Seriously? The Lebanese government pays them to come back and vote?
Lebanon is fucking awesome...
Yea, I'm not sure if it's the entire plane ticket or most of it but I know they pay something because I remember asking the son, he said they do pay. They don't pay for hotel or anything like that though.
This is one of the most embarrassing economic slip ups. This was a self inflicted wound, unlike all the other debt crisis going on right now. Everyone still wants to lend the U.S money, and everyone still had faith that the U.S would not default. This credit rating change is not really due to the debt to GDP ratio, or any economic fundamentals, but rather the idiocy in the House &Senate causing an increase in moral hazard.
I disagree. Most, if not all, of all the current debt crises are self inflicted. But the world still mostly runs on the USD (Though the Euro and the GP are both right on the USD's heals) regardless of whether we are AAA or AA+. This just makes it harder for our nation to operate. And like I said, I place the blame squarely on the shoulders of people like John Boehner.
There is a major difference. One of the self inflicted wound is by being negligent; almost like playing with a gun and not knowing it was loaded. The other is like taking a loaded gun and shooting yourself in the foot, because you didn't get what you want.
Wasn't there a 2 trillion dollar screw up and technically we should STILL HAVE THE AAA rating, but S&P just made a big fuck up. I don't trust them one bit, and who cares what they say anyway it's not like we're not going to pay it back, I'd be more worried about every other country who's having a worse depression than we are.
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There is a major difference. One of the self inflicted wound is by being negligent; almost like playing with a gun and not knowing it was loaded. The other is like taking a loaded gun and shooting yourself in the foot, because you didn't get what you want.
I didn't say that they are the same, I just said they are almost all self inflicted. Going to war with Iraq, giving the rich huge, giant, enormous tax cuts, etc, those are self inflicted but not by negligence. (That's actually worse imo.)
Wasn't there a 2 trillion dollar screw up and technically we should STILL HAVE THE AAA rating, but S&P just made a big fuck up. I don't trust them one bit, and who cares what they say anyway it's not like we're not going to pay it back, I'd be more worried about every other country who's having a worse depression than we are.
No...
But anyway, this argument is like saying "Who cares what my credit score is?? It's not like I'm not going to pay it back. The bank should be worried about my neighbor, not me." Doesn't make much sense does it?
Wasn't there a 2 trillion dollar screw up and technically we should STILL HAVE THE AAA rating, but S&P just made a big fuck up. I don't trust them one bit, and who cares what they say anyway it's not like we're not going to pay it back, I'd be more worried about every other country who's having a worse depression than we are.
No...
But anyway, this argument is like saying "Who cares what my credit score is?? It's not like I'm not going to pay it back. The bank should be worried about my neighbor, not me." Doesn't make much sense does it?
Just search it up on google man, everyone's reporting on it. S&P made a 2 trillion dollar mistake, and they downgrade us, more like we should downgrade their credibility. And i understand how we should care, but when you make a 2 trillion dollar mistake it's pretty hard to believe a word they say. I also agree we aren't helping any by this new debt ceiling bill. We really just have to endure this, the economy will straighten itself out we just have to have confidence in spending and not worry every time something happens. If we put mroe money in we get more money out.
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Just search it up on google man, everyone's reporting on it. S&P made a 2 trillion dollar mistake, and they downgrade us, more like we should downgrade their credibility. And i understand how we should care, but when you make a 2 trillion dollar mistake it's pretty hard to believe a word they say. I also agree we aren't helping any by this new debt ceiling bill. We really just have to endure this, the economy will straighten itself out we just have to have confidence in spending and not worry every time something happens. If we put mroe money in we get more money out.
Interesting. Regardless, we should of been classified as a AA+, or even an AA, nation a long time ago.
Still, that's kinda bad when the credit scoring organizations mess up.
BTW, there is no error, only a difference of opinion.
The White House and the Treasury are accusing Standard and Poor’s of making an elementary arithmetic mistake in the recent downgrade decision. Treasury’s John Bellows writes about what he calls a “$2 trillion mistake” saying that “After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed judgment by simply changing their principal rationale for their credit rating decision from an economic one to a political one.” White House adviser Gene Sperling adds that “The magnitude of their error combined with their willingness to simply change on the spot their lead rationale in their press release once the error was pointed out was breathtaking.”
But if you examine the details of the S&P–Treasury–White House dispute, rather than a “math error” you will find what is better described as a “difference of opinion” about a forecast for future government spending. In other words, the issue is about the appropriate “baseline” for government spending in the absence of more actions. Since when did different views or assumptions about the future become a math error?
