Trigger Mike Posted August 6, 2011 Share Posted August 6, 2011 tonight S & P downgraded US credit rating to AA-Plus, like they said they would even if we raised our debt limit but did not make REAL progress toward addressing our debt. Meanwhile in Italy the EU will buy Italian bonds to help them out as they promised to make cuts in social programs and pass a balanced budget amendment. Maybe we should learn from Italy. Link to comment Share on other sites More sharing options...
Boss Hoss Fly #63711 Posted August 6, 2011 Share Posted August 6, 2011 tonight S & P downgraded US credit rating to AA-Plus, like they said they would even if we raised our debt limit but did not make REAL progress toward addressing our debt. Meanwhile in Italy the EU will buy Italian bonds to help them out as they promised to make cuts in social programs and pass a balanced budget amendment. Maybe we should learn from Italy. Wud YOU loan us money? Link to comment Share on other sites More sharing options...
Trigger Mike Posted August 6, 2011 Author Share Posted August 6, 2011 Wud YOU loan us money? not at current debt and prices for our bonds especially. A 30 year treasury today closed at $1,092 per bond that matures in 30 years at 1,000 and only pays 3.666% while you wait. somebody is going to lose money. Link to comment Share on other sites More sharing options...
Okie Sawbones, SASS #77381 Posted August 6, 2011 Share Posted August 6, 2011 Watch the stock market on Monday... Link to comment Share on other sites More sharing options...
Yellowhouse Sam # 25171 Posted August 6, 2011 Share Posted August 6, 2011 and watch gold shoot through the roof over the weekend. Link to comment Share on other sites More sharing options...
Aunt Jen Posted August 6, 2011 Share Posted August 6, 2011 Watch the stock market on Monday... I think it'll tank. Link to comment Share on other sites More sharing options...
Apache Hawk 60642 Posted August 6, 2011 Share Posted August 6, 2011 I don't get it... The S&P is an American company, right ? We all should know just how greedy the stock market and banks are... So I don't understand....What's S&P's cut on this down grade ? :angry: :angry: Link to comment Share on other sites More sharing options...
Forty Rod SASS 3935 Posted August 6, 2011 Share Posted August 6, 2011 I don't get it... The S&P is an American company, right ? We all should know just how greedy the stock market and banks are... So I don't understand....What's S&P's cut on this down grade ? :angry: :angry: Simply reporting what the numbers tell them, Hawk. I like it that way better than some made-up crap like the government hands out every day. Link to comment Share on other sites More sharing options...
Judge Roy Stone Posted August 6, 2011 Share Posted August 6, 2011 Very simple, the scales have shifted we have more takers and free grazers in our country than givers. Simply won't work Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted August 6, 2011 Share Posted August 6, 2011 This is the first time in U. S. History that this has happened, not to get political but, nice job Barack! Link to comment Share on other sites More sharing options...
Utah Bob #35998 Posted August 6, 2011 Share Posted August 6, 2011 This is the first time in U. S. History that this has happened, not to get political but, nice job Barack! I'd like to blame it on him but there are a few hundred elected people in Congress who also need to shoulder the blame. Link to comment Share on other sites More sharing options...
Trigger Mike Posted August 6, 2011 Author Share Posted August 6, 2011 I'd like to blame it on him but there are a few hundred elected people in Congress who also need to shoulder the blame. maybe we need term limits, you get 1 term in the senate and 2 in the house and that's it. you get the average salary of the average worker in your state as does the president get the average salary from across the country and maybe he should get 1 term as well. if you fail to pass a balanced budget you get impeached and if you spend more than you take it you get run out on a rail. Link to comment Share on other sites More sharing options...
T. H. O' Sullivan Posted August 6, 2011 Share Posted August 6, 2011 Nero fiddled while Rome burned....BHO was doing a rap at his Hip Hop Birthday Barbeque last night when the down grade was announced. T.H. O'Sullivan Black Mesa Ranch New Mexico Link to comment Share on other sites More sharing options...
