"Extend Bush Tax Cuts, Face Downgrade" Says Moody's Analyst, then Retracts It

Discussion in 'Economy' started by Toro, Nov 16, 2010.

  1. Toro
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    Toro Diamond Member

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    Moody's must have gotten a call from Timmy Geithner.

    Treasury yields spike

    [​IMG]

    Moody’s Says “Permanent Extension Of Bush Tax Cuts Would Be Negative For US Sovereign Debt Rating”, Spooks Treasurys

    But, oh oh, someone comes a-callin'!

    Moody’s Says Extension of Tax Cuts Won’t Lead to U.S Downgrade - BusinessWeek
     
  2. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    What is the big deal over these tax cuts. They have been extremely destructive. Anyone with a brain can see that.
     
  3. loosecannon
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    loosecannon Senior Member

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    The big deal is that austerity has replaced wild abandon across most of the world and the exception is the US.

    If we extend the tax cuts we will almost certainly be technically insolvent forever. It is only a matter of when we default on our bonds, not if.

    And the world is pissed because we caused the current financial crisis almost alone. And we continue to treat our debt like it was a mirage. As if we will never have to repay it.
     
  4. Revere
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    Revere BANNED

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    There are no tax cuts, they are merely extensions of the same rates on the books for years.

    If there is a lack of austerity, it's a budget baseline that has increased 24% in two years.

    The currency markets are taking a shit because of what the Fed is doing.
     
  5. Revere
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    Revere BANNED

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    The world is slashing its runaway government spending...except for the US, that is.
     
  6. loosecannon
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    loosecannon Senior Member

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    You are full of shit.
     
  7. Revere
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    Revere BANNED

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    Nobody's taxes are being cut.

    Quit bastardizing the language.
     
  8. loosecannon
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    loosecannon Senior Member

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    But we are discussing whether an existing temporary tax cut will be extended.

    Grow a brain and stop arguing sheer stupidity.
     

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