The Hill: S&P credit rating analysis values spending cuts more than tax revenue

[NYcarbineer]

[
Raising the debt-ceiling is why they downgraded us and the Tea Party didn't want the ceiling raised.

.

Well, there you go people. The looniest thing you'll hear all week. Even if it is only Monday.

 

[iamwhatiseem]

Really

they never put Papa ObamaCare on the table

I thought the GOP already repealed that like they promised in last year's campaign. I guess they were lying.

Reid wouldn't allow it to even be discussed on the floor.
Put down the pitcher.

 

[NYcarbineer]

You must mean in future negotiations

No, I mean you're an idiot. The GOP won't agree to tax increases, period. Why should the Democrats, who represent more of the People than the Republicans do,

simply become Republicans??

 

[Neotrotsky]

Once that line of attack fails,
the left will have to pull the race card
out on this one.

Indeed, why once S&P the only one to do this ?
What do they have against a black president?

Sounds funny, but it is out there

Hey Neo.

This is the same Standard and Poor's that gave mortgage backed securities a triple A rating?

Yep. Reliable bunch these guys.

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

 

[NYcarbineer]

Really

they never put Papa ObamaCare on the table

I thought the GOP already repealed that like they promised in last year's campaign. I guess they were lying.

Reid wouldn't allow it to even be discussed on the floor.
Put down the pitcher.

Oh, so you're saying that it's unfair to hold a politician to a promise if the other party blocks that promise from being fulfilled?

 

[iamwhatiseem]

I thought the GOP already repealed that like they promised in last year's campaign. I guess they were lying.

Reid wouldn't allow it to even be discussed on the floor.
Put down the pitcher.

Oh, so you're saying that it's unfair to hold a politician to a promise if the other party blocks that promise from being fulfilled?

And you wouldn't?

 

[NYcarbineer]

Once that line of attack fails,
the left will have to pull the race card
out on this one.

Indeed, why once S&P the only one to do this ?
What do they have against a black president?

Sounds funny, but it is out there

Hey Neo.

This is the same Standard and Poor's that gave mortgage backed securities a triple A rating?

Yep. Reliable bunch these guys.

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

So you're blaming the real estate collapse and financial crisis and the recession on the failure of government to impose enough regulation on private business?

No shit.

 

[NYcarbineer]

Reid wouldn't allow it to even be discussed on the floor.
Put down the pitcher.

Oh, so you're saying that it's unfair to hold a politician to a promise if the other party blocks that promise from being fulfilled?

And you wouldn't?

I don't recall President Obama getting that slack.

 

[Sallow]

Once that line of attack fails,
the left will have to pull the race card
out on this one.

Indeed, why once S&P the only one to do this ?
What do they have against a black president?

Sounds funny, but it is out there

Hey Neo.

This is the same Standard and Poor's that gave mortgage backed securities a triple A rating?

Yep. Reliable bunch these guys.

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

They were in good shape before they were forced to shoulder the bad mortgages made by financial institutions.

And SSI doesn't have problems. They are solvent for at least a quarter century.

Where you been?

 

[Neotrotsky]

You mean bad regulation that forced banks to give out bad loans

yeah sure

 

[dilloduck]

Hey Neo.

This is the same Standard and Poor's that gave mortgage backed securities a triple A rating?

Yep. Reliable bunch these guys.

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

So you're blaming the real estate collapse and financial crisis and the recession on the failure of government to impose enough regulation on private business?

No shit.

The financial sector tells congress what to do. They tell America what to do. They tell Americans to bail them out when they go broke doing stupid shit.

 

[Neotrotsky]

Hey Neo.

This is the same Standard and Poor's that gave mortgage backed securities a triple A rating?

Yep. Reliable bunch these guys.

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

They were in good shape before they were forced to shoulder the bad mortgages made by financial institutions.

And SSI doesn't have problems. They are solvent for at least a quarter century.

Where you been?

Solvent
because the baby boom, the largest segment of our population, was paying in and not collecting
well that has changed now

There is no real money there
just yellowing IOU's from a gov't that is broke

The Left really is bad with finance

 

[mudwhistle]

Really

they never put Papa ObamaCare on the table

Like I said, the ONLY thing that justifies Democrats not putting entitlements on the table is the GOP not putting taxes and defense on the table.

Since when has National Defense only benefitted the GOP???

 

[editec]

I hear you!

No doubt they are racists since they were the only ones to lower us


Side Note
This is the same gov't that told us via Barney Frank
that Freddie and Fannie were
in good shape and that SS had no problems

They were in good shape before they were forced to shoulder the bad mortgages made by financial institutions.