J-BAR #18287 Posted August 6, 2011 Share Posted August 6, 2011 Before this gets pulled, I think the President is accomplishing exactly what he wanted to accomplish. Don't expect any changes in his philosophy. Link to comment Share on other sites More sharing options...
Forty Rod SASS 3935 Posted August 6, 2011 Share Posted August 6, 2011 maybe we need term limits, you get 1 term in the senate and 2 in the house and that's it. you get the average salary of the average worker in your state as does the president get the average salary from across the country and maybe he should get 1 term as well. if you fail to pass a balanced budget you get impeached and if you spend more than you take it you get run out on a rail. And which members of congress will you get to put this into effect? The ones who have a vested interest in the way it is or the ones who want to stay long enough to be vested? Link to comment Share on other sites More sharing options...
The Shoer 27979 Posted August 6, 2011 Share Posted August 6, 2011 maybe we need term limits, you get 1 term in the senate and 2 in the house and that's it. you get the average salary of the average worker in your state as does the president get the average salary from across the country and maybe he should get 1 term as well. if you fail to pass a balanced budget you get impeached and if you spend more than you take it you get run out on a rail. You forgot 1 term in the gray bar Hotel Link to comment Share on other sites More sharing options...
Crossfire Brown Posted August 7, 2011 Share Posted August 7, 2011 Very simple, the scales have shifted we have more takers and free grazers in our country than givers. Simply won't work +1 It is time for some serious cutting and eliminate a lot of the free grazing. CB Link to comment Share on other sites More sharing options...
Aunt Jen Posted August 7, 2011 Share Posted August 7, 2011 Before this gets pulled, I think the President is accomplishing exactly what he wanted to accomplish. Don't expect any changes in his philosophy. I think the run-up of the first 8 years of this millennium were due a lack of regulations (in spite of Sarb-Ox), and Obama is trying to regulate better (Dodd-Frank), yet even while I think erring too much toward his idealism, he's trying to compromise where he has to, with a republican House, to do what he can. I am not a politician, but I do believe there is NO way for anyone to do what they really want in politics. There are tooooo many minds at work, too many things people want to do. Like Robert Heinlein says (paraphrased) in Podkayne of Mars: ...as messy as politics is, it's a way we can get things without violence... the old Senator. I forget his name. I really think there's blame to go around, but that it's through concerted deliberations and compromises that we (hopefully) grow toward what may be best for a very large and very diverse populace, such as we are. Sometimes we screw up, however. Like I think we are with our Federal fiscal fiascoes, as well as state and local, often. I hope we get it together before we fizzle. Link to comment Share on other sites More sharing options...
Dakota Rebel, SASS# 58412 Posted August 7, 2011 Share Posted August 7, 2011 We haven't been behaving like a country that deservesa AAA rating, and now we don't have one. We got spanked and sent to the corner. Link to comment Share on other sites More sharing options...
Aunt Jen Posted August 7, 2011 Share Posted August 7, 2011 We haven't been behaving like a country that deservesa AAA rating, and now we don't have one. We got spanked and sent to the corner. Yes. Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted August 8, 2011 Share Posted August 8, 2011 I'd like to blame it on him but there are a few hundred elected people in Congress who also need to shoulder the blame. I agree that congress has alot to do with it but when George W. was prez he was blamed for everything so it's now on this current prez. The "buck" stops at the big house. Rye Link to comment Share on other sites More sharing options...
