Is the U.S. Credit Rating a Victim of GOP Sabotage?

[SMOKE 1,426]

The world is shaking their heads in disgust over the ignorants in Congress suffocating the economic recovery for political gain. I read non-US papers and I tell you that it's not the administration the world is concerned about. They're concerned perhaps about the administration's inability to effectively deal with the tea party morons but from a policy point of view, it's the tea party crazies that has the world worried.

not the papers i'm reading. but, i'll play along. how did the tea party 'crazies' come to have any power in the debates in washington?...the lefty dipsh!ts & their continous moronic policies + their idiotic maneuvers pissed enough people off, they were voted in be the people they represent.

Edited August 6, 2011 by SMOKE

[ready4ONE 5,400]

not the papers i'm reading. but, i'll play along. how did the tea party 'crazies' come to have any power in the debates in washington?...the lefty dipsh!ts & their continous moronic policies + their idiotic maneuvers pissed enough people off, they were voted in be the people they represent.

Yay!!! Rich people!!!

[ready4ONE 5,400]

Want to know if the downgrade is political and driven by the far Right and Tea Psrty? Faux News has yet to remove it's banner line regarding the downgrade since it was announced. I imagine there will be no other banner until after the 2012 election on Faux.

PS S & P was hugely at fault during the initial financial meltdown and events leading up to it. Curious that...

[scandal 951]

Want to know if the downgrade is political and driven by the far Right and Tea Psrty? Faux News has yet to remove it's banner line regarding the downgrade since it was announced. I imagine there will be no other banner until after the 2012 election on Faux.

PS S & P was hugely at fault during the initial financial meltdown and events leading up to it. Curious that...

I don't think the downgrade itself was political. S&P has been warning for months and put the US on negative credit watch some time ago. On the other hand, all sides are going to use it as yet more mud in the ongoing political mudslinging fight, such is Washington these days. I don't think the downgrade itself is a very big deal. We're at AA+. Had we actually defaulted last week, our defaulted bonds would have been a D. That was the big fear, AA+ not so much.

[Mr. Big Dog 10,747]

not the papers i'm reading. but, i'll play along. how did the tea party 'crazies' come to have any power in the debates in washington?...the lefty dipsh!ts & their continous moronic policies + their idiotic maneuvers pissed enough people off, they were voted in be the people they represent.

Ask Mr. Boehner how they got this relevant. But I'll agree - and always have - that the Democrats and the Obama administration have failed to do what they were elected to do. They should have governed based on their principles and based on their platform. They failed to do that passing Republican legislation instead. What we needed in early 2009 was a major investment into our infrastructure. What we got was a bunch of tax cuts and money paid to the states. It fizzled away doing less for the recovery than what a grand investment would have done. What we needed was tax reform and what we got was an extension of the Bush tax cuts. What we needed was true health care reform and what we got was the 1993 GOP health care reform legislation. We had a deficit commission that produced a well structured reform package and we haven't even had so much as a debate on it. What's the point of appointing that commission to begin with? What we needed was an end to the quagmires in Iraq and Afghanistan. What we got was a continuation of policy on Iraq and a doubling down on the bullshite in Afghanistan. Ridiculous.

Look, I've been plenty critical of the administration and plenty critical of the Democrats for failing to pursue and pass Democratic legislation when they had the chance to do it. They deserved the ####-kicking they got in 2010. But what we've got instead in this Congress is far worse than anything we've ever had.

Edited August 6, 2011 by Mr. Big Dog

[scandal 951]

Ask Mr. Boehner how they got this relevant. But I'll agree - and always have - that the Democrats and the Obama administration have failed to do what they were elected to do. They should have governed based on their principles and based on their platform. They failed to do that passing Republican legislation instead. What we needed in early 2009 was a major investment into our infrastructure. What we got was a bunch of tax cuts and money paid to the states. It fizzled away doing less for the recovery than what a grand investment would have done. What we needed was tax reform and what we got was an extension of the Bush tax cuts. What we needed was true health care reform and what we got was the 1993 GOP health care reform legislation. We had a deficit commission that produced a well structured reform package and we haven't even had so much as a debate on it. What's the point of appointing that commission to begin with? What we needed was an end to the quagmires in Iraq and Afghanistan. What we got was a continuation of policy on Iraq and a doubling down on the bullshite in Afghanistan. Ridiculous.