In their original draft report, S&P evidently assumed that discretionary government spending would grow by about 5 percent per year over the next 10 years if no further action were taken (beyond the Budget Control Act of 2011). In the final draft, at the urging of the Treasury, they assumed that discretionary spending would grow at about 2.5 percent per year if no further actions were taken. The first assumption leads to a higher level of debt than the second. Over 10 years the difference is about $2 trillion.
So this is a matter of different assumptions rather than a math mistake.
Credit raters on the other hand failed to see the systematic risk in subprime mortgages so they aren't infallible.
Thanks for clearing that up Don, I thought there was a literal math error, as most media outlets were saying. I had heard bits and pieces of this on news shows, such as meet the press and what not. Surprising how it's just a difference in opinions.
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The mainstream media wants to demonize S&P now, is why all fingers are being pointed at them. I thought the deciding factor for them was the poor way the government handled the "debt crisis" and how our government failed to work together and fought among itself.
And here is the repercussions of the new AA rating.
The Dow Jones Industrial Average plunged 634.76 points, or 5.55 percent, to finish at 10,809.85, well below the psychologically-significant 11,000 mark. The move marks the blue-chip index’s biggest point and percent drop since Dec. 1, 2008.
The S&P 500 plummeted 79.92 points, or 6.66 percent, to close at 1,119.46, its lowest close since Sept. 10, 2010.
Nasdaq sank 174.72 points, or 6.90 percent, to end at 2,357.69, its lowest close since October 4, 2010.
It's not the government, it's the people we choose to put into power.
And remember; at one point or another, we chose to give them the position that they ran for. Thousands of misguided idiots thought it would be a slap in "The Fed's" face to elect "Tea Party patriots," but they ended up shitting on our system, gridlocked us, and the consequence of that is our downgraded credit rating.
If anything, we should be voting out the people who were elected to obstruct, not run a government that looks over 300,000,000 people like sensible adults.
If anything, we should be looking more closely at who we vote. If anything, we should petition congress to pass a law that makes campaign gifts completely transparent and make it so people know exactly what kind of support these people are getting. This government needs a whole lot of transparency and, sadly, that's not what we're getting and, in my opinion, this is the time when we could need it most.
Just vote in people who do their fucking jobs and understand the meaning of the word "compromise."
"Elections have consequences." - Senator Bernie Sanders, Independent, Vermont
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I hate the way you cling to ignorance and pass it off as innocence
Thousands of misguided idiots thought it would be a slap in "The Fed's" face to elect "Tea Party patriots," but they ended up shitting on our system, gridlocked us, and the consequence of that is our downgraded credit rating
It makes me want to puke every time I see "tea party patriot"... Nothing patriotic about them.
It's not the government, it's the people we choose to put into power.
And remember; at one point or another, we chose to give them the position that they ran for. Thousands of misguided idiots thought it would be a slap in "The Fed's" face to elect "Tea Party patriots," but they ended up shitting on our system, gridlocked us, and the consequence of that is our downgraded credit rating.
If anything, we should be voting out the people who were elected to obstruct, not run a government that looks over 300,000,000 people like sensible adults.
If anything, we should be looking more closely at who we vote. If anything, we should petition congress to pass a law that makes campaign gifts completely transparent and make it so people know exactly what kind of support these people are getting. This government needs a whole lot of transparency and, sadly, that's not what we're getting and, in my opinion, this is the time when we could need it most.
Just vote in people who do their fucking jobs and understand the meaning of the word "compromise."
"Elections have consequences." - Senator Bernie Sanders, Independent, Vermont
It doesn't matter who you vote for.
The idea of being a politician in this country draws a certain type of person. These roles of power do not suite the people who decide to pursue them. All these politicians are scum. And the ones that are not, will never be noticed in this country. Our political democracy is a joke and not worth my time. In the almost 21 years I have lived, nothing has shown me that these people deserve to lead millions of people or deserve the time of day from me. They can't even maintain their own households. The only good I've ever even heard of in politics comes from history books, and we all know who writes those. Maybe if I saw something different, I would feel differently. But I see nothing but a bunch of stupid monkeys who want power wealth and status. Even if they do care about the people, it's definitely not close enough on the list to the power and wealth.