Brother King, SASS #69031 Posted August 8, 2011 Share Posted August 8, 2011 Markets are often counter intuitive. US Treasuries are up this morning- that means that interest rates went DOWN not UP. Oil has come down from 116 to 82 and all commodities, except gold and silver, have collapsed since then as well; particularly cotton and the whole grain complex. Make no mistake, we are in a deflationary depression, and now it is even in spades since the government is not increasing spending. Not saying that they should, in fact, they can't.. just saying that reducing spending will contribute to the spiral. I've written about it a couple of times Machiavelli's Window Both PAX AMERICANA and particularly THE BEND IN THE END "there is no means of avoiding the fiscal collapse of a boom brought about by credit expansion." Ludwig von Mises Little did he know that Freddie and Fannie were to be born, making his prediction to be carried out on steroids............... Link to comment Share on other sites More sharing options...
Hacker, SASS #55963 Posted August 8, 2011 Share Posted August 8, 2011 Lest we forget, it is obama that is following the plan set forth by Cloward and Piven. Cloward-Piven Strategy We are cursed with petty bickering by a bunch of morons in washington that cannot agree on anything. And the people at the polling places that are not smart enough to evaluate the motivations of candidate congressmen who can thing and act rationally. With a two party system we have no real chance of every crawling out of this mess. Link to comment Share on other sites More sharing options...
Gunner Gatlin, SASS 10274L Posted August 8, 2011 Share Posted August 8, 2011 Nero fiddled while Rome burned....BHO was doing a rap at his Hip Hop Birthday Barbeque last night when the down grade was announced. T.H. O'Sullivan Black Mesa Ranch New Mexico It wasn;t this one was it - sorry, just tryin' find a scrap of humor in this.... GG ~ Link to comment Share on other sites More sharing options...
Buffalo Creek Law Dog Posted August 9, 2011 Share Posted August 9, 2011 One headline up here was, "U.S. imploding?" Hope not! Link to comment Share on other sites More sharing options...
Trigger Mike Posted August 9, 2011 Author Share Posted August 9, 2011 the down grade by one credit agency does not justify the 600 point drop in the markets. Italy announced they are going to pass a balanced budget amendment so the European Central bank said it will buy Italian debt and spanish as well. If folks don't get ahold of themselves they can cause a deeper problem. The hedge funds and big traders will eventually start buying again. With a 1400 drop in the last few days they can't help themselves. With Lockheed Martin(LMT) paying 4.35% dividend and a 30 year US treasury paying 3.65% US treasuries will finally sell and stocks will raise. Isn't it strange that our bonds went up in value and not down today. This tells me the problems are not really related to the down grade. Over the last few years 11 countries have had the AAA rating cut and that nations stock market was up 17% in 10 of those nations. Link to comment Share on other sites More sharing options...
Brother King, SASS #69031 Posted August 9, 2011 Share Posted August 9, 2011 Rick Santelli today on CNBC: "Blame the Tea Party? Geez, no wonder Kerry did so well in an election. If it wasn't for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB." Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted August 9, 2011 Share Posted August 9, 2011 Rick Santelli today on CNBC: "Blame the Tea Party? Geez, no wonder Kerry did so well in an election. If it wasn't for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB." Yer right Brother, many on the left wanted to just raise the debt ceilng period including my congresswoman, Marcia Fudge D-OH Link to comment Share on other sites More sharing options...
Whiskey Business Posted August 9, 2011 Share Posted August 9, 2011 Right now business is over regulated. Sarbanes Oxley has greatly increased the cost of doing business. Many public companies have delisted because of this. The greediest institution to date is DC. Hands down. The recent explosion of govt spending will be our downfall. From S&P's report: "We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade." Link to the report: http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgraded_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8 Link to comment Share on other sites More sharing options...
Gunner Gatlin, SASS 10274L Posted August 9, 2011 Share Posted August 9, 2011 Rick Santelli today on CNBC: "Blame the Tea Party? Geez, no wonder Kerry did so well in an election. If it wasn't for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB." Yup... http://www.newsbusters.org/blogs/noel-sheppard/2011/08/08/rick-santelli-if-it-wasnt-tea-partywe-would-have-been-rated-bbb GG ~ Link to comment Share on other sites More sharing options...
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