Comment

Comment by JL Gawlik on August 5, 2011 at 9:16pm

Flash from the very recent past:

'No risk" the US will lose its top credit rating, says Treasury's Geithner  on April 19, 2011

http://thehill.com/blogs/on-the-money/budget/156747-geithner-no-ris...

Comment by JL Gawlik on August 5, 2011 at 9:08pm

Sabrina, if my household was running almost 100% of what we made, oh my. I could not even iMAGiNe that!  It seems our country was way overdue for a downgrade. I just find it so weird they gave those mortgage pckg securities such a high rating.

Comment by Daniel R. Carr on August 5, 2011 at 9:06pm

 

Federal Budget 101

 

The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:

 

• ·         U.S. income: $2,170,000,000,000
• ·         Federal budget: $3,820,000,000,000
• ·         New debt: $ 1,650,000,000,000
• ·         National debt: $14,271,000,000,000
• ·         Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)

It helps to think about these numbers in terms that we can relate to. Let's remove Eight Zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
 

• ·         Total annual income for the Jones family: $21,700 
• ·         Amount of money the Jones family spent: $38,200  
• ·         Amount of new debt added to the credit card: $16,500  
• ·        

Comment by JL Gawlik on August 5, 2011 at 9:05pm

Does anyone find it fascinating that Moody, S&P are the same credit rating groups that gave those mortgage backed bundled securities that were sold like hot cakes way back when, such a pristine rating that speed up the massive purchases of those securities driving housing prices so high, so quickly before the crash? Standard & Poor knew Tuesday what they were going to do and did warn them, Speaker Boehner wanted 4 trillion in cuts and POTUS keep moving the goal post on tax hikes UP and Boehner walked out. Personally i do not think Nancy Pelosi should of been allowed in the meetings, it seems to me when she was finally allowed the progress stopped. CC&B would of keep the rating high.

Comment by Daniel R. Carr on August 5, 2011 at 9:04pm

Here's Budgeting For Dummies:" 

 

Federal Budget 101 

The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:

 

·         U.S. income: $2,170,000,000,000

·         Federal budget: $3,820,000,000,000

·        

Comment by Gail Louise Yost on August 5, 2011 at 9:03pm

As with your reputation once you lose your credit its very hard to gain it back again and only after alot of gnashing of teeth and sucking it up and not should I say it....using your credit....we need a giant credit card shredder well get one in 2012....

Comment by sabrina Wheeler on August 5, 2011 at 8:49pm

Wouldn't you think S&P would have downrated earlier than this year? What with the housing bust in 2008 and no budget forecast within the past 2 years...Just seems like they would have sounded the warning bells before now. I definitely can see a second recession headed this way. In fact, it already feels like one around here.

Comment by Ron Ogletree on August 5, 2011 at 8:40pm

"P.S. Everyone I talk to still believes in contested primaries."

 

http://www.facebook.com/sarahpalin?ref=ts#!/notes/sarah-palin/congr...

 

Comment by Daniel R. Carr on August 5, 2011 at 8:34pm

Gee, thanks, John Boehner and all the Republicans that voted for this disgusting mess!

I'm taking names, and will do everything in my power to get you OUT in November 2012.

Unfortunately, you're not all up for election then, but whoever is, will be replaced with Tea Party candidates.

Comment by FCTP on August 5, 2011 at 8:32pm

Left Rushs to Blame the GOP for S&P Downgrade

The Democrats can spin this as blaming the GOP all they want since they clearly got outplayed and still saw a downgrade, but the S&P downgrade has nothing to do with any specific policy. In fact, S&P says

Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing.

 

http://www.redstate.com/erick/2011/08/05/left-rushs-to-blame-the-go...

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