Stock Market is currently tanking.

[poptart]

LOL


Pitiful incompetence.
Just pitiful.

[Mikey]

And S&P is credible because...

[poptart]

Moodys may or may not be long on credibility, Mikey, but it's not the point.

The point is, our economy is COMPLETELY out of control.

Barry has spent 4 or 5 trillion dollars - and has us on a path to do nothing but significantly ADD to our already unbelievably monsterous debt, and... what has that bought us?

Yes, what has it bought us?

Are we in any better shape than we were when he took office?

We're not in better shape and we've seen our debt SOAR.

That is failure.
Abject failure.

Instead of acting like Moodys is lacking in credibility, why don't you look at your president and face up to the fact that HE completely lacks credibility and his policies are flushing us straight down the shitter.

[Dinsdale]

And OneBigAssMistakeAmerica's response to the credit downgrade...

give tax relief to the middle class

Reduce revenue,

extend jobless benefits

Spend more nonexistent money,

and pass long-delayed international trade pacts

And export more jobs.



You can't make this stuff up.

Worst. President. EVER.


Now China thinks they get a say in American fiscal policy. Nice going, tards. Throw the entire lot of them out.

[smackaholic]

And OneBigAssMistakeAmerica's response to the credit downgrade...

give tax relief to the middle class

Reduce revenue,

extend jobless benefits

Spend more nonexistent money,

and pass long-delayed international trade pacts

And export more jobs.



You can't make this stuff up.

Worst. President. EVER.


Now China thinks they get a say in American fiscal policy. Nice going, tards. Throw the entire lot of them out.

you forgot the part where we stop giving away trillions of dollars to the "rich".

[PSUFAN]

Now China thinks they get a say in American fiscal policy.

Dude, I know!!

Sincerely, 1972

[Bizzarofelice]

poptart


step away from the politics.


you are not mature enough to handle it without melting down

[Cuda]

The point is, our economy is COMPLETELY out of control..

Trying to control it was only the second mistake

Thinking it could be controlled was the first

[mvscal]

You can't make this stuff up.

Worst. President. EVER.

When Billigula left office, the debt to GDP ratio was 57%. When Chimpy left office, the ratio was 69%. After 2.5 years of Platelip Odowngrade the ratio is 97%.

Serious question. Is there anyone here who thinks this asshat is doing a good job? Anybody?

[Dinsdale]

Is there anyone here who thinks this asshat is doing a good job?

He's doing a great job... at not being named Bush.

That's what the few supporters who haven't jumped ship yet seem to think that's still his big strength.


BTW -- maybe we should ask the Libyans how that Nobel-on-spec is working out?

[smackaholic]

his main strength with those still on the hopey changey bandwagon is being a nog. he could be named bush, so long as his first name was reggie.

[poptart]

Serious question. Is there anyone here who thinks this asshat is doing a good job? Anybody?

Well, Gallup still has him at 42% approval, which is quite a frightening thing to imagine.

[smackaholic]

Scary Kerry sez the media has a responsibility to not give 'tea partiers' exposure.


*SNAP* out of your conservative bias, you damn media!!







The man is ill.

massholes,

how in the fukk did you ever elect this dope to ANYTHING?

dems, same question on pimping this douche in '04. you fukkers were so hung up on his alleged military record, that you completely ignored the fact that he is a world class idiot. bush might not have been the sharpest knife in the drawer and not much of a speech maker, but, he didn't jam his entire foot and most of his leg down his throat on a daily basis like lurch does.

so, what exactly does dumbfukk want besides completely ignoring the 1st amendment?

[Bucmonkey]

Are you still an American citizen pops?

[poptart]

Yes.

[Screw_Michigan]

How is that possible?

[Dinsdale]

How is that possible?

The 14th Amendment?

[War Wagon]

Gallup still has him at 42% approval

which is likely the percent of the popular vote he'll receive in November 2012, give or take.

Can you say landslide?

[poptart]

How is that possible?

Why wouldn't it be possible?

[poptart]

So J. Kerry and D. Axelrod both went on Sunday morning 'news' shows and called the U.S. downgrade a 'tea party downgrade.'

LOL


I also saw a funny clip from the Bill Mahe... err... Bill Moron show on Saturday.
An interview with former Chair of the Council of Economic Advisers in the ObaMao administration, Christine Romer.

Predictably, Bill Moron pointed fingers for the downgrade in all different directions - except at an administration which chose to pile huge debt upon huge debt upon huge debt...

He scolded (I shit you not) global warming debunkers.
He scolded evolution-debunking Christians.

And most funnay of all, he couldn't make it through the 6 minute interview without bringing Sarah Palin into it.

LMAO!


The psychosis is almost unbelievable.

[Bizzarofelice]

Bill Mahe... err... Bill Moron

HA! You sure got him good!

[Bizzarofelice]

evolution-debunking

so how is the theory of evolution "debunked"? also, is it necessarily through Christian means?

[poptart]

It's not necessary to discard evolution through 'Christian means,' but
anyone who has ever watched Bill Moron's act knows that he is talking
about Christians when he says that.

You know, the ---> stupid people, who have been Palinized, as he says.





