S&P calls out the Republicans!

I read the report. What S&P actually said is that there are not enough cuts. That without enough cuts in expenditures of entitlement programs in combination with the expiration of Bush tax cuts set to expire in 2012- that do not have Republican support by raising revenues as signaled by the ACT, they made their decision. There are not enough taxes to support current entitlement spending or its projected increases-

The democrat party has been given more blame in that they refuse to cut necessary spending. Even if Republicans allowed Bush tax cuts to expire they could not pay for all of the spending that democrats have created.
 
Congradulations to the Tea Party and many Republicans, you have manifested a great likelyhood that your dream of a double dip will come true.
 
bravo said:
I'll ask you for a second time......what in particular are these alleged loopholes and at what income level do they kick in ? (LINK?)

Do you have a definite amount of money that would be revenue for the government if these "loopholes" were closed ? (LINK)

Or is this stuff just a figment of your imagination ?
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Yeah - it's a figment of my imagination. That's why it's all people like Snowe & Cantor & Obama talked about for a week in July.

I've seen estimates that aggressive closing of loopholes could net over $1 Trillion; some speculation has it way beyond that. Are you really not aware of anything regarding this? I don't have the time to educate you. Google is your friend...
 
So...

If you're a Republican - S&P blame the Democrats for the downgrade.

If you're a Democrat - S&P blame the Republicans for the downgrade.

This was, i have to say, rather unexpected.
 
I still am just wondering why the standard is set by a company that was so incredibly wrong on almost every call they made in the past decade...

Enron, AAA until 4 days before they collapsed, toxic mortgages... Bundle them up we'll give them AAA! I mean, WTF? Why are we listening to the worst prognosticators since Nostradamus wrote a bunch of bad poetry that people try to read things into after the fact?
 
Onceler said:
I don't believe in a higher tax rate for anyone, but I also don't believe in loopholes that only the wealthy can take advantage of.

Close the loopholes. Done.
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Done, really? How much revenue would be generated by closing these legal means to save on taxes?
 
Damocles said:
I still am just wondering why the standard is set by a company that was so incredibly wrong on almost every call they made in the past decade...

Enron, AAA until 4 days before they collapsed, toxic mortgages... Bundle them up we'll give them AAA! I mean, WTF? Why are we listening to the worst prognosticators since Nostradamus wrote a bunch of bad poetry that people try to read things into after the fact?
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Buffett already said he's ignoring them; hopefully, other investors will follow his lead. He still sees the U.S. as AAA.

Is there any mechanism to investigate a body like S&P?
 
Onceler said:
Yeah - it's a figment of my imagination. That's why it's all people like Snowe & Cantor & Obama talked about for a week in July.

I've seen estimates that aggressive closing of loopholes could net over $1 Trillion; some speculation has it way beyond that. Are you really not aware of anything regarding this? I don't have the time to educate you. Google is your friend...
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So it is your imagination and you have no links and can't name even one loophole or the income level it kicks in.....that is exactly what I thought....
 
Damn Yankee said:
Done, really? How much revenue would be generated by closing these legal means to save on taxes?
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Could be in the trillions. Looks like you don't know that much about loopholes. A lot of them are used by foreign companies who do business in the U.S., have places of business in the U.S., and avoid paying taxes on business they do w/ Americans by shifting it from their American subsidiaries to offshore affiliates, or even to a foreign PO box. This hurts American taxpayers.
 
Onceler said:
Buffett already said he's ignoring them; hopefully, other investors will follow his lead. He still sees the U.S. as AAA.

Is there any mechanism to investigate a body like S&P?
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I think Congress is the only way, I think an investigation into all the reporting agencies (including consumer debt reporting) is not off base.
 
bravo said:
So it is your imagination and you have no links and can't name even one loophole or the income level it kicks in.....that is exactly what I thought....
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Do you really not know anything about the loopholes that are used by corporations or at higher income levels?

Seriously?

Why are you in any economic discussion on this board?
 
Onceler said:
Buffett already said he's ignoring them; hopefully, other investors will follow his lead. He still sees the U.S. as AAA.

Is there any mechanism to investigate a body like S&P?
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Are you really super naive and super gullible ? Thats one hell of handicap....you're pathetic...
 
The Dude said:
yeah, lets blame the rating agencies

shoot the messanger
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We should just believe them without question... How's your ENRON stock going for ya?

They aren't the messenger, they set the rating. In this case they based it on spurious findings and when caught in error they simply changed their justification to match what they wanted to say. It didn't matter how far they were off it was "negligible"...
 
Damocles said:
We should just believe them without question... How's your ENRON stock going for ya?

They aren't the messenger, they set the rating. In this case they based it on spurious findings and when caught in error they simply changed their justification to match what they wanted to say. It didn't matter how far they were off it was "negligible"...
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That's all good and fine Damo- and I can't help but feel there are those who will financially gain this morning. But the fact of the matter is our balance sheets are in chaos with no foreseeable fix.
 
Onceler said:
Could be in the trillions. Looks like you don't know that much about loopholes. A lot of them are used by foreign companies who do business in the U.S., have places of business in the U.S., and avoid paying taxes on business they do w/ Americans by shifting it from their American subsidiaries to offshore affiliates, or even to a foreign PO box. This hurts American taxpayers.
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"Could be....". So you don't know.
 
Onceler said:
Do you really not know anything about the loopholes that are used by corporations or at higher income levels?

Seriously?

Why are you in any economic discussion on this board?
Click to expand...

Now now....don't get all pissy on me just because you can't produce any material to support your stupid statements.....

Your entitled to your opinion, no matter how dumb it is.....:lol:
 
Ice Dancer said:
That's all good and fine Damo- and I can't help but feel there are those who will financially gain this morning. But the fact of the matter is our balance sheets are in chaos with no foreseeable fix.
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This is true, but panicking over one company's ratings while the others still list the US as AAA for the foreseeable future is a bit much. It is absolutely not time to panic, especially when the company is one that has been so terribly wrong on important calls in the very near past. We shouldn't ignore the fact that they had their numbers wrong by a large margin then changed justification in mid-stream to meet what they had already decided on poor information.

We need to get the BBA passed and ratified, we can forestall a downgrade by more responsible companies, and have time to look in to the rather liquid nature of the justifications for this rating by this company all at once.

Basically, in large friendly letters on the cover we should be seeing, "Don't Panic!"
 
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