April 28, 2024, 12:37:55 AM

Author Topic: The Debt Ceiling Deadline  (Read 15833 times)

Offline TWCToday

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Re: The Debt Ceiling Deadline
« Reply #45 on: August 08, 2011, 01:41:16 PM »
President Obama is "making a statement" at around 1PM Easter/Noon central today.  I normally do not follow this kind of stuff, but I should REALLY start.
Didn't see it but looking at the market I can say it didn't help

Offline twcclassics

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Re: The Debt Ceiling Deadline
« Reply #46 on: August 08, 2011, 03:42:56 PM »
President Obama is "making a statement" at around 1PM Easter/Noon central today.  I normally do not follow this kind of stuff, but I should REALLY start.
Didn't see it but looking at the market I can say it didn't help
I didn't see it either, but let me take a wild guess at what he said...

"Let me be clear. What I have said in the past is that the rich need to pay their fair share. We could have easily avoided this mess had the Republicans been willing to negotiate. As you know, I inherited the worst economy since the Great Depression. Which is why we need revenue enhancements (tax hikes) to attack our deficit."
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Offline Mr. Rainman

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Re: The Debt Ceiling Deadline
« Reply #47 on: August 08, 2011, 04:12:42 PM »
Well, the markets certainly took a nosedive in response to the credit rating downgrade.

Dow: 10,810.83 633.78 (-5.54%)
NASDAQ: 2,358 174.72 (-6.90%)
S&P 500: 1,119 79.92 (-6.66%)
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Offline Mike M

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Re: The Debt Ceiling Deadline
« Reply #48 on: August 08, 2011, 05:29:47 PM »
Are the markets going to continue to drop to levels even lower than the great depression?

"S&P: No regrets in lowering U.S. credit rating"

No regrets? Wow, just wow. :rolleyes:
« Last Edit: August 08, 2011, 08:46:03 PM by Mike M »

Offline Mr. Rainman

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Re: The Debt Ceiling Deadline
« Reply #49 on: August 08, 2011, 05:48:45 PM »
Are the markets going to continue to drop to levels even lower than the great depression, to the point where the entire country will collapse for years?

"S&P: No regrets in lowering U.S. credit rating"

No regrets? Wow, just wow. :rolleyes:

Sorry, but I don't understand what you mean by "Wow, just wow." Can you explain that?
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Offline TWCToday

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Re: The Debt Ceiling Deadline
« Reply #50 on: August 08, 2011, 08:49:51 PM »
"S&P: No regrets in lowering U.S. credit rating"

No regrets? Wow, just wow. :rolleyes:
Why would they have regrets? Its not their fault the US economy sucks. Why keep lying to themselves and say we are a AAA rating when we are not? I love how some people and the the White House have begun blaming the credit agencies. It would be hilarious if things weren't so devastating.

Offline TWCC_DJK5555

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Re: The Debt Ceiling Deadline
« Reply #51 on: August 09, 2011, 09:17:22 PM »
President Obama is "making a statement" at around 1PM Easter/Noon central today.

Here's another "statement" made by Barack Obama...

Quote
“The fact that we are here today to debate raising America ’s debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
 
Increasing America ’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.
 
America has a debt problem and a failure of leadership. Americans deserve better.”
 
 
 
-- Senator Barack H. Obama, March 2006

When then-Senator Obama made that statement in 2006, he was 100% correct.  It's a shame that he obviously didn't believe the words he was saying; all he was doing was playing partisan politics.   :angry:
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Re: The Debt Ceiling Deadline
« Reply #52 on: August 09, 2011, 11:30:03 PM »
A certain radio talk show host predicted this would happen back when Hilary Clinton was the primary contender. He said that if universal healthcare became law, within 2 years or so, our AAA credit rating will be downgraded. Creditors and other countries would see that we're not serious about cutting our debt. One of many things he saw happening years ago, but everyone thought he was crazy.
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Offline Eric

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Re: The Debt Ceiling Deadline
« Reply #53 on: August 10, 2011, 03:11:24 AM »
He said that if universal healthcare became law, within 2 years or so, our AAA credit rating will be downgraded.