You can watch the clip for yourself - and take it however you want.

One thing is for sure, Bill Moron definitely is comedy.

[Bizzarofelice]

Bill Moron's

still hilarious

[mvscal]

[MgoBlue-LightSpecial]

Bill Moron's

still hilarious

I see what he did there. FUCK, that was good.

[Shlomart Ben Yisrael]

mv, do you believe Creation and evolution should be taught equally in school?

[mvscal]

mv, do you believe Creation and evolution should be taught equally in school?

Sure. Just as long as Creation is being taught in comparative religion and evolution is taught in biology.

[Goober McTuber]

Having Standard & Poor's downgrade the creditworthiness of the U.S., and warn the country about further downgrades, is a little like having the Catholic Church lecture Scout leaders on the proper behavior toward boys. The moral authority seems to be wanting. S&P, you may recall, is one of the ratings agencies (the others being Moody's and Fitch) that greased the skids of the financial crisis by awarding AAA ratings to tranche after tranche of mortgage bonds called collaterized debt obligations, or CDOs. Recall that, unlike U.S. Treasuries, backed by the full faith and credit of the U.S., CDOs were underwritten by garbage mortgages — that is, backed by no-documentation “liar loans” and other Alt-A subprime pond scum handed to borrowers who otherwise couldn't get a nickel's worth of credit at their local dry cleaner.

S&P stamped CDOs with the same grade it previously awarded to a precious few companies, including Exxon and Microsoft. More than 30,000 CDOs got the AAA blessing from the agencies. S&P couldn't pull its snout out of the trough even when it became apparent in 2007 that the mortgage bond pig-out was over. This e-mail from an S&P employee, uncovered by a congressional investigation, says it all: “Let's hope we are all wealthy and retired by the time this house of cards falters.” In their absorbing history of the financial crisis, The Devils Are All Here, Bethany McLean and Joe Nocera bared the behavior of the agencies. Even when their own analysts began sounding the alarm, senior management refused to stop the money machine. And if the analysts became insistent on being scrupulous, the agencies got new analysts. Why? Because their clients, big banks such as Lehman Brothers and Goldman Sachs, demanded that the CDO machine keep on cranking, until it utterly collapsed.

And let's be clear: this was all perfectly legal. “S&P's ratings do not speak to the market value of a security or the volatility of its price, and they are not recommendations to buy, sell or hold a security. They simply provide a tool for investors to use as they assess risk and differentiate credit quality of obligors and the debt they issue,” testified Rodney Clark, head of ratings services for S&P, to the House subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises. In other words, you can't take our word to the bank, but you can take it to the poorhouse. When investors like the Wyoming state pension system sued after many of the CDOs crashed in value, the industry stuck to this “It's just our opinion” defense and won. The U.S. Second Circuit Court of Appeals ruled last August that the agencies were not “underwriters” or “control persons” even if they were in bed with them. The fundamental contradiction of the industry is that the companies that issue the securities pay the ratings agencies for their grades; independence is always suspect, and the courts upheld that.

One of many ironies of the S&P downgrade is that the three ratings agencies have so much power because the federal government, in the form of the Securities and Exchange Commission (SEC), handed it to them. As former TIME writer Barbara Kiviat pointed out in this space, the power of the big ratings agencies dates to the post-Depression era, when the government increasingly relied on them to bless new issues for credit-wary investors. Then, in 1975, the SEC iced the cake, designating a number of companies as “nationally recognized statistical rating organizations,” or NRSROs. If you were not an NRSO as a ratings agency, you were SOL. Why would anyone issue bonds rated by an agency that wasn't government-approved? The SEC designation had the unintended effect of creating a market lock for the bigger firms.

That S&P would slap the hand that legitimizes it is wonderfully perverse given last week's debt deal. The Tea Party supposedly hates Wall Street so much that it ignored warnings that its Taliban economic policy — threatening to decapitate the economy unless it got its way on spending cuts — would spook the markets, since the Street abhors uncertainty. For a moment, it looked as if the Tea team won, in that the market didn't tank as the deal wrangling went on and on. Instead, the market cratered post-deal, as the compromised compromise left so much up in the air. Republicans had been chastising the Obama Administration for creating uncertainty, yet they allowed their own radical wing to impose it for the foreseeable future. (Clearly, uncertainty about the resolution of Europe's sovereign debt crisis contributed to the market troubles too.) So S&P in effect fired a shot across the Tea Party's bow: You mess with Wall Street, you will be punished. It had another for Obama: Lead, follow or get out of the way. And the two parties blamed each other. “It happened on your watch, Mr. President,” screamed Michele Bachmann, exhibiting the full extent of her knowledge of economics. In making its decision, S&P said the downgrade “reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.”

