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Old 08-05-2011, 03:09 PM   #151
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But in July, businesses added 154,000 jobs across many industries, the Labor Department said. Governments cut 37,000 jobs last month, though 23,000 of those losses were almost entirely because of the shutdown of Minnesota's state government.
You're welcome rest of the country.


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Old 08-05-2011, 06:27 PM   #152
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This econ data was coming whether there was a debt ceiling agreement or not, you're not really making any sense whatsoever, Indie.
Debt deal sought to head off stock plunge - Chicago Sun-Times

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Debt deal sought to head off stock plunge

WASHINGTON — Precariously short of time, congressional leaders struggled in urgent, weekend-long talks to avert an unprecedented government default, desperate to show enough progress to head off a plunge in stock prices when Asian markets open ahead of the U.S. workweek.
Pretty sure all I said was we were told this would happen in the absence of a debt deal. Take up your beef with them.

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Thanks for playing, though, we have a lovely parting gift bag for you and yours on the way out.
If it includes this book:



I already have it, give it a read yourself.
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Old 08-05-2011, 06:37 PM   #153
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Govt officials: US expecting S&P downgrade

August 05, 2011 4:51 PM

A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.

Official reasons given, he official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited.

The official was unsure if the bond rating would be AA+ or AA.

Another government official confirms the Obama administration is preparing for the downgrade but is not 100% positive it’s going to happen, and if it does happen officials are not sure when it will happen.

Before ratings agencies issue a downgrade, there is often some back and forth that goes on behind the scenes. Treasury Department officials have been making the case for months that S&P should not downgrade US debt.

Govt officials: US expecting S&P downgrade - Political Punch


way to go, GOP.
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Old 08-05-2011, 06:58 PM   #154
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Debt deal sought to head off stock plunge - Chicago Sun-Times



Pretty sure all I said was we were told this would happen in the absence of a debt deal. Take up your beef with them.



If it includes this book:



I already have it, give it a read yourself.
To know the reason for this thread title?
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Old 08-05-2011, 09:18 PM   #155
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S&P downgrades U.S. credit rating for first time

Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time.
Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?
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Old 08-05-2011, 09:38 PM   #156
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Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?
You're just pretending you don't get this, right?
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Old 08-05-2011, 09:42 PM   #157
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Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?
Could we even call what was passed a debt deal?

We need to raise some people's taxes. Period. Until that enters the conversation, all we're talking about are bandages on a bursting dam.
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Old 08-06-2011, 03:37 AM   #158
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Enough of this Republican nonsense.

The stimulus failed because it was not big enough for the solid liberals.

The deficit ceiling deal passed because the Democrats conceded to "98%" of Republican demands (quote from Cantor).

Sen. McConnell has explicitly stated they're doing this to ruin Pres. Obama's re-election. With the deficit ceiling deal, the Republicans intended to hand a "total bomb" over to the President and hold him responsible like a hot potato. So whatever goes wrong, it's the President's fault.

And so for the past week, we have deficit deal, dismal unemployment report, stock market plunge, and a couple hours after Friday's market closing-- US credit rating is downgraded.

So what can we expect next week?
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Old 08-06-2011, 06:05 AM   #159
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Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?
Have you read the S&P report? The blame is laid out pretty clearly.
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Old 08-06-2011, 06:56 AM   #160
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Exactly. Are the dems guilt free on this? Not a chance, but it's been extremely obvious to anyone who isn't completely bias that the GOP has made this their goal all along.

And to imply that doing nothing with the debt "deal" would have been just fine is dangerous and stupid. Having our nation default on it's bills would have put all of us on a fast track to global meltdown.....not that it may not happen anyway, but at least with no default, we have a little time to try and correct it.

Not sure we will since raising taxes has to be on the table, and the GOP won't do it....hence our downgraded rating.

But I"m sure we'll see plenty of ads coming up next year about how the USA was downgraded with a black man as president
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Old 08-06-2011, 07:43 AM   #161
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Not sure we will since raising taxes has to be on the table, and the GOP won't do it....hence our downgraded rating.
And the key thing is - obviously - that this rating isn't just about the past, it's mostly about predicting the future. So they wanted to see larger cuts and more revenue, but why didn't that happen? They see the dangerous political bullshit continuing and the Bush tax cuts staying beyond 2012. So, down you go.

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But I"m sure we'll see plenty of ads coming up next year about how the USA was downgraded with a black man as president
I would be more looking forward to them trying to paint S&P as socialist communist liberal anti-capitalist jihad cheese eating monkeys or something, but I'm guessing Fox News, Limbaugh etc know all too well that their audience won't actually read a word of the fucking thing, let alone understand it if they did. So yeah, it's all Obama's fault.
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Old 08-06-2011, 09:14 AM   #162
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So incredibly depressing
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Old 08-06-2011, 11:45 AM   #163
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Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?
Is this the way conservatism works now?
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Old 08-06-2011, 12:07 PM   #164
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Not sure we will since raising taxes has to be on the table, and the GOP won't do it....hence our downgraded rating.
i do not understand their obsession with paying as little (or no) taxes at all. i really don't. sure none of us like paying taxes. let's say you pay $100 a month in taxes - i'm sure we'd all rather have that $100 in our pockets. but it's a part of life. it's what helps a country run. and those of us fortunate enough to make enough to where we don't get all our taxes back have an obligation to help out those less fortunate. the rich have a social obligation to pay for a 90 year old granny's stay in a nursing home. the rich have a social obligation to pay for the groceries for a single mom of three who can barely afford to pay for their one bedroom apartment. to help pay for schools that millions of kids can attend to get an education. to pay to pave roads so we don't have to drive on dirt and gravel. or what about paying soldiers' salaries? to refuse to raise taxes to pay for this stuff means to see someone fall down, look them in the eye, spit on them, and kick them.

sure it would be nice if we could pick and choose what our tax dollars went to - i for one would make sure it didn't go anywhere near funding wars, weapons research, or picking up the slack of churches. but it doesn't work like that, just like i can't walk into a store, buy something, and request those profits go to pay the cashier who helped me and not some overpaid person at corporate.

what the gop are trying to do is to just stop paying their bills. what's more, they don't even want to go out and get a job to try to pay them. kinda makes them look like the welfare cheats, huh?
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Old 08-06-2011, 04:46 PM   #165
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just so we're clear:

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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.
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