What happened to all of the doom and gloom economic threads?

[Frisco_Slug_Esq]

Sure. S&P said we need about 4 trillion in deficit reduction to definitely keep our AAA rating. Congress passed 2.4 trillion. Add in another 1t to 1.5t in Bush tax cut rollbacks and we're either there or close enough that the S&P would say we're on the right track enough that they would defer a downgrade.

Prove it. Saying it is easy.


That's why we've been down-graded. Faulty assumptions all 'round.

 

[Frisco_Slug_Esq]

Nobody said rolling back the Bush tax cuts was going to solve the entire debt crisis. Stop your lying spin for fuck's sake. You're no better than Busybody with this horse pucky straw man crap.




It's almost like you think the Bush tax cuts ended already. We still have them. Using your very own logic you can say that the Bush tax cuts led us to 9.1% unemployment. After all, Republicans predicted they would keep unemployment low and now it's high - with the cuts in place.

Tell me, did the Bush tax cuts pay for themselves? Because I have a link here from your very own Heritage foundation - chock full of the sunniest most right-wing spin imaginable - that says they did not.




Yes that's right, Democrats perfer falling employment and they want to destroy America.

Speaking of Lying, why did you and U_D shut the fuck up when I posted the actual words of S&P saying explicitly that they were not calling tax increases when you both tried to implicitly claim they had because they used the word revenue; we Austrians all know how to increase revenue, and raising taxes in tough economic circumstances is not theway to do and, *gasp* :surprise: *shock* :horror: President Barack Hussein Obama agrees with us, and said exactly that when he kept the current Congressionally-mandated tax brackets in place...

Now, prove he's a liar...

 

[unregistered]

 

[Frisco_Slug_Esq]

Congress controls spending. If Obama spends a couple trillion it's because the heavily Republican House wrote a bill for $2 trillion in spending.

Why are you acting this stupid tonight? You can carry on for days about your strict adherence to the constitution then you spout out a bunch of crap about how the president can just up and spend a couple trillion dollars?

His debt was created by Democrat control of Congress.

Since 2007, purposefully not submitting a single budget...

 

[Frisco_Slug_Esq]

The Bush Tax cuts are quinetessential Keysnianism. Targeted tax cuts and increased deficit spending to institute government intervention in the economy? TEXTBOOK Keynsian policy.

Ignorance is a bitch.

Bush was not an Austrian.


We established that during his presidency.

Yesterday's targeted Obama tax cuts are todays "loopholes" for the rich.

Bush did nothing to reduce the influence of government in the markets, therefore, he looked like a Democrat when it came to the economy.

He was as close to Richard Nixon as Obama is to Mussolini...

 

[Frisco_Slug_Esq]

Direct quote from the full report:


You can download it here:
http://www.standardandpoors.com/ser...lobwhere=1243942957443&blobheadervalue3=UTF-8

Let the backpedaling and bullshit flinging begin!

Yeah, I don't see a word there calling for tax revenues...



Can you read what I post?

D-o- - I - - n - e -e - d - - t - o - - t - y - p - e - - s - l - o - w - e - r - ?

 

[Frisco_Slug_Esq]

Show me where I said that, dummy.

The mantra of the consensus...

 

[kbate]

Originally Posted by mercury14
Congress controls spending. If Obama spends a couple trillion it's because the heavily Republican House wrote a bill for $2 trillion in spending.

Why are you acting this stupid tonight? You can carry on for days about your strict adherence to the constitution then you spout out a bunch of crap about how the president can just up and spend a couple trillion dollars?



Yet Clinton balanced the budget despite the fierce opposition of his republican congress which cried, "Bill, spend that money," to which he replied with his trademark chin thrust, "No Congress, The American People demand that we spend prudently."

 

[Frisco_Slug_Esq]

Q€iii

Damn the torpedoes! Up periscope! Full speed ahead! Ben Bernanke and the Fed to the rescue!

In a startling move Tuesday, the FOMC announced that its zero-interest-rate target would be extended for two more years through the middle of 2013, marking the first time the target rate has ever been pegged to a date certain.

After one of the most vicious market plunges in memory over the past two weeks, stocks soared 429 points on the news. And bond rates plunged, with the 10-year Treasury closing at 2.27 percent.

Forget about S&P downgrades. Forget about the recession threat. The stock market loves Ben Bernanke!

In effect, this is a giant step towards QE3 bond purchases and new-money creation. In fact, traders are already nicknaming this latest Fed action QE3 Lite.

