Political Forums
Forum Notice

Go Back   Defending The Truth Political Forum > Political Issues > Money and Finance


Thanks Tree1Thanks
Reply
 
LinkBack Thread Tools Display Modes
Old August 8th, 2011, 05:41 PM   #1
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Everytime Obama speaks, it seems that the market drops drastically! Obama doesn't seem to say anything that helps build confidence in the future of our economy and as a result, look at what happens. What are your thoughts?
RidinHighSpeeds is offline  
Remove Ads
Old August 8th, 2011, 05:57 PM   #2
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Overland Park, Kansas
Posts: 24,898
What are the implications of this? Are we heading for another reccession? Economics is not my strong suit, so I am interested in hearing some intelligent replies.
pensacola_niceman is online now  
Old August 8th, 2011, 06:21 PM   #3
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
I'm not too sure, but it seems like Obama doesn't really know what to do and Congress is on recess, which doesn't make sense to me. Sure they have planned this recess quite some time ago, but when we're in serious financial crisis, why should congress be allowed to take a recess? In comparison, if a company is on the brink of bankruptcy, would the business owners/leaders ever think about going on vacation?
RidinHighSpeeds is offline  
Old August 8th, 2011, 06:38 PM   #4
Senior Member
 
Join Date: Oct 2010
Posts: 8,333
We have the teabaggers to thank for that, given that S&P warned several weeks ago of the consequences of dragging out the debt ceiling negotiations. The S&P statement said in part:

Quote:
The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.
skrekk is offline  
Old August 8th, 2011, 07:16 PM   #5
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Quote:
Originally Posted by skrekk View Post
We have the teabaggers to thank for that, given that S&P warned several weeks ago of the consequences of dragging out the debt ceiling negotiations. The S&P statement said in part:

Quote:
The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.


The credit downgrade from AAA to AA+, and the Democrats fired right away blaming the Tea Party Patriots, calling it a "Tea Party Downgrade". Look at all of democrats who are now yelling out "tea party downgrade" as if they are all reading from the same script.. Please tell me when was the last time the United States Senate last passed a budget? What is Obama's plan (in writing) to keep our country from falling further and further into debt? It's easy to point the finger.., but when our leader addresses the nation with NO proposed plan, allows congress to have a recess especially during these tough times, well that my friend is surely not the blame of the tea party patriots.
RidinHighSpeeds is offline  
Old August 8th, 2011, 07:22 PM   #6
Senior Member
 
Join Date: Oct 2010
Posts: 8,333
Nonsense, RHS. As S&P noted, threatening debt default as a negotiating tactic on larger fiscal issues was the problem, and grossly irresponsible. The budget issues should be debated outside of whether the US pays her debts, just as it always has been done before.



This debt limit increase concerned a budget Congress had already approved. What the teabaggers in the House did was foolish and harmful to the country.
skrekk is offline  
Old August 8th, 2011, 07:33 PM   #7
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Quote:
Originally Posted by skrekk View Post
Nonsense, RHS. As S&P noted, threatening debt default as a negotiating tactic on larger fiscal issues was the problem, and grossly irresponsible. The budget issues should be debated outside of whether the US pays her debts, just as it always has been done before.



This debt limit increase concerned a budget Congress had already approved. What the teabaggers in the House did was foolish and harmful to the country.


The tea party patriots are actually taking action and doing a good job of making it publicly aware that we do have a debt crisis, that we need to cut spending and actually take action to pass a budget. I don't see anything wrong with it.. What do you propose? Ignore the ever-growing debt problem that we have?
RidinHighSpeeds is offline  
Old August 8th, 2011, 07:42 PM   #8
Senior Member
 
Join Date: Oct 2010
Posts: 8,333
Quote:
Originally Posted by RidinHighSpeeds View Post
What do you propose? Ignore the ever-growing debt problem that we have?
Sane people would have dealt with the larger budget issues during the normal budget process, not by holding America hostage.



