Discussion: The Economy, National Debt, And Other Financial Issues II

[Paradoxium]

They will probably have the next two years to undo/repeal the spending cuts. It's so predictable.

 

[Marx]

UPDATE: HERE IS THE BREAKDOWN OF HOW EACH SENATOR VOTED
http://politicalticker.blogs.cnn.com/2011/08/02/senate-passes-debt-bill-how-they-voted/

 

[DACrowe]

Some good news for today.

Biggest Middle Class Tax Increase in History Will Come in Five Months

This one is the most LuLz

Investors Made a Fortune Betting on TreasuriesHey DACrowe guess who benefits from not having a default

Bears can make short term profits too. Just not how you expected.

Did I ever say there was going to be a default? I simply said we were in the position to and how disasterous it would be. I've consistently said that we'd see a lame deal like McConnell's (I was half-right, it was lame, but more like Boehner's initial request, except with pissed off Tea Baggers) or a last minute invocation of the 14th.

I'm not really surprised by any of this and neither is Wall Street. Policy wise, I'm kind of shocked that after drawing a line in the sand, the Dems still gave the GOP everything they wanted for extorting our economy in the end.

 

[Marx]

Oh...and the stock market dropped another 250+ points today. The S&P has now lost all gains that it has made this year.

 

[Kelly]

Yep, 256.....shows how much the stock market trust our government...lol

 

[wiegeabo]

Moody's maintains US AAA credit rating.


We're so far in debt that even if the government spent $0 from this point on, we'd still be years from paying it off, yet we somehow get AAA rating.

They did give us a negative outlook, though.

 

[Paradoxium]

Did I ever say there was going to be a default? I simply said we were in the position to and how disasterous it would be. I've consistently said that we'd see a lame deal like McConnell's (I was half-right, it was lame, but more like Boehner's initial request, except with pissed off Tea Baggers) or a last minute invocation of the 14th.

I'm not really surprised by any of this and neither is Wall Street. Policy wise, I'm kind of shocked that after drawing a line in the sand, the Dems still gave the GOP everything they wanted for extorting our economy in the end.

Ok mister chief from Jaws t:

 

[Paradoxium]

Moody's maintains US AAA credit rating.


We're so far in debt that even if the government spent $0 from this point on, we'd still be years from paying it off, yet we somehow get AAA rating.

They did give us a negative outlook, though.

The credit ratings agencies are feckless waste of oxygen. No surprises at all here after the AAA for Awesome "securitized mortgages". Absolutely no balls.

 

[DACrowe]

Ok mister chief from Jaws t:

Indeed. I'm just glad you hired someone to kill the shark before the 4th of July. It's just unfortunate you got Woody Allen when we needed Robert Shaw.

 

[Marx]

Moody's maintains US AAA credit rating.


We're so far in debt that even if the government spent $0 from this point on, we'd still be years from paying it off, yet we somehow get AAA rating.

They did give us a negative outlook, though.

Not good at all.

 

[8wid]

Chinese agency downgrades U.S. credit rating

 

[dnno1]

Some good news for today.

Biggest Middle Class Tax Increase in History Will Come in Five Months

This one is the most LuLz

That was the payroll tax holiday that was supposed to expire this year anyway. That doesn't mean that that was supposed to be in the debt deal or was a part of the discussions.

 

[Kelly]

I have a feeling this deal is going to go the way of the "abortion deal" that Obama made with the blue dogs. It looks really good on paper, but in reality, nothing has changed.


Gotta love that change...

 

[Calvin]

Did I ever say there was going to be a default? I simply said we were in the position to and how disasterous it would be. I've consistently said that we'd see a lame deal like McConnell's (I was half-right, it was lame, but more like Boehner's initial request, except with pissed off Tea Baggers) or a last minute invocation of the 14th.

I'm not really surprised by any of this and neither is Wall Street. Policy wise, I'm kind of shocked that after drawing a line in the sand, the Dems still gave the GOP everything they wanted for extorting our economy in the end.

Yeah, Obama really took one up the bum chute. All I can picture is that episode of Southpark were Lucas and Spielberg continually rape Indiana Jones, but switching out Obama for Jones, and the republicans for Lucas and Spielberg.

Oh well, I'm just glad it got done at all, as ****** as things are for my company right now, it would definitely be worse with a default. And I'm especially glad medicare didn't get touched. Not that I care about medicare, but being in the healthcare business, with most of our clients relying on medicare to generate revenue in order to pay us, we'd definitely be f**ked even more if medicare took a hit from this.

 

[Marx]

UPDATE: WARNINGS OF A FALL INTO ANOTHER RECESSION INCREASE
http://money.cnn.com/2011/08/03/news/economy/recession_risk_economy/index.htm?hpt=hp_t1

I wasn't aware that we ever got out of the other one?

 

[DACrowe]

Barely in the most technical of senses. Mediocre growth (2+ million jobs) before stagnation means the bleeding stopped. But I don't think we ever really entered an expansion.

 

[8wid]

Italy 'to default' but Spain may 'just' escape

 

[DACrowe]

Italy to default? Like it happened or is this about the CEBR study? If it is, I thought Berlusconi somehow passed a milieu of austerity measures last week? I mean if Greece kicking the can now three or four times has prevented default (for now), this is surprising.

Looks like the Euro's finally going over the cliff. Everybody, hang onto something.

 

[DACrowe]

Italy to default? Like it happened or is this about the CEBR study? If it is, I thought Berlusconi somehow passed a milieu of austerity measures last week? I mean if Greece kicking the can now three or four times has prevented default (for now), this is surprising.

Looks like the Euro's finally going over the cliff. Everybody, hang onto something.

 

[Schlosser85]

I so want Obama to **** any time he brags about getting us out of the recession.

IT HASN'T HAPPENED

 

[enterthemadness]

This thread should be renamed "Thread of shattered dreams and hope"

 

[Marx]

I so want Obama to **** any time he brags about getting us out of the recession.

IT HASN'T HAPPENED

Same here Schloss. Same here.

 

[hippie_hunter]

I so want Obama to **** any time he brags about getting us out of the recession.

IT HASN'T HAPPENED

I remember reading an article that stated that Obama's team is changing that strategy because his claims that he saved the economy hurts him with voters.

Although, it will take some time, he has shown himself to be a really, really, really, really, really, ridiculously slow learner. He still goes off touting the auto bailout in Ohio and Obamacare in Florida despite exit polling showing how deeply unpopular those are in those particular states.

 

[hippie_hunter]

Italy to default? Like it happened or is this about the CEBR study? If it is, I thought Berlusconi somehow passed a milieu of austerity measures last week? I mean if Greece kicking the can now three or four times has prevented default (for now), this is surprising.

Looks like the Euro's finally going over the cliff. Everybody, hang onto something.

The reasoning is that despite historically keeping really tight budgets (even before the Eurozone Crisis, Italy had rather low budget deficits, and after the austerity package it has the lowest deficit rate in the European Union), Italy's economic growth is so anemic, that it is unable to keep up with its debt load. Italy's situation is so poor that austerity cannot save her. What Italy needs is economic growth alongside austerity.

 

[Marx]

POLL: 75 PERCENT OF AMERICANS THINK POLITICIANS ACTED LIKE SPOILED BRATS
http://politicalticker.blogs.cnn.co...ians-acting-like-spoiled-children/?hpt=hp_bn4