Is President Obama wrong when he says...

[NaasPreacher (C4K)]

'This is the United States of America. No matter what some agency says, this is, and always will be, a AAA nation.'

 

[Arbo]

Recent events are what they are.
BO's statement is damage control. Nothing but spin.
The answer to the OP is yes.

 

[NaasPreacher (C4K)]

Recent events are what they are.
BO's statement is damage control. Nothing but spin.
The answer to the OP is yes.

So you do not think the US is a 'AAA nation' just because one agency says it is not?

Remember, this same agency approved of the subprime mortgage policy which was a huge part of where this mess came from.

ONE SOURCE

 

[Arbo]

So you do not think the US is a 'AAA nation' just because one agency says it is not?

Remember, this same agency approved of the subprime mortgage policy which was a huge part of where this mess came from.

ONE SOURCE

There are consequences when so much money is borrowed that the ability to be paid back is in question.

I don’t see how S and P is to blame, but then again economics is not my field of expertise.

 

[targus]

'This is the United States of America. No matter what some agency says, this is, and always will be, a AAA nation.'

"AAA nation"... what does that even mean?

Just more political rhetoric coming from the orator in chief.

S&P downgraded the Federal debt - I did not downgrade the nation.

 

[Crabtownboy]

The stock market went crazy ... but then it does any time there is good or bad, especially bad news. Investors too often run on emotion andnot rational thought. There are now some wonderful buys now on the stock market and smart money will begin moving in and selectively buying.

The bond market was very stable. In fact there was demand for Treasury Bills from many places in the world. So the bond investors did not agree with S & P. They see the US as a very safe place to invest. The EU is not seen as a safe place as there are so many problems with some of the countries.

A big difference between the US and the EU is that our problems are self-made by narrow ideologically driven politicians. The problems in the EU are much more basic within the economies and will be much harder to overcome. Here all we really need is politicians who begin to take the welfare of the country more seriously then their own personal interests.

 

[Arbo]

The stock market went crazy ... but then it does any time there is good or bad, especially bad news.

Or Obama has a press conference about economic matters.

 

[Arbo]

S&P downgraded the Federal debt - I did not downgrade the nation.

:thumbsup: Absolutely.

 

[targus]

Is anyone who believes that S&P should not have downgraded the debt willing to put their retirement funds 100% into Treasuries?

 

[preacher4truth]

We worry too much about money/wealth, and too many align "Christianity" as the same as being "patriotic", good economy as blessing, when we are so wasteful of this "blessing" in so many ways. Love of our country is not the same thing as being born again, Christian, or love of God, as some seem to equate these things.

I believe the way our government handles our money, they deserve the downgrade.

Our economy is a mess, no doubt, but we've been going down the road of spiritual bankruptcy for a long while now. Wonder what the grade for that is, church? It's not the governments fault for sure.

 

[mandym]

So you do not think the US is a 'AAA nation' just because one agency says it is not?

Remember, this same agency approved of the subprime mortgage policy which was a huge part of where this mess came from.

ONE SOURCE

There is another agency that is currently threatening the same thing.

 

[InTheLight]

'This is the United States of America. No matter what some agency says, this is, and always will be, a AAA nation.'

Is Obama wrong for saying that? I want to say yeah, he's wrong, but the downgrade hasn't stopped foreign countries from buying U.S. securities. Hasn't even slowed down. So the market is agreeing with Obama.

 

[NaasPreacher (C4K)]

Is Obama wrong for saying that? I want to say yeah, he's wrong, but the downgrade hasn't stopped foreign countries from buying U.S. securities. Hasn't even slowed down. So the market is agreeing with Obama.

He was not talking about financial ratings, from what I heard and read. I think he was making a general statement that no matter what S&P says the US is still a AAA nation.

I would have to agree, that despite her many flaws the US is the one country that other nations know they can count on.

 

[exscentric]

As if Obama declaring S&P wrong changes the fact that they did the downgrade.

 

[billwald]

I suppose Nero said the same thing about Rome.

 

[freeatlast]

'This is the United States of America. No matter what some agency says, this is, and always will be, a AAA nation.'

Yes he is wrong. If we were a tripple A nation then we would have that rating. We are very fortunate that they held off as long as they did in downgrading us.

 

[NaasPreacher (C4K)]

I think the point is being missed. What President Obama had to say had nothing to do with credit rating. He merely said that no matter how one discredited financial group rates the US it is still a AAA nation in reality.

 

[Arbo]

I think the point is being missed. What President Obama had to say had nothing to do with credit rating.

Oh really?

 

[freeatlast]

I think the point is being missed. What President Obama had to say had nothing to do with credit rating. He merely said that no matter how one discredited financial group rates the US it is still a AAA nation in reality.

There is no doubt that is what he meant, although I am not sure S&P is discredited, but backing it up what he said he might find to be a problem as we continue our downward spiral.

 

[Salty]

I would have to agree, that despite her many flaws the US is the one country that other nations know they can count on.

Ten % of our budget goes for interest. Will other countries count on us it goes above 50%

Currently the US is in debt by about 14 trillion dollars. At an average of 3% APR we are paying a lot in just interest.

If my figures are right, each Americian is giving the US govt 4 dollars a day just to pay the interest. So in one year a family of four is paying $5,840 in taxes - just for interest. Of course, most familes do not pay even that amout - which means "the rich" are making up the difference.

Remember that $4 is just for interest, then we still have to pay for the rest of the govt - or should I say welfare. ( from the link - see which dept spends the most (& if you say defense you would be wrong)

and the debt will keep growing by the trillions