42 Replies to “Quote Of The Downgrade”

  1. I could have not picked a better week to short the entire market and load up on gold. Even better I am using the $15,000 from my TFSA for part of it. I thought the 12% I made in the past 2 days was pretty good.
    As the captain says “enjoy the decline!”

  3. BCF links to an article (Reuters) that states outright that the S&P downgrade was due to George Bush tax cuts initiated in 2001 – seriously.
    I must admit I did not know exactly who Rick Perry was until I recently read a number of articles about him. Looked up “The Response” website to see what all the fuss was about. According to yahoo and other news sites, protests by a plethora of groups are expected.
    http://theresponseusa.com

  4. I would love to spend 10 minutes inside David Burge’s head, but I am pretty sure I would end up with sensory overload.

  5. 1) Very Funny list. Like his Rap name #downgrayed…and who knew Obama had a left
    2) Seriously….Dems will push this as need for tax increases. All S+P said was that the deficit and debt problem wasnt solved by deal. They don’t prescribe a solution
    3) Coming soon, the demonization of S+P. Flashmobs outside their headquarters, threats to employees etc. All coming form “acorn like” groups.
    4) Obama will feel no shame. President presnt is incapable of accepting responsibility. He will still be blaming Bush if he won a second term.

  6. Barry Obama’s 2012 Election Theme Song. “Send New Money, Old Money All Gone Now.” A clueless blank stare is all he has to offer. That and the sound of “Crickets”. cricket, cricket cricket….

  7. The full statement from S&P. Which shows that Obammy’s insistence on pushing it off past 2012 election is the reason for the downgrade. But Obammy will blame Bush, S&P, anybody but himself. In January after S&P warned Obammy to cut spending. He submitted his budget with another 1.5 Trillion in Deficit spending then asked for his credit card limit to be increased by another 2T on top of the 1.5T deficit budget. Obammy owns this one and no one else. http://business.financialpost.com/2011/08/05/full-text-the-sp-statement-on-lowering-the-u-s-credit-rating/

  8. RFB: “A clueless blank stare is all he has to offer.”
    Literally: TOTUS.
    …-
    “Awkward Pause: President Obama Opens Speech With Minute Of Unexplained Silence”
    “President Obama took to the podium today to talk to Americans about the White House’s initiatives to help veterans get back into the work force and what the government is doing to encourage a health economy. But before he dove into the details, the President stood at his podium for a good minute or so in silence, interrupting only to let the audience know that he was “just waiting, here.”
    The President didn’t quite specify what he was waiting for as he stared out into the audience for the minute, though a number of things could have been delaying his cue– television cameras getting in order, his teleprompter loading up or simply a scheduling technicality. Either way, by the time a minute went by of the audience waiting expectantly for the President to say something, a man in the audience took matters into his own hands and shouted “awkward!” at the President.
    (Excerpt) Read more at mediaite.com …”
    http://www.freerepublic.com/focus/f-news/2759309/posts
    http://www.mediaite.com/tv/awkward-pause-president-obama-opens-speech-with-minute-of-unexplained-silence/

  10. The Obama administration has written several new government park pamphlets-
    HOW TO CATCH FISH AND SQUIRRELS IN A STATE PARK.
    –
    WHAT MUSHROOMS YOU SHOULD AVOID.
    –
    SETTING UP A PERMANENT TENT..
    –
    DON’T KEEP AN OPEN FIRE INSIDE A TENT..
    –
    KEEP ARMS AND LEGS INSIDE CAR WINDOWS AT POLAR BEAR RESERVES..
    –
    GAME WARDEN PAPER APPLICATIONS FOR FOOD STAMP RECIPIENTS AND UNEMPLOYMENT..
    –
    PLEASE LOCK YOUR BICYCLE WHEN STAYING OVERNIGHT!