I'll reiterate....Congress had previously passed the budget which required the debt limit increase. Maybe the better way to deal with the issue would be to require any budget which exceeds the debt limit to raise the limit in the same budget bill, to prevent the sort of shenanigans we just saw.
skrekk is offline  
Old August 9th, 2011, 05:29 AM   #9
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Quote:
Originally Posted by skrekk View Post
Quote:
Originally Posted by RidinHighSpeeds' timestamp='1312860837' post='346108
What do you propose? Ignore the ever-growing debt problem that we have?
Sane people would have dealt with the larger budget issues during the normal budget process, not by holding America hostage.



I'll reiterate....Congress had previously passed the budget which required the debt limit increase. Maybe the better way to deal with the issue would be to require any budget which exceeds the debt limit to raise the limit in the same budget bill, to prevent the sort of shenanigans we just saw.


I disagree.. If we have a credit card that is maxed out, is it rational to increase the limit so that we can continue and spend more? Eventually you are going to default.. These problems HAVE to be addressed and we can thank the tea party patriots for bringing it to the table. Now we just have to see if the Republicans and Democrats can work together to come up with an actual budget plan!
RidinHighSpeeds is offline  
Old August 9th, 2011, 07:27 AM   #10
man
 
onthefence's Avatar
 
Join Date: Jan 2005
Location: laying on the fence
Posts: 5,817
‎"If the US Government was a family, they would be making $58,000 a year,

they spend $75,000 a year, and are $327,000 in credit card debt.



They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year.



These are the actual proportions of the federal budget and debt,

reduced to a level that we can understand."~Dave Ramsey
onthefence is offline  
Old August 9th, 2011, 07:37 AM   #11
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Quote:
Originally Posted by onthefence View Post
‎"If the US Government was a family, they would be making $58,000 a year,

they spend $75,000 a year, and are $327,000 in credit card debt.



They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year.



These are the actual proportions of the federal budget and debt,

reduced to a level that we can understand."~Dave Ramsey


I don't see any way out of it! BTW, I listen to every one of Dave Ramey's podcasts...he helped me get out of my credit card debt



These proportions are very important as it's easier to understand what type of serious trouble we're really in!
RidinHighSpeeds is offline  
Old August 9th, 2011, 07:54 AM   #12
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,678
The debt limit bill hasn't really changed anything, the cuts they agreed are tiny.



It should be possible to agree across-the-board cuts starting ASAP not in 10 years time.



And if Americans want SS and Medicare to continue they will have to pay more for them.



I blame the Tea Party for denying debate on increasing tax revenues
garysher is offline  
Old August 9th, 2011, 08:02 AM   #13
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
Quote:
Originally Posted by gary View Post
The debt limit bill hasn't really changed anything, the cuts they agreed are tiny.



It should be possible to agree across-the-board cuts starting ASAP not in 10 years time.



And if Americans want SS and Medicare to continue they will have to pay more for them.



I blame the Tea Party for denying debate on increasing tax revenues


Everybody tends to blame the wars, but in reality that's not the leading factor as to what's driving us further into debt.. You're right in the sense that we Americans will need to pay for SS and Medicare if we want to continue with those programs..



RidinHighSpeeds is offline  
Old August 9th, 2011, 08:13 AM   #14
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,678
The wars added one trillion to the debt but ultimately as the population ages it is SS and Medicare.



The percentage contributions haven't changed since the 50's and 60's even though life expectancy is now 10 years longer!



It's not really a tax increase more like an investment in your retirement. That's why I criticise the Tea Party, they want to call everything a tax increase. Health insurance companies raise their fees all the time so why not raise Medicare contributions once in 50+ years?
garysher is offline  
Old August 9th, 2011, 08:27 AM   #15
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Overland Park, Kansas
Posts: 24,898
Quote:
Originally Posted by gary View Post
The wars added one trillion to the debt but ultimately as the population ages it is SS and Medicare.



