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Thread: S&P Blames Republicans for Credit Rating Downgrade

  1. Default S&P Blames Republicans for Credit Rating Downgrade

    "You don't have to agree with me, it's ok for you to be wrong." A.R.Rogance

  2. #2

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    S&P laid blame for its decision to assign the AA+ rating directly on the political process in Washington. Even though lawmakers reached a decision on Aug. 2 to raise the government's debt ceiling and avoid a potentially disastrous default, the deficit-reduction package that accompanied the deal won't sufficiently improve the government's fiscal health in the coming years, S&P said in a release Friday. A factor in that projection, S&P said, is that Republicans seem unwilling to allow the Bush-era tax cuts to expire.

    "The majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act," S&P said.

    The ratings agency said political dysfunction provoked the downgrade, noting that Congress seems to lack the ability to aid the weakening economy. And now, as S&P acknowledged, the downgrade might introduce a new source of strain.

    "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed," the company said. "The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy."

  3. #3
    Common-Tater Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by LuciusBeebe View Post
    S&P laid blame for its decision to assign the AA+ rating directly on the political process in Washington. Even though lawmakers reached a decision on Aug. 2 to raise the government's debt ceiling and avoid a potentially disastrous default, the deficit-reduction package that accompanied the deal won't sufficiently improve the government's fiscal health in the coming years, S&P said in a release Friday. A factor in that projection, S&P said, is that Republicans seem unwilling to allow the Bush-era tax cuts to expire.

    "The majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act," S&P said.

    The ratings agency said political dysfunction provoked the downgrade, noting that Congress seems to lack the ability to aid the weakening economy. And now, as S&P acknowledged, the downgrade might introduce a new source of strain.

    "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed," the company said. "The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy."
    When does Obama become accountable for what's happened during his Presidency? Here we are 3 1/2 years into his term and we're still blaming Bush for every problem. Obama promised "Hope and Change." Where is it? We voed the Republicans into office because we were sick of all the governement spending. Congress and Obama have continued to turn a deaf ear to what Americans want and continue to spend, spend, spend. At some point, something or someone is going to snap.

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Basic Government: all bills dealing with money--including spending--must start in the House of Representatives. The House is controlled by the Republicans who have a clear majority. That means that the sainted Republicans can do anything that they want--cut taxes, cut spending, put Reagan on the dime--without any involvement or participation of the House Democrats. Anything. Now, of course, their actions must be then agreed to by the Senate and signed/accepted by President Obama to ultimately be come law.....but they can make any grandstanding motions they want regarding taxes and spending to appease the wingnuts of the United States without the Democrats. You know why they haven't. Because adults learn that you cannot always get what you want. We call it compromise...see creation of Constitution in any basic history book.

    S & P blames Republicans because they refuse to deal honestly with the budget crisis. There can be no resolution without some increase in revenue (taxes) and cutting spending (perhaps stop fighting THREE wars and cut defense spending to a reasonable amount). S & P knows who controls the House and can hold the Senate hostage with a filibuster. Perhaps you need to splash some water on your face and accept the reality of the situation. Jeesh.

  5. #5
    HomeyG Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by Thorman View Post
    Basic Government: all bills dealing with money--including spending--must start in the House of Representatives. The House is controlled by the Republicans who have a clear majority. That means that the sainted Republicans can do anything that they want--cut taxes, cut spending, put Reagan on the dime--without any involvement or participation of the House Democrats. Anything. Now, of course, their actions must be then agreed to by the Senate and signed/accepted by President Obama to ultimately be come law.....but they can make any grandstanding motions they want regarding taxes and spending to appease the wingnuts of the United States without the Democrats. You know why they haven't. Because adults learn that you cannot always get what you want. We call it compromise...see creation of Constitution in any basic history book.

    S & P blames Republicans because they refuse to deal honestly with the budget crisis. There can be no resolution without some increase in revenue (taxes) and cutting spending (perhaps stop fighting THREE wars and cut defense spending to a reasonable amount). S & P knows who controls the House and can hold the Senate hostage with a filibuster. Perhaps you need to splash some water on your face and accept the reality of the situation. Jeesh.
    You can blame the Republicans all you want but if the Democrats would have passed a budget and raised the debt ceiling prior to the Nov 2010 elections when they had control of the Presidency, House and Senate all of this could have been avoided. But thanks to Harry Reid he refused to pass a budget because he knew that they probably would lose the House and maybe the Senate, so he wanted a Republican face on the raising of the debt ceiling. It was a political decision and had nothing to do with what was good for the country.