  11. He is right.
    Bush inherited a surplus from Clinton, never forgot that!!!
    (Clinton been probably the best USA president of the last 100 years)
    Bush cut taxes and increased spending. Hence the deficit. What an idot. Now Obama is trying to undo the damage but it is not easy.
    My solution: cut in the military. pull the troops out of afghanistan fast. defence is 20% of federal spending, cut there.

  12. Posted by: quebecois NDPiste ———
    And while they’re at it, give all the no-load frogs another shot of the rest of Canada’s money. Black hash is getting expensive in Montreal, after all……..

  13. NDPiste: how exactly is Obama trying to “undo the damage”? Oh yeah, by borrowing (and spending) $160,000,000 every hour of every day since taking office.
    Admittedly, I am starting to think the people lending the US money are dumber than BO. But maybe they’ll wisen up soon.

  14. Yes bush inherited a surplus. But the tech crash happened in the last year of Clinton setting the stage for the drop in revenues. The dens were already screaming about recession and lack of spending.
    If you follow Kate you would have seen the series pointing out the recovery nobody would acknowledge.
    Of course 9/11 happened….increase in spending….Iraq, same thing…..democrat prompted drug bill…..
    All the while fed revenues are rising
    But finally we get the crash of 08. Big increase inspending. But lets contrast Canada to the us. Harper put timeclocks on the spending, and reduced corporation taxes. Obama…….no sunset on spending and no tax cuts to corps.
    Canada recovered nicely…..us…Obama downgrade.
    After a year onbama has to take ownership. He’s been there almost 3. The guy doesn’t know what he is doing. Likes being head of state, not head of government.
    One term is enough

  15. (Clinton been probably the best USA president of the last 100 years)

    1993- Clinton signed the North American Free Trade Jobs and Hispanic Give Away..
    1996- Clinton signed the World Trade Agreement And Ship Our Jobs To China.
    –
    anyway….
    I found three more Obama Federal Park Handbooks:
    –
    HOW TO SHAVE AND BATHE IN COLD WATER.
    –
    SLEEPING WITH A DOG OR OTHER DOMESTIC ANIMALS TO STAY WARM AT NIGHT..
    –
    SAFE COOKING OVER AN OPEN FLAME..

  17. But it’s all G.W. Bush’s fault!!!! Ronald Reagan and the Bush’s screwed the wonderful work Jimmy Carter did on the US economy!!!!! Obama needs more than 3 years to fix what it took the evil corporate fascists decades to do!!!!! We need more socialism!!!! Standard & Poors are just a bunch of racists who want to embarrass Obama!!!! You just hate him because he’s BLACK!!!!!
    What a bunch of B.S. We are going to hear some of the most elaborate conspiracy theories ever invited to try and explain Obama’s gross incompetence. I’ll enjoy hearing them for a while, but then they’ll get annoying.

  19. Not sold on perry. While he follows the mould of Reagan by being a democrat when he was younger – his family was a prominent Texas democratic family back when Texas democrats were considerably more conservative – he did one thing while in his democratic phase that makes me question his judgement:
    He was Al Gore’s campaign manager in Texas when Gore ran for the ’88 POTUS nomination.

  20. quebecois:
    Independence means paying your own way.
    So long transfer payments.
    Now, go build your socialist utopia without somebody else’s money.

  21. Uh…
    A surplus is a BAD thing. It means the government has overtaxed you and kept the money instead of returning it to its rightful owner.
    Jezuz. Am I the only one who watched Milton Friedman on PBS as a teenager?

  23. It was Obama that threatened to default on the Debt including that to SS, Medicare, Military ETC …It is actually Progressive’s that WANT to default on the very things that they claim are thier Priorities (Social Justice, my ass)
    Shake your head and ask yourself this question.. How much of the Interest earning debt is actually owed to ourselves.. My guess would be > 11.5 trillion…
    S & P action seems to support the Obama opinion that it’s time to default on that debt to SS, Medicare, and other Social Programs that the Socialists have been stealing from and leaving IOU’s in a worthless Trust Fund… If the Money collected for SS & Medicare had been actually invested for the benefit of the recipients the payout would be ~ 10K a month… each
    YES Obama wants to default on the “full faith & credit” of the US Government… The Question for S & P is what replaces the full faith & credit of the USA, and becomes the new standard of AAA… Is it a world UN/EU government?
    I think Obama has strange bed fellows

  24. They have a big debt clock in New York, I think. When that number stops going up and starts going down, I will consider voting for an incumbent.

