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Moody's was the first among the big-three rating agencies to place the United States' Aaa rating on review for a possible downgrade, which means a negative rating action is impending.
Moody's said it considers the probability of a default on interest payments to be low "but no longer to be de minimis."
Translation: You might not have until 8/2 to get a spanking, which will feel like some sort of armageddon compared to normal, but will be negligible compared to an actual default.
Keep playing politics pubbies. Oh that's right, I'm on a board where 50% of the poll responders say "Hey let's just default!"
The something for nothing crowd at their finest.
PFnV
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Translation: You might not have until 8/2 to get a spanking, which will feel like some sort of armageddon compared to normal, but will be negligible compared to an actual default.
Keep playing politics pubbies. Oh that's right, I'm on a board where 50% of the poll responders say "Hey let's just default!"
The something for nothing crowd at their finest.
PFnV
This is comparable to when the teacher tells a student to spell CAT and the first letter is C and the last T. I was listening to a (R) congressman on Hardcopy who was comparing the debt ceiling to Don't Ask-Don't Tell. Thus, Moody's must be in on this conspiracy theory. Problem with this theory is, if your wrong the countries deficit goes berserk.
Translation: You might not have until 8/2 to get a spanking, which will feel like some sort of armageddon compared to normal, but will be negligible compared to an actual default.
Keep playing politics pubbies. Oh that's right, I'm on a board where 50% of the poll responders say "Hey let's just default!"
The something for nothing crowd at their finest.
PFnV
The US needs a knight in white satin. Why do we never get an answer when we're knocking at the door?
...sorry...
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Last edited by wistahpatsfan; 07-14-2011 at 08:44 AM..
Man, I was off on that one. Not sure if "Blues" threw me off but I connected Moody Blues with Suite: Judy Blue Eyes which of course was a Crosby Stills and Nash song
Hey, just raise the debt ceiling again tomorrow, and instead of defaulting in a few weeks, we crash in two years. 42% of our spending is borrowed if I've been hearing things right. Wow.
BTW, I read today that the Italian government has had a 6-7% drop in cash for six straight months. They're next on the international chopping block. Like I've been saying for a long time now. We (the western world basically) don't have a revenue problem, we have a spending problem.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Hey, just raise the debt ceiling again tomorrow, and instead of defaulting in a few weeks, we crash in two years. 42% of our spending is borrowed if I've been hearing things right. Wow.
BTW, I read today that the Italian government has had a 6-7% drop in cash for six straight months. They're next on the international chopping block. Like I've been saying for a long time now. We (the western world basically) don't have a revenue problem, we have a spending problem.
The federal gubmit is entering unchartered territory, at least during peacetime. Here's an interesting graph showing the three programs--health, Social Security, and defense--that are by far the biggest spenders. http://beauforttribune.com/wp-conten...ding-graph.gif
The federal gubmit is entering unchartered territory, at least during peacetime. Here's an interesting graph showing the three programs--health, Social Security, and defense--that are by far the biggest spenders. http://beauforttribune.com/wp-conten...ding-graph.gif
I could probably slash $300-400 billion off the top with no problem were I given the budget and an axe. Everything would be on the table. Defense, entitlements, education dept, corporate subsidies, free trade agreements, illegals, etc. Everything. We won't see that until we legitimately go under. It's inevitable that we will eventually go bankrupt. Absolutely inevitable.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Hey, just raise the debt ceiling again tomorrow, and instead of defaulting in a few weeks, we crash in two years. 42% of our spending is borrowed if I've been hearing things right. Wow.
BTW, I read today that the Italian government has had a 6-7% drop in cash for six straight months. They're next on the international chopping block. Like I've been saying for a long time now. We (the western world basically) don't have a revenue problem, we have a spending problem.
Italy needs something like 1.3M new immigrants each year to be working and paying taxes in order to maintain government services.
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Moody's Blues
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