16 replies to this topic

[Time_Traveller]

Wall Street had its worst day for almost three years as shares tumbled on fears about the eurozone debt crisis and the US economic recovery.

From http://www.bbc.co.uk...siness-14410184

Looks like we're heading for another recession like in 2008.

[ExplorerAtHeart]

512 Points D=

[Prolite]

We can thank the Republicans for that and the President's lack of leadership. This President should be out there demanding that the damn pot holes I have to avoid every day be filled in, and that the bridges that look like they're about to fall to smithereens be fixed. The President should be finding ways to fix this economy by putting more money into the hands of the middle class and the poor. Big corporations don't need a tax cut. They're holding a combined 2 trillion dollars in cash on their balance sheets. Obviously they're investing in China, India and other parts of the world that are more lucrative. Our President needs to stop acting like a damn conservative Republican and be a Democrat already.

Cutting spending contracts the economy. Simple as that. The whole global economy is about to go into a deep recession AGAIN, but this time, Europe is gonna feel the pain real bad, especially with Spain, Greece, and Portugal have major debt and solvency problems.

[jjf3]

This was planned a long time ago! The stupid petty fights in politics is just a cover!!!! I really think this could be a horrible economic collapse in the making!

[Craven]

This is what you get for not learning from mistakes. Last financial crysis taught them nothing.

[jjf3]

Same as 1929-31.

Can you all see the resemblence?

[Prolite]

The deregulation process started in the early 1980's with Reagon. It continued onto the Bush years, then to Clinton, and finally to Bush for the last slam dunk. And now our current President has to scoop the doggy poo off the damn fiscal road.

[jjf3]

AA+ rating!!! Oh what Oh what will Wall Street do on Monday???

[wjfox]

Well done to the GOP. Brilliant strategy there! Congratulations on totally screwing the global economy for decades to come.

[jjf3]

As you all know I think blaming one party is a bit harsh and unrealistic. Tax cuts for the rich were bad yes, but worthless govt programs that we don't need giving away free money to the poor etc... Is all democratic thinking and wasteful spending does not help get is out of debt!!! secondly, If you guys wanted tax increases for the rich you could have fought harder for them in this debt deal. That shows poor leadership in my opinion and shows which party truly stands by its own beliefs

[wjfox]

secondly, If you guys wanted tax increases for the rich you could have fought harder for them in this debt deal. That shows poor leadership in my opinion and shows which party truly stands by its own beliefs

The Republicans refused to budge an inch on the issue. What was Obama supposed to do?

[Prolite]

secondly, If you guys wanted tax increases for the rich you could have fought harder for them in this debt deal. That shows poor leadership in my opinion and shows which party truly stands by its own beliefs

The Republicans refused to budge an inch on the issue. What was Obama supposed to do?

wjfox, Obama should have enacted Section 4 of the 14th amendment, just as Bill Clinton advised him to do. Obama needs to heed to advice more often.
http://en.wikipedia...._of_public_debt
"The validity of the public debt shall not be questioned."

Here's the point in case:
http://blogs.forbes....the-debt-limit/

[jjf3]

Exactly he had other options, but instead he urged the ppl to scream at Congress via the internet, threaten to take away SSC, and never even revealed HIS plan to us = poor leadership!!!

But the S&P did not take into account the recent debt ceiling debacle BC this was blown way out of porportion by both sides not just Republicans

This was coming anyway. The debt ceiling has been raised many many times and both parties took advantage of the political arena-- Republicans won this one

[Prolite]

Not only did the Tea Party hold the economy hostage against our country (which is communism since they threatened to destroy our economy with their votes), but the S&P is now getting in on this. Now they're threatening to downgrade the AA+ rating even more. Really!? Weren't they the same a-holes who took down our economy in the first place by giving AAA ratings to bad loans and mortgages? And of course if you're a Republican, any regulation of the marketplace is considered "bad" and a "job killer". You know what's a job killer? DEREGULATION.

[GNR Rvolution]

This was coming anyway. The debt ceiling has been raised many many times and both parties took advantage of the political arena-- Republicans won this one

Unfortunately that's the problem right there, playing the game is costing the US and the rest of the world dearly. Nobody won anything, everyone looked foolish and the world is a worse place

[jjf3]

They had to do something BC the opposite side didn't do anything! Otherwise the country would've defaulted. So yes, they took it hostage from the poor decisions and poor leadership of the dems. Where was Obama's plan? Why did he cave?

Fact is you can't fix the economy by only raising taxes and only cutting spending, however the people who we owe debt to mainly wanted us to cut 4 trillion from the budget not only 2+ trillion.

[truthiness]

secondly, If you guys wanted tax increases for the rich you could have fought harder for them in this debt deal. That shows poor leadership in my opinion and shows which party truly stands by its own beliefs

The Republicans refused to budge an inch on the issue. What was Obama supposed to do?

wjfox, Obama should have enacted Section 4 of the 14th amendment, just as Bill Clinton advised him to do. Obama needs to heed to advice more often.
http://en.wikipedia...._of_public_debt
"The validity of the public debt shall not be questioned."

Here's the point in case:
http://blogs.forbes....the-debt-limit/

And if Obama had done this, the Repubs would have screamed that the president was abusing the 14th amendment to make a power play against the Congress. Obama would have claimed (rightly, I think) that he was doing what he needed to do to keep our government and the world's economy functioning. They'd proceed to impeach him, as they did with Clinton, though I doubt they'd succeed in actually removing him from office. The Republicans want only to crush him, regardless of any consequences. To that end, they will make sure that nothing positive will come out of the US government until after the next election, or the election after that. Whatever it takes. Until we get a third party put together, it'll be the same story for a good long while because if the situation should be reversed in say, 2014, with a Republican president and a Democratic house, they'll remember 2010 and 2011 and it'll be payback time. No one will win in this scenario.

Obama was damned if he did, and damned if he didn't.