Breaking- S&P downgrades US credit rating - Page 2 - GoFuckYourself.com

GatorB · 08-05-2011, 09:21 PM

Quote:

Originally Posted by joshgirls

even with your facts 100% corrrect...raising taxes, either a little or a lot, wont make a bit of difference. because the pols will find some other entitlement,

Then what is the point of cutting spending either? The fact is you can't get a balanced budget without tax increases thus in your scenario the deficit still keeps going up even with deep cuts. If you only pay the minimum payment on your credit card then also max it out every month you wil never pay it off.

directfiesta · 08-05-2011, 09:32 PM

Quote:

Originally Posted by DateDoc

Did you fail math class??? Income - Expenses = Profit/Loss. If you cut expenses either your profit will grow or your debt will decrease.

Advanced math : if you increase income , either your profit will grow or your debt will decrease ...

Note: best to combine both for higher success rate

ContentPimp · 08-05-2011, 11:59 PM

Thanks BUSH :D Your worldwide policing really fucked up things back home ;)

Barry-xlovecam · 08-06-2011, 12:33 AM

?Optimism index? suggests recession is here

Quote:

The Investors Business Daily Economic Optimism Index dropped by 13.5% from July to August, with its latest reading representing the lowest point in the index?s 10-year history.

Great Recession II

GregE · 08-06-2011, 12:36 AM

Quote:

Originally Posted by Barry-xlovecam

‘Optimism index’ suggests recession is here

Great Recession II

Reality index says Recession One never ended.

Paul Markham · 08-06-2011, 12:45 AM

Quote:

Originally Posted by Caligari

How the tea party is destroying the U.S. Economy-
http://www.guardian.co.uk/commentisf...ial-us-economy

of note-
"Economically, the Tea Party argument is feeble. Countries' debts are not like individual households; they can be serviced over generations. In the aftermath of a credit crunch, a country that tries simultaneously to cut public and private debt will suffer prolonged economic stagnation or depression. The cost in lost opportunity, broken lives and bust businesses is too high to slash public debt; indeed, the right action may be to increase it.

Nor is tax in essence different from any other fee: it is the cost of services rendered, and some services such as defence, security, health care and investment in innovative technology are best rendered by society as a whole. Hence taxation.

All the US's great advances ? in the internet, computers, aerospace, space, the internal combustion engine, drugs, optics ? have had the federal government as their sponsor. A well-designed social security system offers people security while not removing their incentive to work; well-judged federal spending on innovation boosts the economy; a banking system needs federal deposit insurance and a central bank as a lender of last resort when banks are distressed.

But in the land inhabited by Michele Bachmann, these propositions are false; they undermine US self-reliance and individualism and obstruct America's road back to greatness."

The fact that Bachmann is a key player in this movement should be enough to convince anyone of it's lunacy.

Michele Bachmann gives idiot morons a bad rep. I heard hey saying yesterday the President should introduce a budget plan to balance the budget this year. Yes with barely 5 months to go, he should come up with a plan to cut trillions off US spending in the US.

Cutting spending, cuts jobs, cuts investment, cuts innovation and brings a country down to it's knees. It would make her and her backers bankrupt. No farm subsidies, no arms manufacturing, closing down vast swathes of Government office, cutting wages for the public sector workers who still have a job.

And in some areas turn them into ghettos. Where does she think the money given to the poor is spent? On villa in Mexico, Caribbean, etc, or a Ferrari, Porsche, Rolls Royce. I would bet a bigger % of a poor persons income is spent locally in the US than a rich persons. Not many people on benefits take holidays, let alone overseas ones.

Why shouldn't the rich be allowed to keep all their money? It means the tax paid isn't in a bank in a foreign country to ensure they pay less tax. Where did Mallick put his money, wasn't BoA.

Don't tax them until they squeak, but if the profit from the US lending, they should help pay their share.

