CentristPunditVille
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Updates at the Bottom Of The Post
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Direct from the Horse's (ie. Standard and Poor's) Mouth....
"...Compared with previous (AAA) projections, our revised base case scenario (AA+) now assumes that the 2001 and 2003 (Bush) tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues...."
(stuff in brackets mine, added for clarity, and can be found in the rest of the analysis in the link above)
Is that clear enough for you?
Furthermore....
Is this a statement that you have heard on any major newscast or read on the front, or even the editorial, page of any major newspaper?
As for the upcoming Sunday shows...
Don't hold your breath.
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Better Than Any Sunday Show Update.... As an important counterpoint, our good friend Bob says:
"I agree with their statement, re: the bush tax cuts.
However, the S&Ps and Moodys of the world lost a whole lot of credibility when they were rating the junk default swaps and derivatives so positively back before the financial crash of '08. Their actions were unethical if not criminal in that regard.
They've got lots of "splainin'" to do, IMO . . . ."
However, the S&Ps and Moodys of the world lost a whole lot of credibility when they were rating the junk default swaps and derivatives so positively back before the financial crash of '08. Their actions were unethical if not criminal in that regard.
They've got lots of "splainin'" to do, IMO . . . ."
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Early Sunday morning Double-Not-So-Secret Probation Update: Paul Willcocks takes on the taxes issue head-on (again)....He also links to a NYT Editorial which does make the point that taxes are important, which might make you think, therefore, that the NYT might have actually called the Republicans out for this....Unfortunately, they don't do so explicitly, and they make sure they circle back to the Democrats for their unwillingness to push hard for 'entitlement reform (i.e. whacking social security and medicare)...I comment on Paul's post, and the NYT Edit, here.....As an aside, I actually read the dead tree version of the editorial this morning because I was down across the line for an early morning Bellingham Airport drop-off of C. and littler e.....Can't help but wonder if a wee bit of VAT on all the crap that is being bought at all the Strip- and Bellis Fairytale-type Malls wouldn't also go a long way to fixing pretty much everything in the USA....
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8 comments:
I agree with their statement, re: the bush tax cuts.
However, the S&Ps and Moodys of the world lost a whole lot of credibility when they were rating the junk default swaps and derivatives so positively back before the financial crash of '08. Their actions were unethical if not criminal in that regard.
They've got lots of "splainin'" to do, IMO . . . .
Here's a mental exercise for you:
What is the result of this S&P downgrage? The U.S. will have to pay higher intest on bonds.
Who benefits from this? People who can afford to buy bonds.
Who can afford to buy bonds? The people who took a whackload of money out of the stock market on Thursday.
Good points both Bob's.
Thanks.
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They used to say, if you don't get anywhere with the horses ass, go to the horses head. Problem is, you can't tell the horses ass, from the horses head anymore.
Behind every war and recession, are the giant corporations. They control all of the money. I have seen this crap going on, for absolute decades.
Why do governments give billions of our tax dollars, to the wealthiest corporations in the world?
Well, corrupt greedy politicians took, and still take, money from these giant corporations. Over the decades, we find our country's owned by, the very same outfits, the politicians took the money from. All the large company's have to do is. Hoard all the money, to stop the cash flow around the globe. This causes a recession.
It's the same as the big gas company's, hoard the gas to drive the prices up. Strangely, the shortage of gasoline, always happens around Easter. That's the first price gouge. There is always another price gouge, just in time for summer vacations. May long weekend, is another favorite time for, gas price gouging.
Standard and Poor (great name, eh?) has inserted a grain of truth into their assessment, but the truth also seems to be that the Dems have played right along, Geithner being a creature of Goldman Sachs and Obama feigning impotence in the face of the crisis: let's call bullshit and recognize that his rhetoric is deliberate misdirection. He, too, is a creature of the power structure, perhaps a dupe who stepped in a pile of it when he got elected, but, I suspect, a toad who got elected on a not-Bush platform and did his masters' bidding once in the White House. More of same does not distinguish an elephant from and ass. Long live Ralph Nader and Bernie Sanders.
(A bit of more local perspective, but same old-sameold) And where is Glen Clark, where is Mike Harcourt? Having seen the patsy-play that these characters laid on the electorate to end up on the Pattison payroll and the Olympic bandwagon says that the electorate needs to be vigilant in keeping Dix's feet to the fire. The NDP caucus requires a stiff lesson in real economics, not the stuff that comes out of all the universities. The other guys need a good lesson in being part of the society they seem willing to pillage. Thanks to the Gazetteer for putting a real perspective in front on peoples' eyes.
I'm with you on Bernie Sanders and Ralph Nader, Danneau.
As I still have a vote in USian elections, I refuse to any longer cast a vote for anyone with a democrat, repuglican or teabagger affiliation. They've all been bought and paid for by the corporate Masters and can not represent the people effectively. The dem's "vote for me because the other guy is really bad" doesn't work anymore, either - Bad is bad, no matter the degree. I'm voting my conscience and will be able to sleep better for it . . . .
Standard & Poor's - [.PDF / 8 pages] - Research Update:
United States of America Long-Term
Rating Lowered To 'AA+' On
Political Risks And Rising Debt
Burden; Outlook Negative - August 5, 2011
Standard & Poor's - [.PDF / 43 pages] - Sovereign Government Rating Methodology And Assumptions - June 30, 2011
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