Keep repeating that lie while you're holding you're closing your eyes and covering your ears!
The Great Recession of 2008 Who is Really to Blame?
- Thread starter beenthere
- Start date
ginjawarrior
Well-Known Member
- We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.
- We have also removed both the short- and long-term ratings from CreditWatch negative.
- The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.
- More broadly, 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.
- Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.
- The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.
Thanks for the honesty. As you can see, the blame lies squarely on Congress and the administration!
ginjawarrior
Well-Known Member
have you forgotten the gop refusing to raise the debt ceiling at that very time? these 2 things were very much connected
Harrekin
Well-Known Member
Raising the debt ceiling is directly mentioned when they talk about getting debt controls in place.
Go sit in the dunce corner.
Look, you can try to spin this any way you want, the fact is there were two political parties not willing to bend and any reasonable person would agree.
ginjawarrior
Well-Known Member
the republicans even said they were going to hold the debt ceiling hostage... they played chicken with your economy and you got burnt for it
ginjawarrior
Well-Known Member
lol you mean the bit that covers the "long-term" "the next two years"??
you need a bit more practice at this harrekin your not very good
Harrekin
Well-Known Member
*you're
Did you honestly think with deficit spending, no budget, dollar devaluation and huge debt your rating would stay top?
But yeah, blame the Republicans for not wanting to stick it on the credit card...
FootballFirst
Well-Known Member
who is to blame? the people that forced banks to give loans out to people who were extremely high risk so they could buy houses and other nice things that they couldn't afford and the people who perpetuated that practice.
the end
the end
cannabineer
Ursus marijanus
For the past 32 years, the Republicans have been the "national credit card" offenders. Clinton reversed the trend, and then Bushbaby threw it all out again. cn
ginjawarrior
Well-Known Member
they didn't want to pay the bill's, creditors get jumpy around that
Harrekin
Well-Known Member
And the only time creditors getting jumpy matters is if you want to borrow MOAR.
Only the libertarians have the right idea IMO, fiscal responsibility is what powers an economy.
Case in point; Germany.
UncleBuck
Well-Known Member
boehner and obama were ready to take the grand bargain, but boehner couldn't get his tea party freshmen to go along. so they went with a deal that did less.
fact.
UncleBuck
Well-Known Member
bush and the GOP congress got rid of pay-go first thing once they got in there back in the early 2000's. obama and the dem congress reinstituted pay-go once they got in.
haight
Well-Known Member
No one forced them to do anything. The bank makes money by lending it and the loan officer makes money by finding someone to borrow it.
I didn't get burned at all! LOL
If we didn't increase the debt ceiling we would have had to cut spending, big damn deal!
Harrekin
Well-Known Member
The Germans would state that as preferable, their economy was barely hit by the recession (relatively speaking) too.
Dude, no wonder you're limited to posting cartoons and videos. LOL
PAYGO expired in 2002 Einstein! Why don't you explain to us all how the elimination PAYGO effected our credit downgrade! This ought to be entertaining.
I believe the Germans also had major cuts to entitlement programs!