  6. Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by Common-Tater View Post
    When does Obama become accountable for what's happened during his Presidency? Here we are 3 1/2 years into his term and we're still blaming Bush for every problem. Obama promised "Hope and Change." Where is it? We voed the Republicans into office because we were sick of all the governement spending. Congress and Obama have continued to turn a deaf ear to what Americans want and continue to spend, spend, spend. At some point, something or someone is going to snap.
    Actually I do blame President Obama for caving and extending the Bush (temporary) tax cuts. However, please name me the Presidents who entered into a war, (conflict), and endorsed Tax cuts to pay for it?
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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by Common-Tater View Post
    Here we are 3 1/2 years into his term and we're still blaming Bush for every problem.
    2 1/2 years...
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  8. #8
    Common-Tater Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by Thorman View Post
    Basic Government: all bills dealing with money--including spending--must start in the House of Representatives. The House is controlled by the Republicans who have a clear majority. That means that the sainted Republicans can do anything that they want--cut taxes, cut spending, put Reagan on the dime--without any involvement or participation of the House Democrats. Anything. Now, of course, their actions must be then agreed to by the Senate and signed/accepted by President Obama to ultimately be come law.....but they can make any grandstanding motions they want regarding taxes and spending to appease the wingnuts of the United States without the Democrats. You know why they haven't. Because adults learn that you cannot always get what you want. We call it compromise...see creation of Constitution in any basic history book.

    S & P blames Republicans because they refuse to deal honestly with the budget crisis. There can be no resolution without some increase in revenue (taxes) and cutting spending (perhaps stop fighting THREE wars and cut defense spending to a reasonable amount). S & P knows who controls the House and can hold the Senate hostage with a filibuster. Perhaps you need to splash some water on your face and accept the reality of the situation. Jeesh.
    S&P needs to take a good hard look in the mirror. http://www.thehollywoodliberal.com/2...s-credibility/

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by Common-Tater View Post
    Here we are 3 1/2 years into his term and we're still blaming Bush for every problem.
    That is Bush's fault, of course.

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Now that we owe China all this debt, they react to our credit downgrade very quickly. How sovereign is our nation now?

    China bluntly criticised the United States one day after the superpower’s credit rating was downgraded, saying the “good old days” of borrowing were over
    “China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” it said.

    It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said.

    “International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said.

    In Washington, US President Barack Obama urged lawmakers on Saturday to set aside partisan politics after the debt battle, saying they must work to put the United States’ fiscal house in order and refocus on stimulating its stagnant economy.

    Obama issued the appeal in his weekly radio address recorded shortly before the United States lost its top rating. S&P blamed in part the political gridlock in Washington, saying politics was preventing the United States from addressing its deficit and debt problems.

    The president called on Congress to back measures to give tax relief to the middle class, extend jobless benefits and pass long-delayed international trade pacts.
    “Both parties are going to have to work together on a larger plan to get our nation’s finances in order,” Obama said.

    http://www.timeslive.co.za/world/article1801926.ece
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  11. #11
    HomeyG Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by HoosierHelen View Post
    Now that we owe China all this debt, they react to our credit downgrade very quickly. How sovereign is our nation now?

    China bluntly criticised the United States one day after the superpower’s credit rating was downgraded, saying the “good old days” of borrowing were over
    “China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” it said.

    It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said.

    “International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said.

    In Washington, US President Barack Obama urged lawmakers on Saturday to set aside partisan politics after the debt battle, saying they must work to put the United States’ fiscal house in order and refocus on stimulating its stagnant economy.

    Obama issued the appeal in his weekly radio address recorded shortly before the United States lost its top rating. S&P blamed in part the political gridlock in Washington, saying politics was preventing the United States from addressing its deficit and debt problems.

    The president called on Congress to back measures to give tax relief to the middle class, extend jobless benefits and pass long-delayed international trade pacts.
    “Both parties are going to have to work together on a larger plan to get our nation’s finances in order,” Obama said.

    http://www.timeslive.co.za/world/article1801926.ece
    For now, I think we are over-reacting to S&P lowering our credit rating. The other two gave us a triple "A" rating; however, I understand Fitch and maybe Moody are reviewing our ratings and will reaffirm or downgrade our rating at the end of this month. One must remember that these ratings are just one company's opinion and they are not infallible as they missed the Enron and subprime crisis. The real indicator will be if there is a dramatic drop in the stock market or the purchasing of treasury bonds and looking at the recent drop in the stock market it might have already been built in. Thinking about it name me another country that you would buy their debt as an investment.

