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Old 07-28-2011, 06:00 PM  
petegz28 petegz28 is offline
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Ratings agencies are full of poo-poo

We have gone from the threat of having our AAA rating downgraded IF we defaulted to now having it downgraded even if we don't default. S&P wants to see a $4til cut package to consider not downgrading it.

Now, the question is WTF now? WTF the change? We have had this debt and projected debt for a while now. Yes there were some minor grumblings back in March but the point is we didn't have a $4tril package then and we don't have one now. So WTF hasn't it been downgraded if that is the concern?

These agencies are a bunch of overrated crap. They were asleep at the wheel throughout the entire financial crisis. So is this a flexing of muscle because of the Frank-Dodd deal that they didn't like?

And seriously, WTF is really going to listen to them? Do you think people are going to run to Euro bonds suddenly if they did downgrade? Something doesn't smell right with this whole deal.
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Old 07-28-2011, 06:03 PM   #2
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The assumption was always in place that our political process was capable of solving our substantial long-term debt problems. That assumption has taken quite a beating over the past few weeks.
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Old 07-28-2011, 06:06 PM   #3
petegz28 petegz28 is offline
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Quote:
Originally Posted by Forward Dante View Post
The assumption was always in place that our political process was capable of solving our substantial long-term debt problems. That assumption has taken quite a beating over the past few weeks.
Be serious. We are capable of handling it, even if the kids in charge want to traumatize everyone over it for political points. There is absolutely no way anyone could look at us and say we aren't capable of paying our bills. After all, we have the Fed's money machine, sadly.
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Old 07-28-2011, 06:09 PM   #4
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Quote:
Originally Posted by petegz28 View Post
Be serious. We are capable of handling it, even if the kids in charge want to traumatize everyone over it for political points. There is absolutely no way anyone could look at us and say we aren't capable of paying our bills. After all, we have the Fed's money machine, sadly.
The Fed's money machine wont do much to help our long term debt problems, which are mostly inflation-proof.
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Old 07-28-2011, 06:14 PM   #5
petegz28 petegz28 is offline
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Quote:
Originally Posted by Forward Dante View Post
The Fed's money machine wont do much to help our long term debt problems, which are mostly inflation-proof.
Hello, sarcasm, meet Forward Dante. You take so much if this political crap at face value, it's surprising, frankly. While all the shows yesterday from CNBC to Bloomberg were saying the market is tanking over the debt deal the traders in the SP pits were saying it is because the $ is starting to strengthen and it is putting a spook in the market on 2nd half growth.

The San Francisco Psycho came out today and said the Dems were trying to save the world as we know it.

The ratings agencies who stamped worthless bullshit with a AAA stamp are now threatening us with a downgrade.

Come on, man, this is all political ****ing theater.
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Old 07-28-2011, 07:24 PM   #6
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I agree that it doesn't seem like Rating companies that rated mortgage backed junk AAA just 3 years ago should be able to hold our nation hostage with threats.
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Old 07-28-2011, 07:29 PM   #7
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Somehow I dont think rating agencies should give a damn what I think...use the data, be unemotional, tell the ugly truth, and stay away from politics.
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Old 07-28-2011, 07:31 PM   #8
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Quote:
Originally Posted by HonestChieffan View Post
Somehow I dont think rating agencies should give a damn what I think...use the data, be unemotional, tell the ugly truth, and stay away from politics.
They don't use the data. They wield great power over the markets and apparently aren't accountable to anyone.

But, hey, it worked out great in 07-08', right?
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Old 07-28-2011, 07:37 PM   #9
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They dont use data?
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Old 07-28-2011, 08:33 PM   #10
petegz28 petegz28 is offline
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Quote:
Originally Posted by HonestChieffan View Post
They dont use data?
If they used data then all the CDO's in that got us in trouble would never have been stamped AAA. NEVER! But when you are paid by the people who want the AAA rating then it's ok.
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Old 07-28-2011, 08:41 PM   #11
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If we froze the baseline today, this moment, we'd still have trillions of new debt from interest payments. But it would be the proper start.

But for some reason the GOP TP politicians don't seem to understand that they only control one third of the process. And judging from the way some of them are talking today it sounds like they're determined to not add a dollar to the debt ceiling no matter what.

So we have a plan that the Senate won't pass that the House can't get passed either. There's little hope that anything the Senate would find palatable would clear the House. The House Republicans are begging Obama to produce a plan, while the Senate Democrats have yet to produce anything (beyond a plan that doesn't really cut anything and that few have seen).

At least the White House is out there reminding us that the GOP will kill Christmas.

What a bunch of tools all the way around...
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Old 07-28-2011, 08:44 PM   #12
petegz28 petegz28 is offline
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Quote:
Originally Posted by RINGLEADER View Post
If we froze the baseline today, this moment, we'd still have trillions of new debt from interest payments. But it would be the proper start.

But for some reason the GOP TP politicians don't seem to understand that they only control one third of the process. And judging from the way some of them are talking today it sounds like they're determined to not add a dollar to the debt ceiling no matter what.

So we have a plan that the Senate won't pass that the House can't get passed either. There's little hope that anything the Senate would find palatable would clear the House. The House Republicans are begging Obama to produce a plan, while the Senate Democrats have yet to produce anything (beyond a plan that doesn't really cut anything and that few have seen).

At least the White House is out there reminding us that the GOP will kill Christmas.

What a bunch of tools all the way around...
Yeah, the same WH that slammed Obamacare through on party lines on Christmas Eve!!!
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