willbeurdaddy
Posts: 11894
Joined: 4/8/2006 Status: offline
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ORIGINAL: BanthaSamantha quote:
ORIGINAL: willbeurdaddy quote:
ORIGINAL: BanthaSamantha quote:
ORIGINAL: willbeurdaddy quote:
ORIGINAL: SternSkipper They did manage to cripple the legislature enough to get us a downgrade in our Credit Rating... which REALLY is a historic accomplishment! Bullshit. Youve got two years of Dem refusal to pass a budget to blame for that, even though it was meaningless. This is actually not true. Democratic budgets (or the lack thereof) were not cited anywhere as a reason for S&P's downgrade of our credit rating. Instead, the placed blame on Congress' inability to pass the debt ceiling extension in a timely manner and inability to pass a subsequent spending cuts/revenue hikes. Basically, they downgraded us because Congress' inability to come to a compromise created a tenuous situation. This is what the S&P had to say about their downgrade. "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." "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." Here are two links where you can read about whom the S&P blamed and why. http://www.politifact.com/ohio/statements/2011/aug/15/democratic-congressional-campaign-committee/democrats-say-republican-rep-bob-gibbs-caused-down/ http://www.politifact.com/ohio/statements/2011/aug/12/kevin-dewine/ohio-gop-chairman-kevin-dewine-blames-democrats-dr/ I represent clients in front of S&P and Moody's at least once a month. The talk of downgrade long preceded the debt ceiling debate. Even your quotes refer to the prior problems in reining in spending. But again, the downgrade was meaningless, and any further downgrades will remain meaningless, as long as the US is a safer haven than EU...and that will be the case in all of our lifetimes. 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. I suggest you learn the meaning of "remain" then. S&P downgraded its outlook on the US months before the debt ceiling debate as well. And the credibility you assign is of no consequence to me. Youve shown a rigidity and inability to think beyond what google tells you since you started posting here.
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Hear the lark and harken to the barking of the dogfox, gone to ground.
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