Obama: US will always be a AAA-rated country despite what rating agencies say
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Rikter8
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However deep the Republicans dug the hole, and covered it up with grass and twigs.
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Think of sitting at a poker table. All the players, politicians in this case, have been dealt thier cards as the pot has increased with thier anties and bluffs. The smart players saw they had a losing hand along the way and folded. Others are now sitting questioning thier hand, out of bluffs with only one play left. Not a good position to be in is it?
Theres is no has-to about it. A major market fall means less money going into the economy because the rich will spend less. A steady knock-on of investment funds paying out a bit less. It will translate into poorer growth figures for the next period. Pure fiction, really, but for whatever it is worth it will be worse. There will be a little more debt because interest rates go up. More people will hesitate before buying whatever it is.
Obama's popularity may go up if he looks a better bet than his opponent.
I dont think the analogy quite fits. I find this situation quite extraordinary. All you guys from the US, you are right, its the ****richest country in he world. How can anyone let this happen? Who exactly are the smart players who folded and are waiting for the next round?
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this is what happens when we allow a significantly punky (S&P) group to tell us what we are. the other agencies are NOT downgrading us. any organization that is 2 trillion dollars off ( and they admitted it !) in terms of analyzing our debt is not worth any further worry or attention. S&P is in need of restructuring, in addtion to congress.
i agree with Obama and Buffet.
i agree with Obama and Buffet.
However you feel about Obama, we need leadership. Obama showed none today and the DOW tanked another 150 points when he was done talking.
It doesn't matter if they are off 2 trillion or not. The government has obligated the nation to the tune of over 80 trillion dollars. We're screwed, and they didn't even use lube. They didn't kiss us afterwards.
Richest, no we just have, oops had, good credit.
I standed corrected there were no smart players. All in and lay your cards down.
SilverTrain
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A good portion of blame resides at the feet of those who have been glibly willing to sit by and nod their heads when bought politicians have repeatedly made straight-faced proclamations along the lines of: "If we're going to raise the debt limit we MUST cut spending"*; or "We must cut discretionary** spending, but raising taxes on the job-creators*** would be disastrous in this economy."
Anyone who didn't challenge any of that (or all the other) bullshit shoveled by (especially) Tea Party-ers and other beholden spineless politicians has no right to do anything else but sit here and accept responsibility for this situation. It's your fault if you make no effort to discern the truth amongst a pack of lies, when that truth would have saved us from calamity. It's your fault. I blame you.
* Wedding two unrelated issues for the sake of sabotaging the lower and middle classes, as well as Obama's standing for re-election.
** "discretionary", in this instance means spending for medicaid or school lunches, but not for payments on Halliburton's outrageous guaranteed no-bid contracts.
*** Query how many jobs were created by the job creators in the years following the Bush tax cuts. I'll wait for the answers....
Anyone who didn't challenge any of that (or all the other) bullshit shoveled by (especially) Tea Party-ers and other beholden spineless politicians has no right to do anything else but sit here and accept responsibility for this situation. It's your fault if you make no effort to discern the truth amongst a pack of lies, when that truth would have saved us from calamity. It's your fault. I blame you.
* Wedding two unrelated issues for the sake of sabotaging the lower and middle classes, as well as Obama's standing for re-election.
** "discretionary", in this instance means spending for medicaid or school lunches, but not for payments on Halliburton's outrageous guaranteed no-bid contracts.
*** Query how many jobs were created by the job creators in the years following the Bush tax cuts. I'll wait for the answers....
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I was surprised that S&P came out with their downgrade - I thought the bribes and threats brigade would have been in action to stop them.
However the bigger surprise is that S&P and Fitch and Moodys have been so slow acting, and that S&P as the first out of the stable has been so modest in its cut. It is abundantly clear that the USA has unsustainable debts and lacks a viable planto tackle them - it is clearly not AAA. It is also clear that it is not AA+ on S&P's scale. It is on negative watch and will presumably be downgraded further.
However the bigger surprise is that S&P and Fitch and Moodys have been so slow acting, and that S&P as the first out of the stable has been so modest in its cut. It is abundantly clear that the USA has unsustainable debts and lacks a viable planto tackle them - it is clearly not AAA. It is also clear that it is not AA+ on S&P's scale. It is on negative watch and will presumably be downgraded further.
Good point. I still say that the tax code should be reformed for those with an income over a million, to reflect the number of jobs they create. If they create a bunch, they pay little or no tax. If they create none, pay up. Their lap dogs in Washington always say "Don't tax the job creators!" Fine. We won't. But first you have to prove to us that you actually do create jobs.
You are correct. Many government officials, and financial analysts know the truth. The US not only spent itself into a huge hole, it gave away it's jobs. There isn't enough taxable revenue to dig us out of this hole. We'll have to make cuts, and we'll have to cut entitlements. That means some of the selfish are going to have to start watching after their elderly relatives. We do it. We've done it for generations. It sure gets tough when they are a major asshole.
Why do I not find this comforting?
I regret to advise that 2 trillion dollars is well within the margin of error and uncertainty. The magnitude of the disaster is that the odd 2 trillion here or there is negligible.
Hoss
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- Hoss,
Of course when a hole is covered with grass and twigs it's even more dangerous because when walking over it, it seems safe and then suddenly you drop down into the hole. In other words Obama is giving a bunch of story telling and when the country goes financially in the dump, nobody will be prepared for it.