US Credit Rating Downgraded To AA+

[saden1]

Ouch! That's all I got.

[Ruhskins]

S&P apparently didn't think the debt ceiling agreement was enough and criticized the government for not allowing increase tax revenues among other things. This government (both parties) likes to spend money that they don't have and not increase tax revenue. Well both sides f*ck up royally.

Sent from my Samsung Epic 4G.

[GMScud]

That god damned George W. Bush!

[GMScud]

Originally Posted by Ruhskins

S&P apparently didn't think the debt ceiling agreement was enough and criticized the government for not allowing increase tax revenues among other things. This government (both parties) likes to spend money that they don't have and not increase tax revenue. Well both sides f*ck up royally.

Sent from my Samsung Epic 4G.

Apparently the bipartisan bickering that took place led to a big loss in confidence at the S&P as well.

[Schneed10]

The S&P called out both parties in this release. They said that the US failed to do what the Democrats wanted and the Republicans blocked - raise tax revenue; and failed to do what the Republicans wanted and the Democrats blocked - hack away at entitlements.

We deserve this downgrade.

HUGE hit to Obama's re-election bid here. Regardless of who you like to point the finger at, the public by and large is going to view this as having happened on Obama's watch. He gets to go down as the president who presided over America's first downgrade in credit. He's as good as gone.

[Schneed10]

Wow. This really is big. Think of the economic ripple effects.

When your credit score goes down, the interest rate on your credit card goes up. Same thing here. The US will have to start paying higher interest rates on its debt. So that eats up even more of our federal budget, which will require even more spending cuts and tax increases than were required before.

Unemployment will trickle back up. The higher interest rates may require the US to increase the money supply leading to inflation.

Hope you're all really good at your jobs.

[Dirtbag59]

Originally Posted by Schneed10

The S&P called out both parties in this release. They said that the US failed to do what the Democrats wanted and the Republicans blocked - raise tax revenue; and failed to do what the Republicans wanted and the Democrats blocked - hack away at entitlements.

We deserve this downgrade.

HUGE hit to Obama's re-election bid here. Regardless of who you like to point the finger at, the public by and large is going to view this as having happened on Obama's watch. He gets to go down as the president who presided over America's first downgrade in credit. He's as good as gone.

Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.

Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes.

[Ruhskins]

Everyone is at fault at this moment. I've had with stupid partisan politics. Both parties have f*ck the economy to gain political leverage and in the end the everyday person gets the shaft.

[Dirtbag59]

I come from money so I'm good

[Ruhskins]

Originally Posted by Dirtbag59

I come from money so I'm good

I need to get rich so I don't have to pay taxes. LOL.

[saden1]

Originally Posted by Schneed10

Wow. This really is big. Think of the economic ripple effects.

When your credit score goes down, the interest rate on your credit card goes up. Same thing here. The US will have to start paying higher interest rates on its debt. So that eats up even more of our federal budget, which will require even more spending cuts and tax increases than were required before.

Unemployment will trickle back up. The higher interest rates may require the US to increase the money supply leading to inflation.

Hope you're all really good at your jobs.

This is big but hardly surprising. The question is which country currently has a better rating and worthy of large investment?

You have made a lot of assumptions and predictions. Care to put your money where your mouth is? I got $100 ready to go.

[GMScud]

Originally Posted by Dirtbag59

Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.

Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes.

Fantastic stuff.

[Schneed10]

Originally Posted by saden1

This is big but hardly surprising. The question is which country currently has a better rating and worthy of large investment?

You have made a lot of assumptions and predictions. Care to put your money where your mouth is? I got $100 ready to go.

I'm not clear about what we'd be betting on?

[Schneed10]

Originally Posted by Dirtbag59

Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.

Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes.

Well businesses have to do what's in the best interest of their shareholders. They won't withold hiring to influence the political climate. If they see an opportunity to increase shareholder value they'll hire and take advantage of it.

The problem is there aren't a ton of opportunities right now.

I'm totally with you though, economy is priority one, one A, and one B in my book.

[GMScud]

Originally Posted by Schneed10

I'm not clear about what we'd be betting on?

Probably the fact that in your eyes (mine too, btw) Obama is done. He's saden's golden boy, for some odd reason.