He's not ever gonna quit. He knows exactly what he is doing. He is setting up the next generation of faithful voters. The New Deal generation is dying off and has to be replaced. He is using tax dollars to support subsidies to people who will in turn become loyal voters for whoever has (D) after their name. Why in the middle of all of this mess he made sure to take the time to give a speech to La Razza? It's all about shoring up the next generation of votes.

 

When it comes to ranking a nation's credit, S&P is considered by far the most important.

As to how bad the overspending is, I've heard the following approximatings: If a family managed its finances like the US Government, that famliy would make $50,000/year, but spend $75,000 year and have $375,000 in credit card debt. The latest debt ceiling/budget deal would cut the spending to $72,000/year.

 

I had missed this until your post.
If this is true ( do not have enough verification yet ):
I don't know if he got this from the university professor that is on his way back to teaching ( so he does not loose tenure - or at least that is what is reported ) or some other clown.

On top of holding the rating houses responsible & accountable for any incorrect rating for a financial instrument, now they feel they have the power to say when the rating houses are incorrect ( which anyone with half a brain knows this is the only instrument they would use this power on ). Guess this means the fed Govt is the final say in what rating are ??

This is the 1st time in history the US has had a credit rating reduction, even Carter did not have this happen, and the govt at that time missed on $ 120M in interest payments.

The MSM is playing hide the weenie with the follow on part of the downgrade, which has a negative outlook ( means it can be down graded again ).

Wow, you mean someone else sees the minimum that the Senate would sign off on as a non starter ?? Who would have thought that ?

I saw some the reasons for raising the debt in passing, they were using the same lines form Ronnie ( and giving him credit ).
Using the reasons for raising the debt ceiling for a policy that was centered around the economy, not around entitlement programs.
That is akin to using answers the correct answers from a Calculus exam on an English exam, and expecting to get a 98% on it.

The scary part is the POTUS still has a chance of getting reelected, people buy into what he is selling.

 

All of the credit rating bureaus have been saying the US credit is AAA but negative on the outlook. It doesn't seem to have effected the politicians at all. They are called warnings for a reason. The government was being warned that if they don't do what needs to be done, the rating will be lowered. All of the politicians ignored the warning. It is only the S&P, but the politicians should take this very seriously. There are two other major credit rating agencies out there. Both have given the government warnings. If the government doesn't take the S&P seriously the other bureaus will follow suit. Instead of pointing fingers now is the time for all of the politicians to be looking at their actions, looking at the demands of the people from last election, and decide what they could have done differently to change the outcome of the rating drop. If their answer is nothing, I'd say they are not looking hard enough. Some politicians probably are, others are simply pointing fingers at everyone else. Continuing down the road we have been going for the last two years (where nobody can agree on anything) is not going to end well for the country. S&P just told us that, the others will tell us that if we don't turn around. We will be like Egypt (once the most powerful country in the world, now nothing more than a dust bowl) if the politicians don't pull their heads out of each others butts and do what we sent them to DC to do. LEAD, MAKE PRUDENT LAWS, TAKE CARE OF THE COUNTRY FOR OUR KIDS AND GRAND KIDS.

A little clue, failure to take responsibility and supporting those who refuse to take responsibility for themselves is what got us into this mess in the first place.

 

Well, at least we know who caused the downgrade, now. Idiots! How stupid do they think we are?

http://search.yahoo.com/r/_ylt=A0oGd...-partys-fault/

 

Blaming it on the Tea Party

First they were racist, then terrorist who are strapped with bombs and want to blow up the US economy, now its their fault we got the downgrade. These guys crack me up.

Its comical watching all these media types trying to cover for their boy during all this too...me thinks they would be covering it slightly different if McCain was President.

 

This is exactly my point. First the administration blames S&P for a mathematical error resulting in an incorrect outlook for the economy. Now they are blaming people who for the most part have only been in office 7-8 months. Hey Dems, look in the mirror and quit trying to lay blame on everybody else. ALL of the long time (more than one term) politicians in Washington had a hand in this. Every last one of them.

 

It is easy for Axelrod to point the finger at a group of 38 people in the House ( correct to the Tea Party Caucus count I could verify ) rather then the Senate who for the past 800 some odd days, had the same dopes that know nothing about doing budget recommendations.

If correct, John Kerry is now getting on the blame wagon with the tea party movement being the source for the S&P down grade.

Not So funny answer to the question :
If you are the type that voted for the Senate majority or the POTUS ( and Joe the VP ) it all makes sense, and sounds correct.