  25. syf @ 10:10, well said.
    It does not matter who started all this borrowing and deficit spending, socialist or progressive conservative, it has to stop.

  26. Anyone who boasts here about there investment strategies and how they can see what is coming and how they were able to take advantage of it (if true) – remember, it is very easy for someone to note this person’s actions/dates and estimate their financial success.
    Many of us remember those who missed the financial windfall of the century because they were short equities in March 2009. If they are telling the truth, they took the mother of all baths.

  27. Clinton is the best US president in 100 years?
    Thanks for clarifying your views: Here are a few frames from Clinton’s highlights reel: Clinton authorized the purchase of subprime mortgages by Fannie Mae, setting in motion the mortgage crisis which put the US in the worst recession since the Great Depression, destroying the financial well being of millions; Clinton sat on his hands as Pakistan, a dangerous country that installed the Taliban rule in Afstan acquired nuclear weapons; Clinton installed two reactionary liberals on the Supreme Court, who, among other disgraces, ruled that Muslim jihadis have the same civil rights as US citizens, Clinton pardoned the number one on the FBI ten most wanted list in total opposition to the professionals at the FBI, and with no rationale given why the wanted deserved pardon ( although number one’s ex wife concurrently gave hundreds of thousands of dollars to Clinton for no apparent reason); Clinton turned a blind eye to massive terrorist attacks on the US, including the first attempt to destroy the WTC, and the bombings in Saudi Arabia and Africa; Clinton publicly humiliated his wife and daughter, brazenly advising the US people that his extramarital sexual affair was a matter strictly between his wife and him, and in effect siding with every philandering husband in the US against their wronged spouses.
    Clinton is best in your eyes, because he wrought great harm on America, and got away with it.

  29. [If you had to rate a potential investment that had an income of, say, $22,000 a year but had costs of $37,000 per year, a standing debt of $143,000, and contracted future debt that exceeded $1 million, would you give that investment a gold-plated AAA rating and buy their bonds at the lowest interest rate possible, or at all? Of course not, but that’s exactly the fiscal situation of the US, at a 100,000,000:1 scale.] Morrissey
    http://hotair.com/archives/2011/08/06/life-after-d-day/

  31. @ Kathy Shaidle –
    No you are not. Another axiom, from Friedman’s Capitalism and Freedom, is that a country taxed and spending a large percent of GDP is inherently weak and unable to deal with unforeseen crises. Obama has placed America out onto the thin ice, laughing all the way. When she breaks through, he will be rolling on the floor, laughing hysterically.

  32. Kathy, small c:
    A small annual surplus is reasonable. That surplus could go into a stabilization fund to meet revenue shortfalls that happen during a recession and thus prevent a slide into deficit during a recession. But once that reserve has been funded any annual surplus should be refunded to taxpayers annually. (this is very much the way many insurance programs work in the private sector – there are many paralells between insurance and the role of government BTW)
    2. In the past thirty years I don’t think there has ever been as safe and sure a bet in north american politics than Rubio for VPOTUS. It is his take or refuse. Make west the head of HUD.

