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The 79 thing was a technical error in processing. The rates of the time did not double because of the error.
I don't think we're on the same wavelength.S&P made it pretty clear that one of the reason for downgrade was the ineffectiveness of American political parties.
"More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a
negative outlook to the rating on April 18, 2011."
S&P | United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative | Americas
Yes, we do have the revenue to service our debt. However, servicing debt is not the only obligation the government has. Laws passed by congress has obligated the government to provide a multitude of services. When the congress doesn't act on either the budget or the debt ceiling, then the administration must decide which obligations are to be met and which aren't. Congress by lack of action chooses to let the administration make the decisions and the administration chooses what obligations are to be met.
Seriously, Flopper, you are saying wow, they might not send out welfare checks like social security, let's downgrade their debt? But wait, you're not saying we would fail to make debt payments. But that's why they downgraded our debt. Say what?
As I said, you're talking out of both sides of your mouth. When you figure out what your argument is, let me know. Maybe you and Toro can huddle because he can't figure out what he's actually saying either on this.
The United States defaulted on some Treasury bills in April 1979 we paid a steep price for stiffing bondholders, because the interest rates doubled. They went from 8% to 16% & it took 8 long years before rates came back down to 8%. This would destroy the US economy if it happened today. Yet we now are intentionally going to default. Bondholders will certainly be more pissed about that than they were for the mistake in 1979.
Do you realize that that would mean that you'd actually make money with money in a bank account. Right now the interest earned on even a money market account is barely 1%. I remember when money market accounts were earning well over 10%. Sorry, if interest rates go up that is not always a bad thing.
The Treasury blamed this delay on an unprecedented volume of participation by small investors, on failure of Congress to act in a timely fashion on the debt ceiling legislation in April, and on an unanticipated failure of word processing equipment used to prepare check schedules.The United States defaulted on some Treasury bills in April 1979 we paid a steep price for stiffing bondholders, because the interest rates doubled. They went from 8% to 16% & it took 8 long years before rates came back down to 8%. This would destroy the US economy if it happened today. Yet we now are intentionally going to default. Bondholders will certainly be more pissed about that than they were for the mistake in 1979.
I don't think we're on the same wavelength.S&P made it pretty clear that one of the reason for downgrade was the ineffectiveness of American political parties.
"More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a
negative outlook to the rating on April 18, 2011."
S&P | United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative | Americas
Yes, we do have the revenue to service our debt. However, servicing debt is not the only obligation the government has. Laws passed by congress has obligated the government to provide a multitude of services. When the congress doesn't act on either the budget or the debt ceiling, then the administration must decide which obligations are to be met and which aren't. Congress by lack of action chooses to let the administration make the decisions and the administration chooses what obligations are to be met.
Seriously, Flopper, you are saying wow, they might not send out welfare checks like social security, let's downgrade their debt? But wait, you're not saying we would fail to make debt payments. But that's why they downgraded our debt. Say what?
As I said, you're talking out of both sides of your mouth. When you figure out what your argument is, let me know. Maybe you and Toro can huddle because he can't figure out what he's actually saying either on this.
No, I did not say that the government might not send out welfare checks just as I did say the government will default on our debt.
What am saying is servicing debt is only one of government's obligations. If congress does not act to raise the debt limit, which I think they will do, our government will default on some of it's obligations. I have no idea which ones. It could be payments due on contracts, Medicaid payments to the states, Medicare reimbursements, payments to states for road construction, or other payments. It could be shutdowns of government agencies. Because of the political impact and economic repercussions, I think delaying Social Security, VA, welfare checks, or debt service would be at the bottom of the list of alternatives.
If you want to continue, could you please restate your premises and conclusion. After reading your posts, I'm not sure what we're debating.I don't think we're on the same wavelength.Seriously, Flopper, you are saying wow, they might not send out welfare checks like social security, let's downgrade their debt? But wait, you're not saying we would fail to make debt payments. But that's why they downgraded our debt. Say what?
As I said, you're talking out of both sides of your mouth. When you figure out what your argument is, let me know. Maybe you and Toro can huddle because he can't figure out what he's actually saying either on this.
No, I did not say that the government might not send out welfare checks just as I did say the government will default on our debt.
What am saying is servicing debt is only one of government's obligations. If congress does not act to raise the debt limit, which I think they will do, our government will default on some of it's obligations. I have no idea which ones. It could be payments due on contracts, Medicaid payments to the states, Medicare reimbursements, payments to states for road construction, or other payments. It could be shutdowns of government agencies. Because of the political impact and economic repercussions, I think delaying Social Security, VA, welfare checks, or debt service would be at the bottom of the list of alternatives.
You joined this conversation by responding to my post on downgrading our debt by saying that it's not that we would not be able to, but that our politicians would chose not to pay it. None of the things you just listed that could happen would cause our debt to be downgraded.
So when you said that, what did you mean because everything you are saying here contradicts what you said in the beginning of our discussion. I keep going back to how you got in the discussion, you keep not remembering it. They would not downgrade our debt because our government doesn't spend enough money. In fact, that our government is spending too much money is WHY they downgraded our debt in the first place. Too meaning deficits and total debt as a percent of GDP.
The support for not funding ACA is growing while the GOP and TeaP popularities continue to plummet.
Utahns have Lee upside down 56 to 44%.
The support for not funding ACA is growing while the GOP and TeaP popularities continue to plummet.
Utahns have Lee upside down 56 to 44%.
The support for not funding ACA is growing while the GOP and TeaP popularities continue to plummet.
Utahns have Lee upside down 56 to 44%.
An honest unbiased media would explain this, but they do not.
Seriously, snake. Do you think a state controlled media is good or bad? Or if you don't like the words "state controlled" insert biased or partisan.
Isn't journalism about putting out the facts and letting the people decide?
The support for not funding ACA is growing while the GOP and TeaP popularities continue to plummet.
Utahns have Lee upside down 56 to 44%.
An honest unbiased media would explain this, but they do not.
Seriously, snake. Do you think a state controlled media is good or bad? Or if you don't like the words "state controlled" insert biased or partisan.
Isn't journalism about putting out the facts and letting the people decide?
The very fact that you use the term "state-controlled" says something right there.
An honest unbiased media would explain this, but they do not.
Seriously, snake. Do you think a state controlled media is good or bad? Or if you don't like the words "state controlled" insert biased or partisan.
Isn't journalism about putting out the facts and letting the people decide?
The very fact that you use the term "state-controlled" says something right there.
Yes, it does and its very scary. Why do you think that the liberal media uses the same talking points as the democrats every day of the week?
Obama and his cronies would like nothing better than to silence talk radio, Fox, and any commentator who dares disagree with him. Pravda does it, North Korea and china do it. If you control the media message you can brainwash and control the people. Why are you libs so blind that you cannot see what is happening?
When default happens this forum will cease to exist. So with the internet. And most will lose their computers, jobs, homes and most everything they have. It's going to make the great depression look like a picnic. Remember I told you so.
The support for not funding ACA is growing while the GOP and TeaP popularities continue to plummet.
Utahns have Lee upside down 56 to 44%.
It's a plot to stick us with another unfunded mandate. We will all be forced by the IRS to pay Wallstreet more.
Repeal it don't just defund it.