"I want to say something but I'll keep it to myself I guess and leave this useless post behind to make you aware that there WAS something... "
-Equinox
"We're like the downtown of the Diablo related internet lol"
-Winged
I think he did. And Donald Duck and a bunch of other cartoons.
I can't even name all the inconsistencies during that vote.
Yea, I'm not sure if it's the entire plane ticket or most of it but I know they pay something because I remember asking the son, he said they do pay. They don't pay for hotel or anything like that though.
There is a major difference. One of the self inflicted wound is by being negligent; almost like playing with a gun and not knowing it was loaded. The other is like taking a loaded gun and shooting yourself in the foot, because you didn't get what you want.
I didn't say that they are the same, I just said they are almost all self inflicted. Going to war with Iraq, giving the rich huge, giant, enormous tax cuts, etc, those are self inflicted but not by negligence. (That's actually worse imo.)
No...
But anyway, this argument is like saying "Who cares what my credit score is?? It's not like I'm not going to pay it back. The bank should be worried about my neighbor, not me." Doesn't make much sense does it?
http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=S%26p+makes+2+trillion+dollar+blunder#sclient=psy&hl=en&safe=off&source=hp&q=S%26p+makes+2+trillion+dollar+mistake&pbx=1&oq=S%26p+makes+2+trillion+dollar+mistake&aq=f&aqi=&aql=1&gs_sm=e&gs_upl=50786l52223l0l52339l7l6l0l0l0l0l184l857l1.5l6l0&bav=on.2,or.r_gc.r_pw.&fp=c5047b0756e10648&biw=1920&bih=955
Just search it up on google man, everyone's reporting on it. S&P made a 2 trillion dollar mistake, and they downgrade us, more like we should downgrade their credibility. And i understand how we should care, but when you make a 2 trillion dollar mistake it's pretty hard to believe a word they say. I also agree we aren't helping any by this new debt ceiling bill. We really just have to endure this, the economy will straighten itself out we just have to have confidence in spending and not worry every time something happens. If we put mroe money in we get more money out.
Interesting. Regardless, we should of been classified as a AA+, or even an AA, nation a long time ago.
Still, that's kinda bad when the credit scoring organizations mess up.
Thanks for clearing that up Don, I thought there was a literal math error, as most media outlets were saying. I had heard bits and pieces of this on news shows, such as meet the press and what not. Surprising how it's just a difference in opinions.
http://www.huffingtonpost.com/2011/08/07/standard-and-poors-downgrade-defense-politics_n_920430.html
I hate the way you cling to ignorance and pass it off as innocence
http://www.cnbc.com/id/44058141
And remember; at one point or another, we chose to give them the position that they ran for. Thousands of misguided idiots thought it would be a slap in "The Fed's" face to elect "Tea Party patriots," but they ended up shitting on our system, gridlocked us, and the consequence of that is our downgraded credit rating.
If anything, we should be voting out the people who were elected to obstruct, not run a government that looks over 300,000,000 people like sensible adults.
If anything, we should be looking more closely at who we vote. If anything, we should petition congress to pass a law that makes campaign gifts completely transparent and make it so people know exactly what kind of support these people are getting. This government needs a whole lot of transparency and, sadly, that's not what we're getting and, in my opinion, this is the time when we could need it most.
Just vote in people who do their fucking jobs and understand the meaning of the word "compromise."
"Elections have consequences." - Senator Bernie Sanders, Independent, Vermont
I hate the way you cling to ignorance and pass it off as innocence
Well, I just don't think we deserve the AAA rating. I was just going with AA+ as that was what we have right now.
It makes me want to puke every time I see "tea party patriot"... Nothing patriotic about them.
It doesn't matter who you vote for.
The idea of being a politician in this country draws a certain type of person. These roles of power do not suite the people who decide to pursue them. All these politicians are scum. And the ones that are not, will never be noticed in this country. Our political democracy is a joke and not worth my time. In the almost 21 years I have lived, nothing has shown me that these people deserve to lead millions of people or deserve the time of day from me. They can't even maintain their own households. The only good I've ever even heard of in politics comes from history books, and we all know who writes those. Maybe if I saw something different, I would feel differently. But I see nothing but a bunch of stupid monkeys who want power wealth and status. Even if they do care about the people, it's definitely not close enough on the list to the power and wealth.
In other words...get out and vote!!!
http://www.youtube.com/watch?v=YUQXIm7Xl1s
-Equinox
"We're like the downtown of the Diablo related internet lol"
-Winged
We need more people like Bernie Sanders in our government and less people like Grover Norquist.