Look, I've been plenty critical of the administration and plenty critical of the Democrats for failing to pursue and pass Democratic legislation when they had the chance to do it. They deserved the ####-kicking they got in 2010. But what we've got instead in this Congress is far worse than anything we've ever had.

With one single notable exception - Afghanistan - I agree entirely with this post.

On Afghanistan, I wish, I just wish, that the Battle of Tora Bora in Dec 2001 had led to the convincing, crushing defeat of al Qaida in a swift decisive battle that would have brought the whole thing to an end within months not years. But after Tora Bora I don't fault either the Bush or Obama administrations for hanging tough and waging a difficult yet unpopular effort in defense of our national security. Everyone wants that war to end, but I take my cue as to its strategic importance from the military commanders in the field and on the Joint Chiefs.

Iraq, totally different story. We got bamboozled by Cheney/Rumsfeld/Rove/Libby. Epic, tragic misallocation of US blood and treasure.

[SMOKE 1,426]

But what we've got instead in this Congress is far worse than anything we've ever had.

that very well may be true....time will tell.

can we agree on one more thing while we're at it? no matter what position we take on an issue, coming straight out w/ insults & pointing fingers only gets the exact same response in return.?.?

what do you say two of the worst offenders 'me & you' make an honest effort to temper our post...even if someone really pisses us off? sure there is gonna be some 'slips'. but, if we try & show that 'we' can do it. maybe we can help bring a little civility back to the VJ P&R forum...coz this place is starting to get way OTT.

[scandal 951]

coz this place is starting to get way OTT.

Exhibit A

[mawilson 2,133]

I don't think the downgrade itself was political. S&P has been warning for months and put the US on negative credit watch some time ago. On the other hand, all sides are going to use it as yet more mud in the ongoing political mudslinging fight, such is Washington these days. I don't think the downgrade itself is a very big deal. We're at AA+. Had we actually defaulted last week, our defaulted bonds would have been a D. That was the big fear, AA+ not so much.

Well the rating agencies provide absolutely zero new information about US Treasuries,

so the only important factor seems to be the knock-on effects on other debt ratings.

We'll see what happens on Monday

[scandal 951]

Well the rating agencies provide absolutely zero new information about US Treasuries,

so the only important factor seems to be the knock-on effects on other debt ratings.

We'll see what happens on Monday

As I wrote here, I think the interesting bit will be how fund managers handle covenants that obligate them to hold only AAA securities. That's the one aspect that may lead to some volatility in the Treasury market when it opens.

[one...two...tree 2,762]

Paul Krugman: "In short, S&P is just making stuff up — and after the mortgage debacle, they really don't have that right... So this is an outrage — not because America is A-OK, but because these people are in no position to pass judgment."

[Mr. Big Dog 10,747]

that very well may be true....time will tell.

can we agree on one more thing while we're at it? no matter what position we take on an issue, coming straight out w/ insults & pointing fingers only gets the exact same response in return.?.?

what do you say two of the worst offenders 'me & you' make an honest effort to temper our post...even if someone really pisses us off? sure there is gonna be some 'slips'. but, if we try & show that 'we' can do it. maybe we can help bring a little civility back to the VJ P&R forum...coz this place is starting to get way OTT.

deal

[SMOKE 1,426]

deal

deal

[luckytxn 2,264]

No. Obama the Socialist wanted to keep spending and having another record deficit at any cost. The Moron could have at anytime in his admin shown to be fiscally responsible but chose not to be. He had brought himself up to the second worst president of all time by the killing of Bin Laden but he seemed to want that distinction so much he is now the worst with more time to make sure he stays there forever.

[Gary and Alla 3,694]

Obama sets another precedent! First President to succeed in downgrading the credit rating of the entire country! What a guy!

Who would vote for this guy again?