Emil · 08-06-2011, 01:27 AM

Quote:

Originally Posted by GatorB

Who gives a fuck it's someone's OPINION.

And you dont think that OPINION matters at all?

seeandsee · 08-06-2011, 01:38 AM

Finally dollar will rise!

Paul Markham · 08-06-2011, 01:48 AM

Quote:

Originally Posted by Si

Credit rating agencies are part of the problem.

So don't borrow money on the open markets. Simple solution.

Emil · 08-06-2011, 02:02 AM

Quote:

Originally Posted by seeandsee

Finally dollar will rise!

Yes, everything will be fine from now on!

Paul Markham · 08-06-2011, 02:19 AM

Quote:

Originally Posted by GatorB

NO I didn't fail math. Why don't you get numbers from the actual budget and show me REALISTIC cuts you can make and come up with a balanced budget. Take the 2010 budget for example.

Total revenue $2.381 trillion

$664 billion - Military
$695 billion ? Social Security
$453 billion ? Medicare
$290 billion ? Medicaid
$164 billion ? Interest on National Debt

TOTAL $2.266 trillion

Amount left over $115 billion.

All other expenses $1.171 trillion.

So everything else needed to get by 90% just to give you a balanced budget without touching Military, SS, Medicare, Medicaid. Now how is a 90% cut even remotely realistic?

Even if you decided to be "fair" and cut everything equally you'd have to cut everything by 30%. Is that realistic? I'm sure granny is going to love getting her $1000 SS check cut down to $700. I'm sure our fighting men and women will love their 30% pay cuts too.

And that just balances the budget it doesn't even reduce the deficit it just prevents it from getting larger. There was no way to get the 2010 budget balanced without increased taxes.

See I use actual DATA instead of spouting nonsensical crap that's not backed up by anything.

Agreed. And every single dollar of the deficit spent in the US, will come out of the US economy.

US Economy is I believe around $13 trillion.
Cutting the debt by 1 trillion makes the economy only $12 trillion.

Maybe we should cut Government spending and let private firms take over the jobs lost. Just like Health Insurance.

You go on the road and the moment you get off your drive way, a meter in your car starts clocking up miles which deletes money from your bank account. Say 10 cents a mile. Go 10 miles and it costs $1, travel 500 miles a week and it costs $50 a week. $2600 a year to pay for the roads you drive on. Cost per mile will vary depending on the vehicle. Or just slap a charge on fuel and pay that to the company building roads, or not building roads and just taking the money and giving it to shareholders.

Phone the private security firm because the police are gone and tell them your wife is being anally raped by a Hispanic. The man on the other end informs you your plan doesn't cover rapes by Hispanics or Anal raping. And would you like to update for the future.

OK the rapist is gone and you phone another company to get her taken to send a paramedic. They also inform you your plan doesn't cover rapes by Hispanics or Anal raping and suggest you take her to the hospital yourself.

Problem is you did own a grocery store selling goods in an area that used to be full of people on Social Welfare. When they didn't have any money the shop closed, but not before there was a riot and the store was robbed. Also not covered in your security plan. And you don't have any money in your bank account, so your car won't start.

You used to say "Why should I not keep the money I make." Now you understand why.

Extreme examples, but this is what would happen if the lending were cut to vastly reduce the deficit. Look around you and see what the spending gives you and not only what it costs you.

I'm a capitalist and oppose over taxation of the very wealthy, because it's ineffective, raises little and just a political ploy. However I still appreciate what my taxes have brought me. The money being borrowed is at 1.3%, yes a little must be trimmed and many countries need to get off the debt merry go round.

The only way to do that long term and keep it in a good balance, is by producing goods in the US and not importing so many goods and exporting so many jobs.

$695 billion ? Social Security
$453 billion ? Medicare
$290 billion ? Medicaid

$1.1777 trillion a lot on looking after people who can't find a job. Where was the car you drive made? Just one example, but I'm sure others will see the foolishness of exporting jobs. Then paying out a trillion dollars to look after people who could be working.