But not everyone is thrilled. For the first time since November 1992, three FOMC members dissented from the committee’s decision. Inflation hawks Dick Fisher of Dallas and Charles Plosser of Philadelphia were joined by the usually moderate Narayana Kocherlakota of Minneapolis in coming out against the action.

Mr. Plosser’s dissent did show a preference for an exceptionally low fed-funds level for an extended period of time. But not for the Fed’s stamping a date certain on that policy for the middle of 2013.

So markets and the economy can expect ultra-easy money for at least two more years. But remember, after inflation, the fed funds rate is already negative. And if and when the Fed starts buying bonds again to expand its $2.6 trillion balance sheet — by injecting a like-amount of cash into the banking system — monetary policy will be ultra-ultra easy.

The Fed’s logic? “Economic growth so far this year has been considerably slower than the Committee had expected,” according to the Fed statement. And more recently, “inflation has moderated as prices of energy and some commodities have declined from their earlier peaks.”

So Bernanke acknowledges that the economy is sputtering and he hopes and prays that an easy-money zero-interest-rate policy for two more years doesn’t depreciate the dollar and drive up energy and commodity prices all over again. Recall that QE2 sunk the greenback and generated about 5 percent inflation, which ate away at the first-half economy, which came in at less than 1 percent in real terms.

When Bernanke unofficially ended QE2 and ruled out QE3 at his April 29 press conference, it led to an 18 percent stock market correction that lasted until Tuesday’s big rally. And who am I to argue with a 429 point stock rally?

Well, if I had my druthers, I would promote growth through flat-tax reform, a regulatory rollback, lower spending, and a steady King Dollar linked to gold. In other words, more incentives for private-sector entrepreneurs and small businesses. But like many I suspect the Fed would have no problem presiding over a cheaper dollar, which over time is an inflationist policy — a tax hike on the economy.

But then again, the Fed didn’t ask me.

Larry Kudlow
NRO

You put off a correction, and then when it comes, it will be even worse than the correction you try to avoid.
a priori

 

[Frisco_Slug_Esq]

Originally Posted by mercury14
Congress controls spending. If Obama spends a couple trillion it's because the heavily Republican House wrote a bill for $2 trillion in spending.

Why are you acting this stupid tonight? You can carry on for days about your strict adherence to the constitution then you spout out a bunch of crap about how the president can just up and spend a couple trillion dollars?



Yet Clinton balanced the budget despite the fierce opposition of his republican congress which cried, "Bill, spend that money," to which he replied with his trademark chin thrust, "No Congress, The American People demand that we spend prudently."

Stop!

You're cracking me up...

 

[richard_daily]

Yeah, I don't see a word there calling for tax revenues...



Can you read what I post?

D-o- - I - - n - e -e - d - - t - o - - t - y - p - e - - s - l - o - w - e - r - ?

So you don't consider letting the bush tax cuts expiring as a "tax revenues"? Good to know, and I'm glad you're on record about the matter. You're also completely wrong, as it clearly IS tax revenue.

Type as slow as you'd like.. It would probably be a helpful exercise for you. Maybe you'd start to make a little more sense.

 

[Frisco_Slug_Esq]

So you don't consider letting the bush tax cuts expiring as a "tax revenues"? Good to know, and I'm glad you're on record about the matter. You're also completely wrong, as it clearly IS a tax revenue.

PROVE they will increase revenue...




I'll wait...



*popcorn*

 

[richard_daily]

PROVE they will increase revenue...




I'll wait



*popcorn*

Prove that lessing the bush tax cuts expire would increase revenue? If you don't believe it, take it up with S&P. Who, as I posted, clearly stated that one of the major reasons for the downgrade was that THEY don't believe that the Republicans will let them end.

Let me know what their response is to your letter...

and keep working on that typing slower thing... maybe you'll start to think before you press "submit reply".

 

[Frisco_Slug_Esq]

So, you cannot prove it.





We "get" that...

 

[richard_daily]

So, you cannot prove it.





We "get" that...

I proved that S&P downgraded the triple A rating, in great part due to the Republicans refusing to let the Bush tax cuts expire. If you have issue with that, take it up with someone who cares.

I had a feeling that you would be flinging the monkey poo, in an attempt to obfuscate... and I was right.

 

[lustatopia]

You know what the real shame with Merc/daley/ulaven/sean is?

It's not that they're so shit ignorant. I don't believe they're stupid, you know, like in mentally retarded. The facts are available to them like every one else. We are all working from the same set of facts. It's just that one side is delusional AND malicious.