    I have to laugh at China telling us how to run our economy. I liken that to Libya or Iran accusing us of human rights violations.

    I agree our politicians need to set aside their partisan bickering, but the President needs to lead by example and I am not seeing that. Most of us understand that the previous administration and Congress was the problem but the constant blaming of Bush and Republicans is getting to be old hat. We know it, we understand it and we believe it so its time to drop the political rhetoric and get down to business at hand.

  12. #12
    Common-Tater Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Not surprising China wants us to cut spending on the military since they are not an ally. Not surprising they want a world currency so they can hoard it.

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by HomeyG View Post
    For now, I think we are over-reacting to S&P lowering our credit rating. The other two gave us a triple "A" rating; however, I understand Fitch and maybe Moody are reviewing our ratings and will reaffirm or downgrade our rating at the end of this month. One must remember that these ratings are just one company's opinion and they are not infallible as they missed the Enron and subprime crisis. The real indicator will be if there is a dramatic drop in the stock market or the purchasing of treasury bonds and looking at the recent drop in the stock market it might have already been built in. Thinking about it name me another country that you would buy their debt as an investment.
    The only reason our country has enjoyed such consideration is because of our rating. This is an early indicator of possible worse times to come.

    Quote Originally Posted by HomeyG View Post
    I have to laugh at China telling us how to run our economy. I liken that to Libya or Iran accusing us of human rights violations.
    We HAVE been guilty of human rights violations. If anything, having cause for Libya or Iran to accuse us is much more frightening.

    Quote Originally Posted by HomeyG View Post
    I agree our politicians need to set aside their partisan bickering, but the President needs to lead by example and I am not seeing that. Most of us understand that the previous administration and Congress was the problem but the constant blaming of Bush and Republicans is getting to be old hat. We know it, we understand it and we believe it so its time to drop the political rhetoric and get down to business at hand.
    Sadly, the real world doesn't work like this. S&P explicitly stated the Republicans were responsible for this downgrade, yet Republicans are claiming it's President Obama or the Democrats. The GOP has staunchly held to their "no taxes on the rich" philosophy despite all indications that such a position is economically deadly to the United States. They refuse to budge. They will always refuse to budge. They are insane (remember the classic definition?).

    Coming into an election year where we will be inundated more than usual with partisan lies laying all blame at the feet of the Democratic Party and President Obama (due to a GOP-controlled Supreme Court's decision that removed the limits on corporate spending on political campaigns), people need constant reminding the GOP caused these problems in the first place, to help PREVENT that party from having the power to cause even more harm.
    Apples are good,
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  14. #14
    Common-Tater Guest

    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by evilkumquat View Post
    Sadly, the real world doesn't work like this. S&P explicitly stated the Republicans were responsible for this downgrade, yet Republicans are claiming it's President Obama or the Democrats. The GOP has staunchly held to their "no taxes on the rich" philosophy despite all indications that such a position is economically deadly to the United States. They refuse to budge. They will always refuse to budge. They are insane (remember the classic definition?).

    Coming into an election year where we will be inundated more than usual with partisan lies laying all blame at the feet of the Democratic Party and President Obama (due to a GOP-controlled Supreme Court's decision that removed the limits on corporate spending on political campaigns), people need constant reminding the GOP caused these problems in the first place, to help PREVENT that party from having the power to cause even more harm.
    I encourage you to open the link I offered in post #8. S&P nor any credit rating agency are appropriate to judge any nation economically when they were a significant part of the what caused the problems to begin with. Read and see.

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by evilkumquat View Post


    Sadly, the real world doesn't work like this. S&P explicitly stated the Republicans were responsible for this downgrade, yet Republicans are claiming it's President Obama or the Democrats. The GOP has staunchly held to their "no taxes on the rich" philosophy despite all indications that such a position is economically deadly to the United States. They refuse to budge. They will always refuse to budge. They are insane (remember the classic definition?).