Quote:

United States Unemployment Rate
The unemployment rate in the United States was last reported at 9.1 percent in July of 2011. From 1948 until 2010 the United States' Unemployment Rate averaged 5.70 percent reaching an historical high of 10.80 percent in November of 1982 and a record low of 2.50 percent in May of 1953. The labour force is defined as the number of people employed plus the number unemployed but seeking work. The nonlabour force includes those who are not looking for work, those who are institutionalised and those serving in the military. This page includes: United States Unemployment Rate chart, historical data and news.

Go play with the graph and show the difference in the last 50 years. Hit up the rate during the Bush Presidency. That rate was paid for by borrowing. If those workers had been in productive profitable job, the lending would be lower. Because he also cut taxes and raised spending. How do Republicans feel about that?

pornmasta · 08-06-2011, 02:56 AM

Quote:

Originally Posted by Brujah

A lot of those damned "Socialist" european countries like Norway, United Kingdom, France, etc... still have AAA ratings.
http://en.wikipedia.org/wiki/List_of..._credit_rating

France with a AAA ?

ROTFL, S&P my poor...

DWB · 08-06-2011, 05:50 AM

Pffft. Never gonna happen. They won't let it happen.

Oh wait, it just did.

That's OK, they won't let it happen again.

Carry on as if your house is not on fire. Let me know how it works out.

Barry-xlovecam · 08-06-2011, 06:51 AM

Standard and Poor's lowering of the US Government Bond ratings was based more on its inability to come to a political resolution to ensure the payment of its debt, primarily longer term bonds. The lowering of the credit rating was not based the debt interest and principal not being repaid or in imminent danger of default but over the political petty bickering.

The Standard and Poor's action was precipitated directly by the teabagger's assertions and the lack of political compromise to reassure the investment quality of US Treasury obligations ...

For those of you in Europe, Greece is in meltdown mode, Ireland is close, Portugal is on the watch list, Italy and Spain are on the EBC's "panic list." The ECB has indicated that they will not be able to support the Italian and Spanish governments' obligations should they default. So, if you are a large corporation your choices of where to park 50? Million in safety (government short term bonds) are limited ... Where is a safer bet; London (AAA), Singapore (AAA) or Washington DC (AA+) ? When it comes to big money patriotism goes out the window ...

From Standard and Poor's statement;

Quote:

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria ...

Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged. ...

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. ...

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers ...

In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid)....

www.standardandpoors.com/ratingsdirect

So, if there is a meltdown Monday, that remains a real possibility, have a cup of tea and enjoy the ride ...

Be careful what you ask for you might just get it ...

Sausage · 08-06-2011, 06:56 AM

Quote:

Originally Posted by tony286

On February 19, 2009,[47] in a broadcast from the floor of the Chicago Mercantile Exchange, CNBC Business News editor Rick Santelli criticized the government plan to refinance mortgages, which had just been announced the day before. He said that those plans were "promoting bad behavior"[48] by "subsidizing losers' mortgages". He suggested holding a tea party for traders to gather and dump the derivatives in the Chicago River on July 1.[49][50][51] A number of the floor traders around him cheered on his proposal, to the amusement of the hosts in the studio. Santelli's "rant" became a viral video after being featured on the Drudge Report.[52]

In response to Santelli, websites such as ChicagoTeaParty.com (registered in August 2008 by Chicago radio producer Zack Christenson) were live within 12 hours.[53] About 10 hours after Santelli's remarks, reTeaParty.com was bought to coordinate Tea Parties scheduled for Independence Day and, as of March 4, was reported to be receiving 11,000 visitors a day.[53]

Totally valid points.

But the fact is you dont have the money. Even though all the things you state are correct, and shouldn't be cut, you will be broke soon. You will be a 3rd world country.. get used to the idea of food lines. This is fact and unfortunately you need to either find a new source of income or cut spending.

dyna mo · 08-06-2011, 06:57 AM

but mortgage backed securities are still rated aaa by s&p. ahahahahahahahahahahahahahahahah

what a fucked system.

