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Old August 8th, 2011, 05:41 PM   #1
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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?
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Old August 8th, 2011, 05:57 PM   #2
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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.
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Old August 8th, 2011, 06:21 PM   #3
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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?
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Old August 8th, 2011, 06:38 PM   #4
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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.
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Old August 8th, 2011, 07:16 PM   #5
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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.
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Old August 8th, 2011, 07:22 PM   #6
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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.
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Old August 8th, 2011, 07:33 PM   #7
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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?
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Old August 8th, 2011, 07:42 PM   #8
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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.
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Old August 9th, 2011, 05:29 AM   #9
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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!
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Old August 9th, 2011, 07:27 AM   #10
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‎"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
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