The problem seems to be that the useful idiot brigade don't share the same goals as the fiscal conservatives here.

The economically sane want to restore the US to the path of fiscal sanity and return to GDP growth, job creation, and productivity increases while keeping the planet save for peace, democracy and the global free market of ideas, capital, goods and services. In short the fiscal cons want us to continue to build on the progress we have made in the last century. Once all Americans wanted this, we just differed on how to get there.

But looking at the posts from Merc/daley/ulaven and other shit-for-brains it seems as if the new Liberal agenda is based upon taking other people's money by force and spreading it around to their friends. How's that working out in England, mates? Or Greece? Or the old Soviet Union? I know, I know. It's the old song....don't know much about history....

Meanwhile, we should disarm America, because Americans are bad people, killed the indians, what not. Who are we to have a right to be safe and secure? We're all guilty as shit. When whoever comes to kill us, we deserve it. But don't worry, we still have our nukes. Any problems and WE'LL NUKE YOUR ASS.

So the Libs here are basically some pathological combination of self-loathing, class envy, thievery and general hatred towards anyone who doesn't share their sense of entitlement, plus a loony toons understanding of global realpolitiks.

Michael Moore would be proud.

 

[Frisco_Slug_Esq]

I proved that S&P downgraded the triple A rating, in great part due to the Republicans refusing to let the Bush tax cuts expire. If you have issue with that, take it up with someone who cares.

I had a feeling that you would be flinging the monkey poo, in an attempt to obfuscate... and I was right.

No, you did not prove it.

Proof is a concrete mathematical term.



lustaphobia has said it all so very well, you desire a political outcome, so you employ political rhetoric, so does merc and U_D...
__________________
"The state is that great fiction by which everyone tries to live at the expense of everyone else. ... there is only one remedy: time. People have to learn, through hard experience, the enormous disadvantage there is in plundering one another."
Frédéric Bastiat

 

[richard_daily]

No, you did not prove it.

Proof is a concrete mathematical term.



lustaphobia has said it all so very well, you desire a political outcome, so you employ political rhetoric, so does merc and U_D...
__________________
"The state is that great fiction by which everyone tries to live at the expense of everyone else. ... there is only one remedy: time. People have to learn, through hard experience, the enormous disadvantage there is in plundering one another."
Frédéric Bastiat

So... are you claiming that S&P was lying... in their own report, posted on their own website?

I think you need to type just.



a.




little.




bit.





slower.

 

[Frisco_Slug_Esq]

PS - The Republicans were not the ones who refused to allow them to expire, that was he with the Veto Pen and a majority lame-duck Congress...




The PROOF is in the action, not the words.

 

[unregistered]

 

[Frisco_Slug_Esq]

So... are you claiming that S&P was lying... in their own report, posted on their own website?

I think you need to type just.



a.




little.




bit.





slower.

We are now all convinced that you read exactly what you want to find and ignore the facts as "inconvenient."

 

[Frisco_Slug_Esq]

All he proved is that he can't read.

It's the Million-Man Reading Method.

 

[richard_daily]

Those who scream the loudest and longest often think that they've won an argument...

However, they usually fail to notice that they're the only ones left in the room.


Enjoy your day buddies! Do try to get out and get some fresh air.

 

[Frisco_Slug_Esq]

Those who scream the loudest and longest often think that they've won an argument...

However, they usually fail to notice that they're the only ones left in the room.


Enjoy your day buddies! Do try to get out and get some fresh air.

Why did Obama extend the tax rates if he knew they were going to generate trillions in revenue?

Why are you taking you ball home?

 

[RightField]

They're still trying to follow the democrat marching orders from the day after the downgrade that said something like "I know that our redistributionist policies and intransiegence on spending reductions has screwed the economy and resulted in a downgrade to our government's ability to repay the debt, but we'll never get elected on our record so we need a coordinated policy to try to blame this on the Republicans so maybe we can convince a few of the weak-minded that democrats leading government isn't a complete disaster."

Of course, there were a few like Kerry who carried the water the next day, but within hours they were widely and thoroughly discredited, including by many in left-leaning media who started to realize that this outrageous claim was going a little bit too far, even for their warped sense of integrity.

Since then, being thoroughly discredited, the left hasn't brought it up agan. The only place that these laughable claims are being made are on this website by the honorable group of well-meaning but Gilliganesque group of UD, Merc, IZ and a few others.