FirmhandKY -> RE: Can You Guess Without Googling? (11/18/2011 7:40:23 PM)
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quote:
ORIGINAL: BanthaSamantha For one, I'd advise you reread the quote, as you might be missing key points. Just as there is no mention on whether or not the Democrats were able to pass previous budgets, there is no mention of fiscal policy issues outside of those relating to the debt ceiling debate. "We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process." It is cool that you have super-secret sources in the industry, but you'll pardon me if I assign them (as well as any other super-secret source someone else wants to bring up) absolutely no credibility in this discussion. And I think you are failing to read what is a more applicable point made in the quote you two are bandying back and forth: indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues You see the quote in the lens of your apparent belief that the Republicans attempt to reign in spending is the the problem. What I quoted above says that this wouldn't be an issue, if spending could be controled. The "raising revenues" part is the taxes issue. Some of us may believe that the attempt to reign in spending is kinda like the first step to detox for an alcoholic. Not a pretty picture, at first, but critically important for the long term health of the patient. Of course, Moody's is saying that what is needed is more liquidity: more cash or less expenses. I, like many on this side of the aisle, have heard enough "Give us more taxes now, and we'll cut spending later". This rarely seems to happen. Firm
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