Joshua G · 08-06-2011, 07:05 AM

barry. the market has already priced in the s & p downgrade. First off, s & p said this was going to happen back in april. second, the market already tanked...my guess is the street found out thursday, hence the selloff.

the s & p news is overhyped by a bored media. the agency has little power over interest rates, it doesnt even have much credibility. Stocks will open lower in the morning, then they will rally. The worst of the selling is done.

Caligari · 08-06-2011, 08:05 AM

Quote:

Originally Posted by DWB

Pffft. Never gonna happen. They won't let it happen.

Oh wait, it just did.

That's OK, they won't let it happen again.

Carry on as if your house is not on fire. Let me know how it works out.

Agent 488 · 08-06-2011, 08:16 AM

the world has been on the precipice and collapse and destruction ever since the concept of civilization was generated.

ponder that for a few hours, why it's so, what need does that fulfill.

then go outside for a walk and enjoy the weather.

DWB · 08-06-2011, 08:35 AM

Quote:

Originally Posted by Caligari

Damn skippy.

The USD will rebound any day now. We're in the process of a full recovery. It's true.

Mr. Romance · 08-06-2011, 08:44 AM

As they should.

Mr. Romance

Mutt · 08-06-2011, 09:10 AM

the truth of the matter is that the real culprits are the banksters who are 1000 times smarter than the politicians and their appointees and regulators and only have one imperative - greed. and they've thrown the world into a financial crisis and none are held responsible. some of them should be hung and i mean that - hung by a noose live on TV.

the whole Tea Party thing is pathetic and sad - puppets who would test out at below 90 on an IQ test on average.

Banks and stock markets need much more regulation/laws - that isn't socialism, no more than setting rules/laws for any other industry is.

Agent 488 · 08-06-2011, 09:15 AM

Quote:

Originally Posted by Mutt

the truth of the matter is that the real culprits are the banksters who are 1000 times smarter than the politicians and their appointees and regulators and only have one imperative - greed. and they've thrown the world into a financial crisis and none are held responsible. some of them should be hung and i mean that - hung by a noose live on TV.

true. they can have the most powerful nations in the world in slavery and yet the populations of said nations call for the heads of their politicians when things get south, totally unaware of who really is in control.

they have an amazing system going. really.

nations can go broke, get overthrown, destroy each others in wars and yet the banks stand overhead unscathed ....

Barry-xlovecam · 08-06-2011, 09:39 AM

Quote:

Originally Posted by dyna mo

but mortgage backed securities are still rated aaa by s&p. ahahahahahahahahahahahahahahahah

what a fucked system.

Sell bank of america short?

Quote:

[F]annie and Freddie are sending back to the bank many more faulty loans than BofA had anticipated. ...

BFT3K · 08-06-2011, 11:06 AM

Bernie points out the obvious hypocrisy...

Sen. Sanders on the S&P downgrade:

"I find it interesting to see S&P so vigilant today in downgrading the US credit rating. Where were they 4 years ago when they, and other credit rating agencies, helped cause this horrendous recession by providing AAA ratings to worthless sub-prime mortgage securities on behalf of Wall Street investment firms? Where were they last December when Congress and the White House drove up the national debt by $700 billion by extending Bush's tax breaks for the rich?"

Caligari · 08-07-2011, 07:37 AM

Quote:

Originally Posted by GatorB

free birth control now means less kids getting foodstamps and welfare or being put in state run foster care in the future. Nohting wrong with spending $1 now to save $10 in the future. Do you not incure business expenses BEFORE you make money? Of course.

qft. unfortunately people have a problem seeing beyond the tip of their nose.

Houdini · 08-07-2011, 03:43 PM

Asia market just opened. S&P futures/ES down 33 points, Gold up $22 to record high. Yeah, downgrade didn't mean anything lol. Black Monday anyone?