And SSI doesn't have problems. They are solvent for at least a quarter century.

Where you been?

Solvent
because the baby boom, the largest segment of our population, was paying in and not collecting
well that has changed now

There is no real money there
just yellowing IOU's from a gov't that is broke

The Left really is bad with finance

Who ELSE besides social security admin owns Government debt, Neo?

Do you know?

Are they broke, too?

Because if SSA is broke because they have government bonds, then aren't the 401 K, insurance companies, banks, corporations whose books have government debt in the ASSET columns ALSO in trouble?

And if they're ALL in trouble, then isn't the entire economic system dubious?

I only ask because I'm trying to gauge just exactly how much you really understand about that debt and who will be in trouble if the FED stops paying it back.

WHO else, what other institutions, own that $12.6 trillion or so worth of government bonds?

Here: $14 Trillion in Debt, But Who Owns All That Money? - Yahoo! Finance

Now imagine what happened to the world economy if SSA doesn't get paid, and neither does any other creditor of the US government.

Do you think only social security recipients are going to get hurt?

 

[Avatar4321]

Oh, so you're saying that it's unfair to hold a politician to a promise if the other party blocks that promise from being fulfilled?

And you wouldn't?

I don't recall President Obama getting that slack.

Obama had two freakin years where the Republicans couldn't do anything to stop him.

Oh wait, we will just conveniently ignore that because it hurts Obama.

 

[Sallow]

You mean bad regulation that forced banks to give out bad loans

yeah sure

Banks weren't giving out the loans, chief..it was financial institutions. Like Goldman Sachs. You do know the difference?

And they were engaged in predatory practices. The loan agents were lying to customers about the terms of agreement as well as ginning up the financial assets of the people making loans.

In the "bad old days" Freddie and Fanny would be the actuaries and actually practice due diligence as to whether it was possible for loans to be repaid.

[ame=http://www.youtube.com/watch?v=sHc7jfMlSl4]‪Actor Eddie Griffin Crashes A Ferrari‬‏ - YouTube[/ame]

Remember that?

Laugh riot right?

Remember the movie?

Redline (2007) - IMDb

That was this guy..Daniel Sadek. The guy who was responsible "Quick Loan Financing".

Housing Bubble Hall of Shame®: Daniel Sadek

 

[Seawytch]

Wow...it sounds to me like the S&P is looking for the BALANCED approach the President has been speaking about.

 

[mudwhistle]

Wow...it sounds to me like the S&P is looking for the BALANCED approach the President has been speaking about.

Yes, the balanced approach.

We give him our money and he spends it faster then we can give it to him.

 

[tinydancer]

ooo a blog....Sigh smart people dont need a silly little blog to tell people what to think. We have S&P's answer as to why they downgraded our rating.

Way to be a partisan hack.

With all due respect, I don't think this is the answer you are wishing for.

As S&P's David Beers said yesterday, one of the biggest reasons for his firm's downgrade is that the debt ceiling deal did nothing to rein in entitlement spending. Other S&P executives hinted that if the supercommittee doesn't make substantial cuts, there could be a further downgrade to America's debt rating.

Direct quote from S&P in an article called the Obama Downgrade at the American Spectator.

And S&P absolutely do not believe that agreement will be reached in the future for deep spending cuts.

What part of "you don't have the freaking money" doesn't Washington understand? This is becoming like some sort of bizarre stupid game where politicians just want to keep spending and spending and spending like shopaholics.


But whoever doesn't "get it" now in Washington that America is really in deep financial shit, should be removed from office in the following election cycles.

The American Spectator : The Obama Downgrade

 

[Neotrotsky]

A Government-Mandated Housing Bubble

There is very little doubt that the underlying cause of the current credit crisis was a housing bubble. But the collapse of the bubble would not have led to a worldwide recession and credit crisis if almost 40% of all U.S. mortgages--25 million loans--were not of the low quality known as subprime or Alt-A

For that we have to look to the government's distortion of the mortgage finance system through the Community Reinvestment Act and the government-sponsored enterprises (GSEs) Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ).

Long-term pressure from Frank and his colleagues to expand home ownership connects government housing policies to both the housing bubble and the poor quality of the mortgages on which it is based. In 1992, Congress gave a new affordable housing "mission" to Fannie and Freddie, and authorized the Department of Housing and Urban Development to define its scope through regulations.​

Sad thing is
the Left trust these people to do even more for us

[ame=http://www.youtube.com/watch?v=_MGT_cSi7Rs]‪Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis‬‏ - YouTube[/ame]