GolfHos

http://www.ibtimes.com/articles/193639/20110806/why-downgrade-standard-and-poor-s-s-p-budget-deficit-bush-obama-clinton-national-debt.htm

Oh, look! More of the same (http://www.huffingtonpost.com/2011/08/05/rick-perry-college-transcript_n_919357.html) come down the pike!

Obvious hit piece is obvious.



I've got Perry in the 'Will Not Run Until '16' pile.

not sure how taking statements from s&p (a surely anti-business group!) is a massive hit piece.

you did read their statement about the credit downgrade and how they decided to do it after revising projections based on the fact the debt ceiling showdown proved GOP won't allow for ANY tax raises ever, and hence the bush tax cuts will stay in place past 2012?

Didn't the GOP agree to let the cuts expire in 2012? I also don't recal that S&P mentioned them, although they abolsutely mentioned intransigence and brinksmanship on the part of the GOP.

What's slightly hilarious is how US treasuries rose on the news.  If this continues, we'll be paying the US treasury the shig for the privilege of holding their securities.

It has already happened.  BONY is now CHARGING big depositors a fee to hold their money for them!  Just like that scene in scarface when Tony's (legit) banker visits him at home to tell him it will cost him more to deposit his cocaine money at the bank.

"Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012,
remain in place. We have changed our assumption on this because 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. Key
macroeconomic assumptions in the base case scenario include trend real GDP
growth of 3% and consumer price inflation near 2% annually over the decade.
"

Stock market = joke

The market reacts like this to the actions of these bozos (http://news.yahoo.com/treasury-2-trillion-man-020900153.html). Gee, I wonder if there are any politics involved in the downgrade.

Nevermind.  [sm_anon]

Link (http://www.bloomberg.com/news/2011-08-08/s-p-seen-surrendering-to-tea-party-at-expense-of-u-s-taxpayer.html)

I don't think I'm reading this the way you want me to.

It's COMPLETE insanity.

Put me very,very firmly in the '*fudge* IT LET IT BUUUUURRRRNNNNN!!!!!!' crowd, because:

We're on the verge of a fundamental shift in how *feces* works, both in 'Merka and globally.

We can't see where it ends up, because we're in it. But over the last 500 years, we've ALWAYS ended up in a better place for the long term.

They downgraded us, in part, (ignore their 2T fuzzy math error!), because they assumed* in prior models we would let the tax cuts expire, which in principle raises revenue and helps close the deficit.  They now say all present/short future models must cancel that assumption, because they are convinced the republicans (as seated now) in the debt ceiling debate showed they will NEVER raise taxes of any kind.  As such, the proposed cuts in the "compromise" debt ceiling bill are insufficient to close the deficit enough, and they downgraded us.

What more is there to read?

I don't see where that's an indictment of The Shrub as much as it is the insanity of the current batch of far right wingtards trying to pass itself off as a political party.

Just sayin'.

It's an indictment of both. Dumbya for getting us into this mess. And the wingnuts and teatards for preventing us from getting out.

would they be able to be insane over this ,  IF IT DIDN'T EXIST TO BEGIN WITH

?

Well, you-know-who has basically laid down on them twice now, and for a pretty damn good reason:

The two WORST things you can do during a recession are raise taxes and cut spending.