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US Credit rating Downgraded

Discussion in 'News & Current Events' started by mandym, Aug 5, 2011.

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  1. mandym

    mandym New Member

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    The US credit rating was downgraded today by S&P. Do you agree this should have happened? Why or why not? Is Obama the first President that this has ever happened under? What could have been done to stop the downgrade?
     
    #1 mandym, Aug 5, 2011
    Last edited by a moderator: Aug 5, 2011
  2. Arbo

    Arbo Active Member
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    Given the way things have been handled in Washington the last few years, I am of the opinion that it was inevitable.

    Oh yes,

    [​IMG]
     
  3. HankD

    HankD Well-Known Member
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    Prognostication of a statement soon forthcoming from the Whitehouse:

    It was Bush's Fault!!!

    HankD
     
  4. Borneol

    Borneol New Member

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    I believe one key area that would have stopped the credit rating down grade is reform of our entitlement programs. Enjoyed economist Thomas Sowell's article about this issue:

    "How Images Of 'Poor,' 'Elderly' Distort Reality"

    /www.investors.com/NewsAndAnalysis/Article/580251/201108021818/How-Images-Of-Poor-Elderly-Distort-Reality.htm

    excerpt:

     
  5. HankD

    HankD Well-Known Member
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    Don't worry, the new Eugenics Bill (which we weren't allowed to read until after it was passed) will take care of all the Grandmas and Grandpas who refuse to die shortwith:

    http://www.newsmax.com/Headline/obama-death-panels-medicare/2010/12/26/id/381043

    HankD
     
  6. targus

    targus New Member

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    They could have enacted some real spending cuts.
     
  7. preachinjesus

    preachinjesus Well-Known Member
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    There is no elected official in Washington who deserves to keep their jobs.

    All the incumbents need to be vacated from their positions. We need a complete, systematic change in order to rebuild the shattered American invention.

    Our leaders have failed us. We deserve this.
     
  8. targus

    targus New Member

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  9. HankD

    HankD Well-Known Member
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    Gross!!

    But cool.

    :)

    HankD
     
  10. freeatlast

    freeatlast New Member

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    Much of what we are experiencing is President Bush's fault although that is not to suggest this president has not added to it abundantly.
     
    #10 freeatlast, Aug 6, 2011
    Last edited by a moderator: Aug 6, 2011
  11. NaasPreacher (C4K)

    NaasPreacher (C4K) Well-Known Member

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    I agree. This is the natural consequence of decades of spending more than you have. Payday someday.
     
  12. freeatlast

    freeatlast New Member

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    Nothing could have been done. While i wish that they had taken steps to cut the budget instead of this mockery of effort the downgrade would still have happened since the steps to fix the problem will kill the country just like the steps they took Monday with the only difference being if they had taken the steps we would have fell much faster.
    In fact the downgrade should have happened many moons before. The only reason it is has not is because the US has been the big boy on the street and politics. The S&P had the guts and took the steps that the other rating entities have not had. While I do think that there will be one more upswing in the markets it will not be able to sustain itself and we will fail in our obligations and lose just about everything we have.
     
  13. freeatlast

    freeatlast New Member

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    Yes absolutely and it saddens me greatly to see this nation fail but our reckless attitudes and sinful ways has brought this on ourselves.
     
  14. freeatlast

    freeatlast New Member

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    I scream things like that all the time, but I actually believe the only way out of this is repentance of the church and even then we would not come away un-scorched.
     
  15. HankD

    HankD Well-Known Member
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    A few months ago, I thought Obama couldn't lose the upcoming election due to his popularity but this changes everything.

    It is indeed a shared responsibilty but no matter, the sitting president will take the brunt of it "It happened on his watch" will be the Republican mantra.

    Actually this probably gaurantees a Republican victory.

    HankD
     
  16. Arbo

    Arbo Active Member
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    Hank, I agree. I thought a few months into BO's term he'd be a one-termer, but began to have doubts a few months ago. Frankly, now I think it's almost a done deal that he will be out Jan 2013. ...But the election is a long ways off.
     
  17. targus

    targus New Member

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    Obama will probably still win reelection - no matter what has happened or will happen.

    Don't forget that it's "Bushes fault".

    Besides Obama's supporters drank the koolaide a long time ago and aren't going to give up now - no matter the reality of the situation.
     
  18. NaasPreacher (C4K)

    NaasPreacher (C4K) Well-Known Member

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    It certainly is not President Obama's fault alone. This day has been coming for decades. It is the free spending big government policy of the Republicrates which has brought about.

    There is plenty of blame to go around.
     
  19. targus

    targus New Member

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    True.

    However my point is that in the context of Obama's reelection the Democrats, both in Washington and the average Democrat voter, as well as the media are going to say "It's Bush's fault" and Obama will be given credit for "it's not as bad as it would have been".
     
  20. NaasPreacher (C4K)

    NaasPreacher (C4K) Well-Known Member

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    Gotcha. You may be right there.
     
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