08-05-2011, 11:59 PM	#53
ContentPimp Confirmed User Join Date: Nov 2008 Posts: 3,184	Thanks BUSH :D Your worldwide policing really fucked up things back home ;) __________________ Blog Post Writing and Reviews are 2 cents per word & Titles and Gallery Descriptions 1 cent per word We also write Pay Site Reviews, SEO and Mainstream text www.contentpimp.info Contact me on ICQ at 400792466 Payoneer, Paxum and Paypal Accepted forms of Payment by the Pimp

08-06-2011, 01:38 AM	#58
seeandsee Check SIG! Industry Role: Join Date: Mar 2006 Location: Europe (Skype: gojkoas) Posts: 50,945	Finally dollar will rise! __________________ BUY MY SIG - 50$/Year Contact here

08-06-2011, 08:44 AM	#71
Mr. Romance The Face of Romance and the Symbol of Freedom Join Date: Mar 2005 Location: The America's Posts: 7,821	As they should. Mr. Romance __________________ Free Leads Program now paying up to $6 Gerard-Director of Global Sales Sign up Here: CamStarCash Check out: FreeCamStars ICQ: 330 662 299 gerard at freecamstars . com

08-06-2011, 09:10 AM	#72
Mutt Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Posts: 34,431	the truth of the matter is that the real culprits are the banksters who are 1000 times smarter than the politicians and their appointees and regulators and only have one imperative - greed. and they've thrown the world into a financial crisis and none are held responsible. some of them should be hung and i mean that - hung by a noose live on TV. the whole Tea Party thing is pathetic and sad - puppets who would test out at below 90 on an IQ test on average. Banks and stock markets need much more regulation/laws - that isn't socialism, no more than setting rules/laws for any other industry is. __________________ I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly!

08-06-2011, 11:06 AM	#75
BFT3K Too lazy to set a custom title Industry Role: Join Date: Dec 2005 Location: Narnia Posts: 10,764	Bernie points out the obvious hypocrisy... Sen. Sanders on the S&P downgrade: "I find it interesting to see S&P so vigilant today in downgrading the US credit rating. Where were they 4 years ago when they, and other credit rating agencies, helped cause this horrendous recession by providing AAA ratings to worthless sub-prime mortgage securities on behalf of Wall Street investment firms? Where were they last December when Congress and the White House drove up the national debt by $700 billion by extending Bush's tax breaks for the rich?" Last edited by BFT3K; 08-06-2011 at 11:08 AM..

08-06-2011, 05:50 AM	#63
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	Pffft. Never gonna happen. They won't let it happen. Oh wait, it just did. That's OK, they won't let it happen again. Carry on as if your house is not on fire. Let me know how it works out.

08-06-2011, 06:57 AM	#66
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,270	but mortgage backed securities are still rated aaa by s&p. ahahahahahahahahahahahahahahahah what a fucked system.

08-06-2011, 07:05 AM	#67
Joshua G dumb libs love censorship Industry Role: Join Date: Jul 2008 Posts: 8,198	barry. the market has already priced in the s & p downgrade. First off, s & p said this was going to happen back in april. second, the market already tanked...my guess is the street found out thursday, hence the selloff. the s & p news is overhyped by a bored media. the agency has little power over interest rates, it doesnt even have much credibility. Stocks will open lower in the morning, then they will rally. The worst of the selling is done.

08-06-2011, 08:16 AM	#69
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	the world has been on the precipice and collapse and destruction ever since the concept of civilization was generated. ponder that for a few hours, why it's so, what need does that fulfill. then go outside for a walk and enjoy the weather.

08-07-2011, 03:43 PM	#77
Houdini Confirmed User Join Date: Dec 2001 Location: SoCal Posts: 1,651	Asia market just opened. S&P futures/ES down 33 points, Gold up $22 to record high. Yeah, downgrade didn't mean anything lol. Black Monday anyone?