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-   -   So, we're fucked, right? (https://www.u2interference.com/forums/f199/so-were-fucked-right-211826.html)

Earnie Shavers 08-06-2011 07:43 AM


Originally Posted by BEAL (Post 7316453)
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.


Originally Posted by BEAL (Post 7316453)
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. :huh:

MrsSpringsteen 08-06-2011 09:14 AM

So incredibly depressing

BVS 08-06-2011 11:45 AM


Originally Posted by INDY500 (Post 7316142)
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?

KhanadaRhodes 08-06-2011 12:07 PM


Originally Posted by BEAL (Post 7316453)
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?

Irvine511 08-06-2011 04:46 PM

just so we're clear:


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.

U2DMfan 08-06-2011 05:36 PM

The saddest thing of all, apart from those heinous Republican tactics, is that the cuts from the 'Debt Ceiling Deal' were all cuts into projected growth spending. It didn't address the real spending problem at all.

So yeah...still fucked.

Democrats are almost as silly as their counterparts. I think more and more people are starting to learn this. They could have proposed some real reforms but Obama sat on his hands and said "that's your job" to Congress. And Congressional Dems are as effective as wet toilet paper. So in the end, it was all a big stunt.

kramwest1 08-07-2011 08:50 AM


Originally Posted by U2DMfan (Post 7317005)
So yeah...still fucked.

Ugh. No doubt.

Precious metals FTW on Monday?

yolland 08-07-2011 04:38 PM

^ I'm still wondering what the point of Bowles-Simpson was if it was just going to get dropped like a hot potato...

On a related f*up,

Daily Beast, Aug. 6

A whopping $26 million was raised in the first half of this year by independent groups known as "super" political-action committees [PACs], according to Federal Elections Commission filings...Though 91 super PACs reported receipts at the end of July, just five groups accounted for $22 million of that haul, according to the Sunlight Foundation:

•Restore Our Future [conservative] $12.2 million
•American Crossroads [conservative] $3.9 million
•Priorities USA Action [liberal] $3.1 million
•American Bridge 21st Century [liberal] $1.5 million
•Majority PAC [liberal] $1.1 million

Super PACs may raise unlimited funds from individuals, corporations, or unions to advocate for or against political candidates. They may also spend unlimited funds, though they may not coordinate with or contribute directly to a candidate's campaign. And they...can avoid disclosing donors by contributing funds raised to 501(c)4 organizations; these nonprofit "social welfare" organizations are not required by law to reveal their donors. During the midterm elections, five super PACs attributed all or nearly all of their contributions to nonprofit organizations.

The dual-structure affiliation of super PACs and nonprofits is currently legal, but it's an end run around the voice of the voter, and the potential for corruption is great. Big corporations, big unions, and wealthy individuals may once again have unlimited influence on elections and officeholders. This was the reason "soft money" donations to the political parties were banned in 2002, and the ban affirmed by the Supreme Court in 2010.
The author goes on to advocate for an end-run around Congress on the issue by amending the Constitution through a national convention as per Article V. Indeed probably the only way it would ever happen.

U2DMfan 08-07-2011 08:46 PM

Bowles-Simpson, apparently, needed 14 of 18 members voting to approve it, in order for the members themselves to 'endorse' it. It received 11 votes.

I don't know if that's why Obama abandoned it.
But, like everything else, it was assaulted on all sides as well.

I actually like Alan Simpson. He just tells it like it is. Might not agree with him on everything but he's not playing the BS game like so many of the rest of these guys.

financeguy 08-07-2011 08:51 PM


Originally Posted by kramwest1 (Post 7317544)
Ugh. No doubt.

Precious metals FTW on Monday?

I foolishly lost a lot of money shorting gold earlier this year. Glad I closed the position out a few months' back, is all I can say.

financeguy 08-07-2011 10:09 PM

Gold at 1693, up 2.65 already.

Irvine511 08-07-2011 10:27 PM


Originally Posted by U2DMfan (Post 7317975)

I actually like Alan Simpson. He just tells it like it is.

‪Alan Simpson Says Snoopy Snoopy Poop Dog‬‏ - YouTube

INDY500 08-07-2011 10:30 PM

So Glenn Beck was right all along?

financeguy 08-07-2011 10:51 PM


Originally Posted by Irvine511 (Post 7318029)

‪Bill Maher vs Alan Simpson‬‏ - YouTube

Earnie Shavers 08-08-2011 05:29 AM


Originally Posted by INDY500 (Post 7318034)
So Glenn Beck was right all along?

I know I shouldn't bite... but... right about what?

BVS 08-08-2011 06:42 AM


Originally Posted by INDY500 (Post 7318034)
So Glenn Beck was right all along?

Or was this part of his design?

The tea party wanted a fall in the credit rating and now they got it... You get the uninformed to do the work for you, this has always been the plan of the Beck's in the world.

cobl04 08-08-2011 06:55 AM

Standard and Poor is a stupid name.

KhanadaRhodes 08-08-2011 08:39 AM


Originally Posted by cobl04 (Post 7318226)
Standard and Poor is a stupid name.

more like being poor is the standard, lol

Pearl 08-08-2011 02:03 PM


Amidst riots in central Europe that have now spread to London and a debt downgrade that threatens to plunge the United States into a double-dip recession, Americans’ lack of confidence in their leadership is so crippled that they are now “pre-revolutionary,” according to pollster Pat Caddell.
A new Rasmussen poll shows that just 17 per cent of Americans believe that the U.S. government has the consent of the governed, an all time low. This dovetails with a record low for Congress’ approval rating, which stands at a paltry 6 per cent, while 46 per cent of Americans think most members of Congress are corrupt, with just 29% believing otherwise.
“The number of voters who feel the government has the consent of the governed – a foundational principle, contained in the Declaration of Independence – is down from 23% in early May and has fallen to its lowest level measured yet,” according to Rasmussen.
The poll was conducted before Friday’s U.S. debt downgrade, indicating that the figures could be even more dire in the aftermath of what some analysts believe is a precursor to a new great depression.
The results of this survey indicate that Americans are now “pre-revolutionary” says pollster Pat Caddell, who described the outcome of the poll as “unprecedented”.
This conclusion follows Caddell’s observation last November that “a sea of anger is churning” amongst Americans who “want to take their country back” and that the nation stood on the brink of a “pre-revolutionary moment”.
Caddell’s conclusion that Americans are on the verge of rising up against a system in which they have lost all trust cannot be easily dismissed as partisan rhetoric. Despite working for numerous Democratic presidential candidates, including Jimmy Carter and Joe Biden, Caddell has been a vociferous critic of both Democrats and Republicans on several issues.
Back in early 2008, before the collapse of Lehman Brothers and the start of the financial crisis, we warned that inflation and economic uncertainty would cause a massive social dislocation, which would lead to riots globally. Gerald Celente and others repeated the warning in late 2008. Over the last 18 months, we have now witnessed such scenes across the Middle East and in France, Spain, Greece, Italy and most recently London.
Indeed, the only major western country not to experience significant social unrest since the economic collapse is America, although anecdotal evidence of rising crime and thefts suggests a turning point could be just around the corner.
Pollster: Americans Are “Pre-Revolutionary” Alex Jones' Infowars: There's a war on for your mind!

Yep. We're fucked in so many ways.

Steved1998 08-08-2011 03:54 PM

Dow is down 600. Not even close to where the Dow was in 2009, but this doesn't bode well.

The news:

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