The percentage contributions haven't changed since the 50's and 60's even though life expectancy is now 10 years longer!



It's not really a tax increase more like an investment in your retirement. That's why I criticise the Tea Party, they want to call everything a tax increase. Health insurance companies raise their fees all the time so why not raise Medicare contributions once in 50+ years?
Maybe sickly people should stop living so long.
pensacola_niceman is online now  
Old August 9th, 2011, 09:14 AM   #16
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,678
Quote:
Originally Posted by pensacola_niceman View Post
Quote:
Originally Posted by gary' timestamp='1312906437' post='346163

The wars added one trillion to the debt but ultimately as the population ages it is SS and Medicare.



The percentage contributions haven't changed since the 50's and 60's even though life expectancy is now 10 years longer!



It's not really a tax increase more like an investment in your retirement. That's why I criticise the Tea Party, they want to call everything a tax increase. Health insurance companies raise their fees all the time so why not raise Medicare contributions once in 50+ years?
Maybe sickly people should stop living so long.




You just summarised the Republican Health Care Policy
garysher is offline  
Old August 9th, 2011, 09:23 AM   #17
man
 
onthefence's Avatar
 
Join Date: Jan 2005
Location: laying on the fence
Posts: 5,817
Quote:
Originally Posted by RidinHighSpeeds View Post
Everytime Obama speaks, it seems that the market drops drastically! Obama doesn't seem to say anything that helps build confidence in the future of our economy and as a result, look at what happens. What are your thoughts?


I thought it dropped because the S&P lowered the U.S. credit rating from AAA to AA+.
onthefence is offline  
Old August 9th, 2011, 10:06 AM   #18
Site Founder
 
RidinHighSpeeds's Avatar
 
Join Date: Jan 2005
Location: Massachusetts
Posts: 6,705
There was a better graph on the news yesterday, but can't seem to find it on the web..



RidinHighSpeeds is offline  
Old August 9th, 2011, 10:53 AM   #19
Bye, Ya better behave.
 
Fayt's Avatar
 
Join Date: Jul 2010
Location: Not in MD
Posts: 13,842
Quote:
Originally Posted by RidinHighSpeeds View Post
Quote:
Originally Posted by gary' timestamp='1312905268' post='346154

The debt limit bill hasn't really changed anything, the cuts they agreed are tiny.



It should be possible to agree across-the-board cuts starting ASAP not in 10 years time.



And if Americans want SS and Medicare to continue they will have to pay more for them.



I blame the Tea Party for denying debate on increasing tax revenues


Everybody tends to blame the wars, but in reality that's not the leading factor as to what's driving us further into debt.. You're right in the sense that we Americans will need to pay for SS and Medicare if we want to continue with those programs..






Maybe we should cut all entitlement programs RHS along with the Heritage Foundation. Maybe then will Americans start smarting up.
Fayt is offline  
Old August 9th, 2011, 11:41 AM   #20
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,678
Quote:
Originally Posted by RidinHighSpeeds View Post
There was a better graph on the news yesterday, but can't seem to find it on the web..







The market has recovered most of that post-Obama vanity speech drop today!



In reality I don't think Presidents have much influence on short-term market movements.
garysher is offline  
Reply

  Defending The Truth Political Forum > Political Issues > Money and Finance

Tags
634, dow, drops, points!


Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
14 Points of Fascism - Are We There Yet? intangible child Fascism 44 April 20th, 2012 04:45 PM
Ron Paul Polls 4 Points Behind Obama ! NoMoreDems-Reps Current Events 127 August 5th, 2011 03:27 PM
McCain's brother drops out of campaign Cubbie Politicians 0 October 26th, 2008 10:36 AM
Points for creativity, anyway! Tirya Politicians 11 September 23rd, 2008 11:56 AM
New poll McCain up by 5 points Zack Opinion Polls 16 August 21st, 2008 08:29 AM


Facebook Twitter RSS Feed



Copyright © 2005-2013 Defending The Truth. All rights reserved.