2.5 trillion wiped off the books last week.....

[oahuyahoo]

I think about half of that came from my retirement account.
Rough week: $2.5 trillion wiped off world stocks - Business - Stocks & economy - msnbc.com

[lspencer534]

The U.S. lost almost a trillion of that ($840B).

[Exotix]

Well, the S & P did say that in order for the U.S. to maintain it's sterling credit-rating they would need to see a $4 Trillion defict reduction plan ..

You know, the 4 to 1 ($4 trillion defcit-slash to entiltments to $1 Trillion in elimiantion of Corp. tax loopholes and subsidies ) Plan the Dems offered to the GOP ... but as we saw, the GOP simply decreed they were hijacked by the Tea Party Hobbits ... and then Boehener makes the statement that he got 98% of what he wanted in the Debt-Ceiling deal, the Tea Party says they lost in the Debt-Ceiling deal because they didn't completely strip Congress and the Whitehouse of it's powers and McConnell says he successfully held America hostage for ransom .... and the markets crashed the following 2 days ...


So why is anyone surprised ?


Video inside ~ NYT: China tells US to 'cure its addiction to debt' - Business - US business - The New York Times - msnbc.com

[VITE1]

Originally Posted by Exotix

Well, the S & P did say that in order for the U.S. to maintain it's sterling credit-rating they would need to see a $4 Trillion defict reduction plan ..

You know, the 4 to 1 ($4 trillion defcit-slash to entiltments to $1 Trillion in elimiantion of Corp. tax loopholes and subsidies ) Plan the Dems offered to the GOP ... but as we saw, the GOP simply decreed they were hijacked by the Tea Party Hobbits ... and then Boehener makes the statement that he got 98% of what he wanted in the Debt-Ceiling deal, the Tea Party says they lost in the Debt-Ceiling deal because they didn't completely strip Congress and the Whitehouse of it's powers and McConnell says he successfully held America hostage for ransom .... and the markets crashed the following 2 days ...


So why is anyone surprised ?


Video inside ~ NYT: China tells US to 'cure its addiction to debt' - Business - US business - The New York Times - msnbc.com

Link to their concrete offer?

[Exotix]

Originally Posted by VITE1

Link to their concrete offer?

Dems Offer Three Options on Debt Limit
July 12, 2011

Dems Offer Three Options on Debt Limit - By Andrew Stiles - The Corner - National Review Online


At a weekly GOP conference meeting, House Majority Leader Eric Cantor (R., Va.) presented members with three options laid out by Democratic negotiators in the ongoing discussions over the debt ceiling.

As Rep. Bill Flores (R., Texas) told NRO following the meeting, there remains “a wide gulf between what Democrats want and what we think is feasible in terms of resetting the fiscal ship for our country.”

The three options are as follows:


Option 1: The Harry Reid proposal:

• “Some” discretionary cuts
• No changes to entitlements
• No changes on the taxes

• Total savings: less than $1 trillion



Option 2: The Obama/Biden framework:

• Discretionary cuts: $1.1 trillion
• Mandatory cuts: $500–$700 billion (about $340 billion in health care, $260–$330 in other mandatory)

• Interest savings: about $300 billion
•“Modest” changes to Medicare (e.g., means testing, increase in co-pays)
• No changes to Social Security
• Some revenue neutral tax reforms

• Total savings: about $2 trillion



Option 3: “The Big Deal”

• Discretionary cuts: $1.2 trillion
• Slightly more significant changes to Medicare (e.g., increase retirement age, means testing, benefit structure)
• Social Security Consumer Price Indexing (CPI)
• “Massive” future savings in out-years
• De-coupling Bush tax rates on upper income brackets
• $1 trillion in “new revenues”
• Comprehensive tax reform, to be completed by agreed upon date

• Total “savings” (with tax increases): about $4 trillion



So the next time you want to vote for a gop/tea-bagger ... keep in mind how they're taking the country back for ... sorry, from ... you ... they just cost you over $4 Trillion in stocks, bonds and interest rates ... on and on ...

[VITE1]

Originally Posted by Exotix

Dems Offer Three Options on Debt Limit
July 12, 2011

Dems Offer Three Options on Debt Limit - By Andrew Stiles - The Corner - National Review Online


At a weekly GOP conference meeting, House Majority Leader Eric Cantor (R., Va.) presented members with three options laid out by Democratic negotiators in the ongoing discussions over the debt ceiling.

As Rep. Bill Flores (R., Texas) told NRO following the meeting, there remains “a wide gulf between what Democrats want and what we think is feasible in terms of resetting the fiscal ship for our country.”

