself away from the TV and FOXED SPEWS and take a class on economics and history.

Peace.

Wait ! Wait ! Save it for your proposal.....you'll ruin the surprise!! Go on now, get along and start writing.

 

[moreluck]

The consumers are the real 'smarts' in this country. Until they are comfortable with the financial climate, they will shut their wallets/purses and go on a soup and sandwich diet and not spend their money except for the absolute necessities. This is something the president & congress don't know how to do......yet they all come from households and I'll bet they just forgot.

 

[wkmac]

What does happen tomorrow morning?

[video=youtube;LMJLXBueVLc]http://www.youtube.com/watch?v=LMJLXBueVLc&feature=player_embedded#at=36[/video]

 

[klein]

Nobody knows how the stockmarket will react, but some think the stock market already had that factored in. But who really knows ?
As for the US dollar taking a fall and gold & other commodity prices rising - I think that's a sure bet. I figure by around 2-3%.

Which actually in return makes US stocks cheaper, and the US markets might even rise. (a now $100 stock will only be worth $97 in other currencies), so that's a 3% fall on it's own, which might be slightly offset by a higher stock price of lets say $102.00.

Ofcourse, I'm just guessing to be the best of my past knowledge of the markets, but it's a very likely scenerio in my opinion.

I've seen it over and over again, that when the US dollar falls, the US markets go up and vice versa.

 

[Catatonic]

What does happen tomorrow morning?

The better question is what happens by the end of the week.

The US is still the most secure place to invest in the world today.
This, at it's basic core, is a true supply and demand situation.
Global investors looking for a place to park their wealth are probably not going to invest in Australia, China, India, etc before they will invest in the US.

 

[moreluck]

For people who watch other markets....Israel's was down 5%.

 

[island1fox]

So Ifox, your the typical Tea Partier... cuts, cuts, and more cuts.
Put infrastructure on hold and lay off construction workers, cut Military and lay off soldiers and supply firm staff, cut education and lay off teachers and professors.
Add another 2 percent to the unemployment rate, and pay more unemployment bennies, and receive less revenue (income taxes).

Putting people out of work means less money for them = less they can buy = less production and sales and more lay offs.

Can't win either way, but none of you understood Obama's "balanced" plan.... oddly enough.

Anyways, it's old school now..... new "taxes" are on it's way... just that they are not taxes, but higher interest rates, that don't help anyone or the budget at all. Actually harms the budget as the Government will need to pay back more now as before, due to the higher interest alone.

But, you are right : Obama could have stopped it 3 years ago, by ending those Bush tax cuts !

Klein,

??????????

 

[klein]

Just for the hell of it, I'll post a basket of currencies here now, and then compare them tomorrow, again :

1 AUD = 1.0453 US (Aussie Dollar)
1 CAD = 1.0184 US (Canuck Loonie)
1 CHF = 1.3039 US (Swiss Frank)
1 EUR = 1.4282 US (Euro)
1 GDP = 1.6393 US (British Pound)
1 MXN = 0.0834 US (Mex peso)

 

[The Other Side]

In the political Arena, the only thing that matters is that John Boehner stated clearly over and over that he got 98% of what he wanted. 98% of the responsiblilty for the debt deal. Standard and Poors downgraded us based on the deal and if Boehner and the republicans are taking 98% credit for the deal, then that makes them responsible.

Math, pretty easy to figure out. I am glad the republicans can accept 98% of the blame.

Peace.

 

[moreluck]

In the political Arena, the only thing that matters is that John Boehner stated clearly over and over that he got 98% of what he wanted. 98% of the responsiblilty for the debt deal. Standard and Poors downgraded us based on the deal and if Boehner and the republicans are taking 98% credit for the deal, then that makes them responsible.

Math, pretty easy to figure out. I am glad the republicans can accept 98% of the blame.

Peace.

Oh, but you forget, Debbie Wasserman Schitthead said of the Democrats......"We own this economy!"

http://www.youtube.com/watch?v=amGAs_gx3W8