  33. O sends greetings to Mohammedans*.
    …-
    “Saudi stock market first to plunge on S&P downgrade”
    “Saudi Arabia’s stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.”
    urlm.in/iskm
    …-
    *O’ramadan:
    “on behalf of President Obama, I would like to wish King Abdullah, the people of Saudi Arabia, and Muslims in the Kingdom and around the world my warmest Ramadan greetings”.
    http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=20110802106578

  34. O sends greetings to Mohammedans*.
    …-
    “Saudi stock market first to plunge on S&P downgrade”
    “Saudi Arabia’s stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.”
    urlm.in/iskm
    …-
    *O’ramadan:
    “on behalf of President Obama, I would like to wish King Abdullah, the people of Saudi Arabia, and Muslims in the Kingdom and around the world my warmest Ramadan greetings”.
    urlm.in/iskn

  35. Point taken.
    I can live with Perry/Rubio for sure.
    I’m not sure West is qualified to be Sec Def but then again, since when did qualified count? Oh wait: before Obama was elected.
    West head of HUD. Hmmmm.
    Hopefully they won’t be needing a Sec Ed because the Dept will be abolished, a GOP promise since the mid 70s or so.

  36. “I can live with Perry/Rubio for sure.”
    Kathy Shaidle
    Personally, I like former Democrat Perry, too. However, I also like NY Governor Andrew Cuomo. I know he’s a Democrat but perhaps Gov. Perry can convince him to switch sides.
    Perry/Cuomo for 2012.
    Hot diggity, dog diddity, now that’s an exciting duo.
    Somehow, it just feels comforting. Hmmm, it’s the middle of summer and I find myself in the mood to buy a sweater.

  37. Besides the gore-support, the other thing that worries me about perry is his having never lost any election contest. That is something he shares with Obama. I can’t remember any POTUS since Eisenhower besides Obama who never had that disappointment – mind you, Ike had plenty of career disappointments in the military.
    As for the Defense Sectry – Rudy Guiliani would be my choice. And rather than perry – Christie is the best POTUS option. Look for him to announce in October.
    Perry delivers no state to the GOP – Christie would have massive influence in all of the Mid-west and in NJ and NY (a lot of dem money would be spent defending congressional districts in those states rather than flowing by default to Obama.). If Obama can’t win OHIO he cant win PERIOD. Christie can deliver Ohio.

  38. iowahawk should have way more than 12000 followers. Easily the best, funniest, edgiest conservative on twitter.

  39. To quebecois NDPiste at August 6, 2011 7:32 AM. it might do you some good to read the book Reckless Endangerment by Gretchen Morgenson and Joshua Rosner. Then maybe you would have a small understanding of how the US got to where they are and be able to provide more discussion to the topic then the worn out rhetoric of the leftists.

  40. George Bush is like a guy who didn’t cut the lawn and sold the house to Barack Obama who decided the appropriate action was to burn down the house.

  41. Don’t show quebecois NDPiste this:
    http://directorblue.blogspot.com/2011/07/warning-do-not-show-this-chart-to.html
    So…
    1) During the Clinton administration, a Republican controlled Congress was in charge when the US government ran those surpluses.
    2) Bill Clinton and Congress managed that trick by cutting programs including Entitlements via Welfare reform ( http://en.wikipedia.org/wiki/Personal_Responsibility_and_Work_Opportunity_Act ). There was some luck involved as the dot-com boom led to a non-sustainable surge in Tax revenue. Some have argued that the artificial surge in revenue had more to do with the surpluses than the US Government cuts.
    3) Bush ran up deficits after a Democratic Congress took over in 2007 and passed new (and now obviously unsustainable) Entitlement spending ( $550 Billion over 10 years – in additional Medicare prescription drug benefits alone ) In exchange the Dems voted for ongoing support of the Iraq war (even though they whined to their base about how awful it all was)
    You might get the Republicans to go back to Clinton era tax rates…in exchange for Clinton era spending cuts, a growing economy and a return to full Republican control of the House and Senate.

  42. Bush inherited a surplus, well dah wasn’t like Billy Bob dirtbag was going to spend money hunting down Osama Bin Laden. Bush did his dirty work for him after 911, and Obama has spent three times as much money as Bush in under three years Bush was in office for eight.

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