Is this what will happen to our market tomorrow?

Paint it however you want, it was the strategy of the Tea Party and the Republicans to play chicken with the US credit rating and their games are going to be a huge bitter pill we are all going to have to swallow.

http://www.nationaljournal.com/economy/ ... e-20110806

Well not as bad as I thought it would be yet anyway.

http://money.cnn.com/data/world_markets/asia/

archer wrote:

residenttroll wrote: Tomorrow will be sheer panic....get ready America....we are getting ready for a dark period in America history....the benefits of liberalism and socialism.

No problem, we know how to deal with dark periods.....we had 8 years of Bush.

52 straight months of job growth, the longest in history. Pulling us out of a recession. Keeping this naiton together after a 9/11. Unemployment around 5% for most around 6 1/2 years of the 8. Yeah that is a real dark period. :bash I have no idea why you are so detatched from reality.

Soulshiner wrote: Thanks Tea Party...

Tea Prty had nothing to do with it. It was the Dems for the last 4 years spending everything they could with no budget and then the Tea Party gets voted in because America is tired of it and they say it is time to stop the spending because S&P said they will downgrade us and then people like you say it is their fault for trying to stop spending. Not grounded in reality at all!

The Viking wrote:

archer wrote:

residenttroll wrote: Tomorrow will be sheer panic....get ready America....we are getting ready for a dark period in America history....the benefits of liberalism and socialism.

No problem, we know how to deal with dark periods.....we had 8 years of Bush.

52 straight months of job growth, the longest in history. Pulling us out of a recession. Keeping this naiton together after a 9/11. Unemployment around 5% for most around 6 1/2 years of the 8. Yeah that is a real dark period. :bash I have no idea why you are so detatched from reality.

:rofl

Welcome to the world according to Viking......when exactly did the Unemployment numbers start going up? Wasn't GW president then? When did the economy hit the skids? Wasn't GW president then?

Is this the same GW who was handed a surplus, but then gave it all away, thinking there would never be a rainy day to save for, then 9/11 happened? That same GW? Is this the president that went into two wars without a plan to win the wars, and with no way to disengage us from those wars, but instead left his mess for the next president to deal with? That GW??????

:bash I have no idea why you are so detached from reality.

conifermtman wrote:

archer wrote: I suspect this is exactly what the tea party expected, and hoped for. The further down they can bring this country, the more damage they can do to the economy, the more they think that they will gain votes in 2012. I sure hope this scorched earth program comes back to haunt them and they go down big time in 2012. But I'd never bet the farm on the whim of voters, so I'll make my preparations to weather the apocalypse should more tea partiers/Republicans get into power.

Cap, Cut and Balance would have avoided the downgrade. It would of shown the kinda seriousness S&P expected from congress and the president.

Yes and so would have Ryan's bill. The head of the S&P even said that. But Obama and Dems wanted to fight for the tax cuts and then they never even got them anyway after months of delays! Idiot Dems are all to blame for this one!

archer wrote:

The Viking wrote:

archer wrote:

residenttroll wrote: Tomorrow will be sheer panic....get ready America....we are getting ready for a dark period in America history....the benefits of liberalism and socialism.

No problem, we know how to deal with dark periods.....we had 8 years of Bush.

52 straight months of job growth, the longest in history. Pulling us out of a recession. Keeping this naiton together after a 9/11. Unemployment around 5% for most around 6 1/2 years of the 8. Yeah that is a real dark period. :bash I have no idea why you are so detatched from reality.

:rofl

Welcome to the world according to Viking......when exactly did the Unemployment numbers start going up? Wasn't GW president then? When did the economy hit the skids? Wasn't GW president then?

Is this the same GW who was handed a surplus, but then gave it all away, thinking there would never be a rainy day to save for, then 9/11 happened? That same GW? Is this the president that went into two wars without a plan to win the wars, and with no way to disengage us from those wars, but instead left his mess for the next president to deal with? That GW??????

:bash I have no idea whay you are so detached from reality.

When the Dems took over total control of Congress.

The Viking wrote: When the Dems took over total control of Congress.

Ahhh yes, GW must have been sleeping all that time. Right.....nice try.

Are you saying that GW wasn't the one who wanted to go to war with Afghanistan and Iraq? Are you saying that GW wasn't the one who proposed the tax cuts? really? Who got the surplus from Clinton if it wasn't GW?

Too funny, when it's Obama as president, every thing is his fault, but when it's GW as president he apparently was duped into all this by the democrats?

archer wrote:

The Viking wrote: When the Dems took over total control of Congress.

Ahhh yes, GW must have been sleeping all that time. Right.....nice try.

Are you saying that GW wasn't the one who wanted to go to war with Afghanistan and Iraq? Are you saying that GW wasn't the one who proposed the tax cuts? really? Who got the surplus from Clinton if it wasn't GW?

Too funny, when it's Obama as president, every thing is his fault, but when it's GW as president he apparently was duped into all this by the democrats?

Yes and the tax cuts according to most economists are what led us to the 52 straight months of job growth. Here is a fact! You guys keep talking about this huge surplus Clinton left. It is all a lie. When former president Bill Clinton left office in 2000 there was a $86.4 billion surplus. Obama spent $239 billion in one day last week! And read some facts.

While not defending the increase of the federal debt under President Bush, it is aggravating seeing Clinton's record promoted as having generated a surplus.

It never happened.

There was never a surplus and the cold hard facts support that position. In fact, far from a $360 billion reduction in the national debt in FY1998-FY2000, there was an increase of $281 billion.

Verifying this is as simple as accessing the U.S. Treasury http://www.treasurydirect.gov/NP/BPDLogi … website where the national debt is updated daily and a history of the debt since January 1993 can be obtained. Considering the government's fiscal year ends on the last day of September each year, and considering Clinton's budget proposal in 1993 took effect in October 1993 and concluded September 1994 (FY1994), here's the national debt at the end of each year of Clinton Budgets:

In no year did the national debt go down, nor did Clinton leave President Bush with a budget surplus that Bush subsequently turned into a deficit.
Yes, the budget was almost balanced in FY2000 (ending in September 2000 with a deficit of "only" $17.9 billion), but it never reached zero--let alone a positive number. And Clinton's last budget proposal for FY2001, which ended in September 2001, generated a $133.29 billion deficit.
The growing deficits started in the year of the last Clinton budget, not in the first year of the Bush administration.

There was NEVER A SURPLUS or a BALANCED BUDGET.

Social Security is not part of the Federal Budget general fund. It is a separate account and has its own source of income. Social Security payments do not go into the general fund, they go in the Social Security trust fund, and should NOT be counted as general revenue. The trust fund is supposed to be used to pay future benefits.

Currently, there is more being payed into the Social Security Trust Fund than is being paid out to beneficiaries. What's left over is routinely being "borrowed" and used as if it were general budget revenue. Government agencies using that money promise to pay it back (IOUs). All of the money in the Social Security Trust Fund has been spent! That's part of the National Debt. So Social Security is just a very large tax collection tool.

First.....you need to learn the difference between budget and deficit....GW got a budget surplus, the nice thing about a budget surplus is that you can use it to pay down the debt, or save it for a rainy day....neither of which GW did.

yeah, yeah....and George Bush was never president....everything bad that has ever happened is Obama's fault. OK I get it.