    Coming into an election year where we will be inundated more than usual with partisan lies laying all blame at the feet of the Democratic Party and President Obama (due to a GOP-controlled Supreme Court's decision that removed the limits on corporate spending on political campaigns), people need constant reminding the GOP caused these problems in the first place, to help PREVENT that party from having the power to cause even more harm.
    Come on, regardless of what the S&P said BOTH parties were guilty in the standoff. Neither party is free of guilt, inflated egos, and forgetting why they are holding the offices they are. I don’t care what party lines you follow from start to finish both parties played the game and own a share of the #### sandwich we are taking a bite of.

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by TLC528 View Post
    Come on, regardless of what the S&P said BOTH parties were guilty in the standoff. Neither party is free of guilt, inflated egos, and forgetting why they are holding the offices they are. I don’t care what party lines you follow from start to finish both parties played the game and own a share of the #### sandwich we are taking a bite of.
    Nope.

    Wrong.

    The Republican-controlled House had to draw up the budget and Tea Party Republicans didn't even want the debt deal to pass, let alone pass measures removing some of the damage Bush's tax cuts for the wealthy created and create more revenue.

    The only blame the Democrats have is the same as they always do: caving to the GOP.
    Apples are good,
    Oranges are bad,
    Lemons are rude,
    Bananas are perverted,
    And kumquats are just, plain evil...

  17. #17

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Maybe this will put in perspective:



    These ***** are cheering after being told they were being held accountable for the economic mess.
    Apples are good,
    Oranges are bad,
    Lemons are rude,
    Bananas are perverted,
    And kumquats are just, plain evil...

  18. #18

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by evilkumquat View Post
    Nope.

    Wrong.

    The Republican-controlled House had to draw up the budget and Tea Party Republicans didn't even want the debt deal to pass, let alone pass measures removing some of the damage Bush's tax cuts for the wealthy created and create more revenue.

    The only blame the Democrats have is the same as they always do: caving to the GOP.
    I guess they share the blame then, if caving to the other side was and continues to be the wrong thing to do then why the hell do they keep doing the wrong thing?

    Face it EK, it's all politics.

    The video puts NOTHING in perspective, are the Dems in Washington afraid the Tea Party is gunna hunt em down? NEITHER side knows what the hell they are doing, they are only concerned with the seat they hold and both sides are pushing the FLUSH handle! We need new blood, we need a new way of thinking, the same ole, same ole isn't cutting it and trust me the answer IS NOT going to be coming from the Tea Party, they are nothing but the same-ole, same ole with a new name!

  19. #19

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by bigbass View Post
    I guess they share the blame then, if caving to the other side was and continues to be the wrong thing to do then why the hell do they keep doing the wrong thing?

    Face it EK, it's all politics.

    The video puts NOTHING in perspective, are the Dems in Washington afraid the Tea Party is gunna hunt em down? NEITHER side knows what the hell they are doing, they are only concerned with the seat they hold and both sides are pushing the FLUSH handle! We need new blood, we need a new way of thinking, the same ole, same ole isn't cutting it and trust me the answer IS NOT going to be coming from the Tea Party, they are nothing but the same-ole, same ole with a new name!
    I don't absolve the Democrats from blame. Far from it.

    I am more ashamed of them than the GOP because, to be frank, the Republicans are doing what they do: protect the rich and screw the poor.

    But the argument that both sides share EQUAL blame is disingenuous and worse: it give people an excuse to vote for the GOP because "they're both the same" when one side is clearly worse than the other.

    Remember this: Vote Democrat- They're the Lesser of Two Evils
    Apples are good,
    Oranges are bad,
    Lemons are rude,
    Bananas are perverted,
    And kumquats are just, plain evil...

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    Default Re: S&P Blames Republicans for Credit Rating Downgrade

    Quote Originally Posted by evilkumquat View Post
    I don't absolve the Democrats from blame. Far from it.

    I am more ashamed of them than the GOP because, to be frank, the Republicans are doing what they do: protect the rich and screw the poor.

    But the argument that both sides share EQUAL blame is disingenuous and worse: it give people an excuse to vote for the GOP because "they're both the same" when one side is clearly worse than the other.

    Remember this: Vote Democrat- They're the Lesser of Two Evils
    Evil,
    Are you aware that in the S&P's OFFICIAL downgrade Press Release, they praised the plan of Republican Tea-Party favorite Paul Ryan?
    "I cannot undertake to lay my finger on the article of the Constitution which grants a right to Congress of expending, on the objects of benevolence, the money of their constituents."
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