There were efforts to force a downgrade

Discussion in 'Economy' started by JimH52, Aug 8, 2011.

  1. JimH52
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    JimH52 Gold Member

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    Anytime you have elected officials calling for default, confidence in America is going to suffer. Our debt needs addressing, but for elected officials, one of which is running for president, advocate default, what did you expect credit agencies to do?

    Many believe it is part of a concerted effort to get ride of Obama. Batcrazy Bachmann...
     
  2. dilloduck
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    dilloduck Diamond Member

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    Anytime you have an idiot for a president confidence in America is going to suffer.
     
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  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    The "efforts" you speak of were "spending beyond our means for decades".
     
  4. JimH52
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    JimH52 Gold Member

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    Agreed, but for elected officials to publicly say that default wasn't going to be so bad, is irresponsible. The political posturing was of greater fault their the debt.
     
  5. Sherry
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    Sherry You're not the boss of me Supporting Member

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    BOTH sides were willing to cut off their noses to spite their face until the 11th hour.
     
  6. dilloduck
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    dilloduck Diamond Member

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    Can't we just bribe or threaten the ratings agencies until they tell the world that America is a durn good place to invest your money ?
    Apparently all that matters is our image.
     
    Last edited: Aug 8, 2011
  7. theHawk
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    theHawk Registered Conservative

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    Really? "Anytime" elected officals calling for default? How about when Obama voted against raising the debt ceiling in 2006?

    Didn't think so. It was A-OK for the Hussein to essencially "call for default" during Bush, but not the Tea Party now.

    But that's besides the point. You are clearly wrong because if we were going to be downgraded merely because an elected official called for it, it would of happened a long time ago.
     
    Last edited: Aug 8, 2011
  8. JimH52
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    JimH52 Gold Member

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    There is a difference between voting against something, and going on TV and flattly stating that Default won't be that bad. You think that built confidence with investors or the rating agencies? They clearly recognize that Congress has a group of loons walking the halls. The rating will not recover with cuts alone. That has pretty much been implied. There is going to have to be a restructuring of the tax code and removal of the loopholes that let giants like GE get away with paying NO TAXES.
     
  9. Truthmatters
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    Truthmatters BANNED

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    The lobbbied for it , they swung it like an axe, then they turned and claimed their axe would do no harm if it hit anything a now they claim its all someone elses fault.
     
  10. JimH52
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    JimH52 Gold Member

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    They threw Default into the face of everyone. The did everything but pray for it, and I exepect a couple did. They illustrated to all the rating agencies just how totally out of control and unpredictable they are. The Tea Party campaigned for Default, saying it would be good fo the US.

    How can any body rating the credibility of any country do anything other than downgrade. There is no reliance that the bills will be paid, when there are fiscal loons waiting in the wings. No one can blame S&P. It has become obvious that the GOP is now being controlled by the far right fringe. The only thing that we can rely on is they will continue to push their whacky agenda. Rather than listen to the majority of voters who call for a balanced approach to the debt crisis, they sign a pledge to CUT ONLY! Dogma is a Dangerous tool.
     

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