Practically every other industrialized country has universal healthcare, so how can you explain their high credit ratings if it would destroy that of the U.S., which is one of the very few modern countries without it?

Offline toxictwister00

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Re: The Debt Ceiling Deadline
« Reply #54 on: August 15, 2011, 08:48:16 AM »
I ran across this article this morning, Warren Buffett, one of the richest men in the world urges congress to stop babying the rich and raise taxes on the rich to reduce the deficit.

http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html


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Offline TWCToday

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Re: The Debt Ceiling Deadline
« Reply #55 on: August 15, 2011, 09:39:58 AM »
I ran across this article this morning, Warren Buffett, one of the richest men in the world urges congress to stop babying the rich and raise taxes on the rich to reduce the deficit.

http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html

Hope he can make a donation then!
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Offline twcclassics

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Re: The Debt Ceiling Deadline
« Reply #56 on: August 15, 2011, 10:20:56 AM »
I ran across this article this morning, Warren Buffett, one of the richest men in the world urges congress to stop babying the rich and raise taxes on the rich to reduce the deficit.

http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html

He's been saying that for years. I suppose you can say that for types like him, but not so much for small business owners.
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Offline twcclassics

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Re: The Debt Ceiling Deadline
« Reply #57 on: August 15, 2011, 10:23:57 AM »
He said that if universal healthcare became law, within 2 years or so, our AAA credit rating will be downgraded.

Practically every other industrialized country has universal healthcare, so how can you explain their high credit ratings if it would destroy that of the U.S., which is one of the very few modern countries without it?
They're like 10 times smaller than us. So the impact isn't as great. But it might be worth mentioning that their economies (and their healthcare systems) are in the crapper. This whole "notion" that people are entitled to "healthcare" (which no one has defined what that even means) is preposterous. What's everyone entitled to next? Free high-speed internet? Oh wait. :P
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Offline Eric

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Re: The Debt Ceiling Deadline
« Reply #58 on: August 15, 2011, 02:32:31 PM »
Part of the American mentality is stuck several centuries ago, when there was no choice but to do everything yourself if you wanted to survive.  In Europe, especially after WWII, people realized that civilization has progressed enough to allow the government to offer things to people simply because these people are alive, meaning the people no longer have to worry about certain things, like how they'll pay for healthcare or higher education, that Americans have to worry about.  Of course, taxes in Europe are generally much higher than in America, with numbers that would give the average American a hemorrhage, but, having lived in Europe, I personally think it's the better system.  For example, I once found myself needing pretty extensive medical care that I got for free.  My taxes and the taxes of the rest of the population took care of the bill.  I paid nothing out of pocket.  Had I been in the United States at the time, I know I'd be paying off that bill for a long, long, long time.

But the American mentality is that it's WRONG to get something you didn't "earn."  Europeans say you "earn" these things just by being alive, that every human being has entitlements.  American entitlements seem to end at life, liberty, and the pursuit of happiness.  Good entitlements, but there's so much more that can be done.

Offline twcclassics

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Re: The Debt Ceiling Deadline
« Reply #59 on: August 15, 2011, 03:45:21 PM »
But the American mentality is that it's WRONG to get something you didn't "earn."  Europeans say you "earn" these things just by being alive, that every human being has entitlements.  American entitlements seem to end at life, liberty, and the pursuit of happiness.  Good entitlements, but there's so much more that can be done.
Of course it's wrong. If you don't work for things, you don't appreciate them. You have no sense of self-worth. It also makes you lazy. For example, it's amazing how many people suddenly find a job when their unemployment benefits run out. But it makes sense. Why should anyone work or go to school, if the government will take care of everything? And what happens when they decide to take something away? Something major like free housing? Man is much better off doing what he can on his own. Doesn't matter what century it is or what's available to you.
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