Here's the other laughable irony: Congress had a chance to rein in the ratings agencies but demurred. Even though the statutory authority that gave S&P, Moody's and Fitch an oligopoly on ratings was complicit in their contribution to the crisis, Congress nevertheless refused to remove the NRSRO status. The solons bought the idea that smaller agencies would be crushed if an unfettered free market were imposed on the ratings industry. Funny, that didn't happen in the airline industry when it was deregulated. And by the way, can you name the fourth, fifth or sixth largest ratings agency? Republicans, heeding the deregulation call of their banking clients (whose demands for deregulation more than a decade ago, blessed by the Clinton Administration, led us down the path to the crisis), bent over backward to defang the Consumer Financial Protection Bureau, which was central to the Dodd-Frank bill, whose hilarious formal name is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Wall Street, having blown trillions during the crisis, demanded not to be hampered by either reform or consumer protection as it recovered from the crisis. Why should the ratings agencies be so encumbered?

So here's our reward, America: higher costs for our mortgages and higher costs for the federal, state and local governments to borrow. As Fareed Zakaria points out in TIME's Aug. 15 cover story, a jump of a single percentage point in the interest rate the federal government pays will more than wipe out the savings anticipated by the debt deal. Nice work, that. And we owe it all to an ethically and intellectually suspect ratings agency. (S&P even made a $2.1 trillion error in its calculations but dismissed it as “nonmaterial.”)

Yet it has occurred to me that maybe S&P has a point. After all, this is a Congress that let the banking industry run amok, bailed it out with access to trillions of dollars of credit and has since done precious little to ensure that the process won't be repeated. Nor would Congress reform the ratings industry, which played a vital role in the crisis. Nor did it agree to a deal worked out between Obama and House Speaker John Boehner that would have preserved the AAA rating. If our Congress is that dumb, perhaps we deserved the downgrade.

[Sirfindafold]

More liberal hand-wringing

Yes. The USA's fiscal house is in order. Bunch of fuckin' alarmists that Tea Party.

[poptart]

Did something happen today?


Oh... the markets tanked massively again and Barry gave public remarks about the presidential downgrade the country received.

I did look at a new story about it.

The 'story' began like this...

In his first public remarks since Friday's downgrade, Obama blamed...



Obama blamed...




The legacy is secure.

[mvscal]

The 'story' began like this...

In his first public remarks since Friday's downgrade, Obama blamed...



Obama blamed...




The legacy is secure.

Has anything ever been his fault? Has that pathetic asshat ever done anything other than point fingers and shift blame?

I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth.

--Bluegums Odowngrade, June 3, 2008

So....how's that workin out for ya?

[mvscal]

In his first public remarks since Friday's downgrade, Obama blamed...

...Bush, naturally.

President Barack Obama said on Monday he inherited much of the country's problems with high debt and deficits when he entered the White House, sounding a theme likely to dominate his 2012 re-election campaign.

http://www.reuters.com/article/2011/08/ ... 22&sp=true

Needless to say, he assured millions of gullible morons that he was the guy to fix all those problems rather than making them drastically worse. He has piled up twice the debt in three years that Chimpy did in eight.

It's strange that he forgot to mention that he also inherited a AAA credit rating. I'm sure it must have just slipped his mind.

[poptart]

I read the news 'story' all the way through and see that Barry said this...

Obama insisted the nation's economic woes are "eminently solvable, and we know what we have to do to solve them."

Yes, WE do.

But YOU submitted a budget which was so insane that it was voted down 97-0. lolz


Anyway, if "we know what to do," then... what ARE you, the pres__ent, going to do?
This was strangely missing from the news 'story' I read.

ObaMao said he's not going to call congress back from vacation to work on a debt deal.
He said that he's going to wait until November, when a planned "super committee" will show findings on how to save 1.5 trillion over 10 years.

bwaaaa....

November?

It's fuckin' August now, dude.

Super committee?

Don't the people have representatives that we ELECTED who are supposed to be working on these issues?
Or was that stupid old fashioned shit swept away when hope & change was ushered in?

So in November (maybe), we're going to hear from a super committee about how we might be able to save 1.5 trillion over 10 years.

Didn't Barry propose a ONE YEAR budget calling for a 1.5 trillion dollar deficit??

Good luck with the super committee.



Now in all seriousness, friends (and politics and smack aside), this man is either incompetent beyond belief or he is purposefully trashing our economy.

Given that we've just taken an unprecedented downgrade in credit rating, a LEADER of our nation needs to step right up and say, "THIS is what we are going to do to get our house in order and I am leading the charge to get it done as swiftly as possible."

And then get to it.


What's this guy's problem, seriously?

[Shlomart Ben Yisrael]

Thank goodness you don't live in, or benefit directly from the economy of the United States.

[Bucmonkey]

ai'm curious if he even contributes a dime.

[poptart]

If I'm now required to post my tax returns, I'll be doing that business in the moderator forum.

Felix will view them - and then update all of you peons here in 2nd class.


Thanks for your concern.

[Shlomart Ben Yisrael]

I guess it's more important to you to push bibles on to the Korean slap-heads than have business and residence in America, where a local economy could benefit from your largess.

[Screw_Michigan]

If I'm now required to post my tax returns, I'll be doing that business in the moderator forum.

Felix will view them - and then update all of you peons here in 2nd class.


Thanks for your concern.

I wanna see your long-form birth certificate there, too. Champ.

[Bizzarofelice]

I wanna see him take a shower in a tiny shower designed for Koreans