The three options are as follows:


Option 1: The Harry Reid proposal:

• “Some” discretionary cuts
• No changes to entitlements
• No changes on the taxes

• Total savings: less than $1 trillion



Option 2: The Obama/Biden framework:

• Discretionary cuts: $1.1 trillion
• Mandatory cuts: $500–$700 billion (about $340 billion in health care, $260–$330 in other mandatory)

• Interest savings: about $300 billion
•“Modest” changes to Medicare (e.g., means testing, increase in co-pays)
• No changes to Social Security
• Some revenue neutral tax reforms

• Total savings: about $2 trillion



Option 3: “The Big Deal”

• Discretionary cuts: $1.2 trillion
• Slightly more significant changes to Medicare (e.g., increase retirement age, means testing, benefit structure)
• Social Security Consumer Price Indexing (CPI)
• “Massive” future savings in out-years
• De-coupling Bush tax rates on upper income brackets
• $1 trillion in “new revenues”
• Comprehensive tax reform, to be completed by agreed upon date

• Total “savings” (with tax increases): about $4 trillion



So the next time you want to vote for a gop/tea-bagger ... keep in mind how they're taking the country back for ... sorry, from ... you ... they just cost you over $4 Trillion in stocks, bonds and interest rates ... on and on ...

The Third option was all based on a 12 year plan with most of the "Savings" in the last two years.

Lastly the only Tea bagging I've done is with Liberal Chicks. It appears they dig that.

[Exotix]

Originally Posted by VITE1

The Third option was all based on a 12 year plan with most of the "Savings" in the last two years.

Lastly the only Tea bagging I've done is with Liberal Chicks. It appears they dig that.

You see, the whole GOP/Tea Party Phenomenon is that they want you to be a fanatic and give up everything you own including your Constitutional rights to show your show patriotism and of course your vote ... I remember sometime back in history this happening in 1933 Germany ...

[VITE1]

Originally Posted by Exotix

You see, the whole GOP/Tea Party Phenomenon is that they want you to be a fanatic and give up everything you own including your Constitutional rights to show your show patriotism and of course your vote ... I remember sometime back in history this happening in 1933 Germany ...

Idiot.

[snide]

PR&C crap alert!!!

[Datawiz]

I think the so-called "commencement speech" posted today spells this argument out to a "t".

My daughter will read and memorize that mentality.

Everyone else should simply GTFO.

[Exotix]

Originally Posted by datawiz

I think the so-called "commencement speech" posted today spells this argument out to a "t".

My daughter will read and memorize that mentality.

Everyone else should simply GTFO.

Is she studying economics & finance or some kind of liberal studies ?



S & P Downgrader Never Studied Economics, Has a Master’s In English Literature.


Today

John Chambers Of S&P Didn't Study Economics | Mogulite


Standard & Poor’s has taken quite a hit for its downgrading of the U.S. credit this week.

First, there was the apparent $2 trillion miscalculation, then Warren Buffett said the downgrading was a ridiculous measure, and talking heads have cried in outrage.


Here’s one thing that doesn’t help: the face of S&P is a liberal arts guy with a masters in English literature, who never studied economics.

The New York Post notes that John Chambers, managing director at S&P who’s been a public face for the agency, is a graduate of the liberal arts-focused Grinnell College who then got an English master’s at Columbia.

Impressive, but not quite your usual Wharton undergrad/Harvard Business School pedigree.
Gasp!

Chambers could continue to get more heat in the coming weeks and months.

Appearing this morning on ABC’s This Week, Chambers said there’s a 1 in 3 chance that S&P will downgrade the U.S. credit rating even further, in the next 6 months to 2 years.

Some have argued that the three leading credit agencies are given an unfair amount of power.

The ratings they dole out tend to be taken as fact, which can drive markets and cause panic.

On another note, if you’re a liberal arts type looking to become a Ruler of the Universe, there’s hope.



John Chambers

[BuckyThreadkiller]

Wow, you really have to be an education snob to believe that only Ivy League Econ Majors are qualified to do stuff.

I wonder how many of those folks worked at Lehman Bros?

[VITE1]

Originally Posted by BuckyThreadkiller

Wow, you really have to be an education snob to believe that only Ivy League Econ Majors are qualified to do stuff.

I wonder how many of those folks worked at Lehman Bros?

I wonder how many in this Admin actually worked in the private sector and managed a P+L.

[BuckyThreadkiller]

Originally Posted by VITE1

I wonder how many in this Admin actually worked in the private sector and managed a P+L.

It seems to me that's it's pretty simple - If you owe more money than anyone in history and you can't even decide on limiting borrowing more, much less your ability to pay it back, it's not gonna be good for your credit rating.

[ChasC5]

Originally Posted by Exotix

You see, the whole GOP/Tea Party Phenomenon is that they want you to be a fanatic and give up everything you own including your Constitutional rights to show your show patriotism and of course your vote ... I remember sometime back in history this happening in 1933 Germany ...

Do you see what happens after you provide the facts; they go straight to insults and name calling ... exempt of course.