So, we're fucked, right?

[jay canseco]

I think I'm ready to lower the corporate tax rate to an attractive enough level to bring some jobs back. Then cut out all loopholes and enforce purchasing only from companies that fairly treat their workers. It may be too late though.

[INDY500]

News Headlines

Dow Sinks 500, Worst Day Since Dec. 2008

Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day drop since December 2008.

Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?

[Irvine511]

Originally Posted by INDY500

Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?

the GOP batshit insane freak out freaked out the world enough that it happened anyway. the US looks ungovernable due to a fanatical faction of one party, and the focus on deficit when what matters is jobs.

looks like the GOP is going to get the double-dip recession they've been prayin' real hard on.

[financeguy]

Originally Posted by INDY500

News Headlines



Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?

DJIA went from 10500 to 7900 during Bush's term.

Not that it matters. The market is a ponzi scheme, just numbers on a screen.

[PhilsFan]

The market today was 100% a reaction to the doomsday bullshit that went on for the last couple of weeks.

[Canadiens1131]

Originally Posted by INDY500

News Headlines



Odd, isn't this is what we were told would happen if the debt deal WASN'T passed?

What do new economics figures released this week regarding a lower-than-expected personal income increase, and (drastically revised) 1st quarter GDP estimates and a disappointing 2nd quarter GDP reading have to do directly with the debt ceiling debate?

This econ data was coming whether there was a debt ceiling agreement or not, you're not really making any sense whatsoever, Indie.

Thanks for playing, though, we have a lovely parting gift bag for you and yours on the way out.

[Earnie Shavers]

It's all a bit confusing - good explanation here:

The Daily Mash - Bad money thing make new scary time

[mama cass]

Originally Posted by Earnie Shavers

It's all a bit confusing - good explanation here:

The Daily Mash - Bad money thing make new scary time

haha i love the Daily Mash

[Irvine511]

not to worry, folks.

Unemployment Falls: Recession Fears Ease After Jobs Report - ABC News

[BEAL]

How much of that fell because people stopped reporting for unemployment?

[kramwest1]

Originally Posted by Irvine511

not to worry, folks.

Unemployment Falls: Recession Fears Ease After Jobs Report - ABC News

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.

[INDY500]

Originally Posted by Canadiens1131

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

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.

Originally Posted by Canadiens1131

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.

[Irvine511]

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.

[Vincent Vega]

Originally Posted by INDY500

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?

[INDY500]

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?

[maycocksean]

Originally Posted by INDY500

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?

[PhilsFan]

Originally Posted by INDY500

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.

[solemole]

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?

[Earnie Shavers]

Originally Posted by INDY500

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.

[BEAL]

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