Rep Paul Ryan’s plan would have averted downgrade
On Fox and Friends the Standard and Poors managing director, John Chambers explained how several plans had been presented that would have averted the credit downgrade. Chambers even included Obama’s name in a list of those that presented plans with $4 trillion in cuts, although no one ever saw Obama’s plan Chamber’s still gave credit to Obama as well as plans that actually exist, like Cut Cap and Balance as well as Rep Paul Ryan’s plan as ones that would have shunned a downgrade. This was not the fault of the Tea Party as asserted by the democrats that are attempting to setup the Tea Party as the fall guy for the downgrade and the ensuing bloody violence that will follow in the weeks to come.
Related articles
- Alan West slams Sen. John Kerry over Tea Party is to blame for credit downgrade remark. (yourdaddy.net)
- Downgrade Illustrates Washington’s Dysfunction – NPR (news.google.com)
- BOSTON HERALD: Standard & Poor’s downgrade of the nation’s credit rating gives House Budget C… (pajamasmedia.com)
- Standard and Poor’s Threatens to Downgrade U.S. Again [The Economy] (gawker.com)
- Standard & Poor’s Downgrades U.S. Debt (reason.com)
- Chris Wallace Challenges Paul Ryan On Whether ‘Failing To Compromise’ Led To S&P Downgrade (mediaite.com)
- Finger-Pointing in Washington Follows Debt Downgrade (blogs.wsj.com)
- U.S. Expecting To Be Downgraded By Standard And Poor’s (huffingtonpost.com)
- Ryan Downplays Prospects of New Deficit Committee (blogs.wsj.com)
- Obama in bunker mode after downgrade? (hotair.com)
Posted in: Crime Inc
Thom Gillespie
August 8, 2011
He does not say Ryan would have prevented a down grade. He says Ryan, Boles Simpson and Obama all came up with a similar number which would have worked which if you remember was the number Obama offered rejected by Boehner and the Tea Party.
The past 2 days there have been a number of interviews with Chambers where he reiterates over and over that the contributing factor was the politics which took the US to within 10 hours of default. He even mentioned that for the past 60-70 time the ceiling has been raised it has never been connected with politics.
When asked by the interviewer above if the Tea Party is to blame his answer is: there is blame to go around.
notalemming
August 8, 2011
Yes we can blame the Tea Party. If they had not forced this issue we would have nobody but the republicans in general to blame. Now that would be such a travesty when it is much more fun to marginalize the only group that actually got it right! Look, the guy is S&P the director. He has to maintain his non-partisan judgement even to attempt to keep what rating agencies do even somewhat credible after they missed everything from the tech bubble to derivatives schemes. And the Tea Party rejected anything that was not serious. That would include any plan devoid of a balanced budget amendment. Any plan that did not have honest cuts up front, not 4 and 5 or more years down the line. Just remember all ANYONE but the Tea Party came up with was ‘numbers’. The Tea Party and the Republicans actually offered solutions. Please, let us see Obama and the democrats plan, even a budget that is required by law would be a move in the honest direction. Transparency? Yes we see the Tyranny within.
DamDoc
August 8, 2011
hey Thom (is that prononced thumb?).. stop chumming.. we heard your bilge the first time.. the only time you were close is when you said plenty of blame to go around… otherwise you were playiong the part of a numbed partisan (were you at a Husian-inn express last night?).. we are tired of that progressive tune.
Thom Gillespie
August 8, 2011
Amazing rationalization. The debt ceiling was never a political issue since the beginning of the country. the debt ceiling is about paying existing debts. This is the first time in the history of the country that the US government had politicians literally standing up and saying default is fine. 10 times under Dubya not a single word was spoken while he literally spent 6-7 trillion dollars with no matching revenues to pay for 2 wars, Medicare Drug program and No Child Left Behind. Not a dime. If Dubya pays his debts there is no debt ceiling problem because there is no debt. Clinton left him with money in the bank.
The 10 hours to default is totally at the feet of the Tea Party and Middle America knows that dog by name. They assumed they were standing up for what they believed in but they were standing up on the reputation of the country and it just got seriously besmirched.
634 point drop just today. Check the 401K because that puppy just went south with a bullet.
notalemming
August 8, 2011
The use of the word default was a democrat scare tactic. The country would never default on the debts. Clinton’s surplus was also accounting gimmickry like everyone else”s. But we have to quit liying to ourselves that all this debt was fine to just keep adding up. And you lay the 10 hours till default at the feet of the tea party is absurd. The democrats gave nothing to compromise with. It was saul alinsky tactics used and very well I might add against the Republicans. Keep dreaming. the 22 Tea Party members that voted against this bill were th only ones that got it right. the only ones that truly care about the future America. Not about elections.
Don
August 9, 2011
Thom,
Clinton left a 5 trillion dollar debt. some surplus.
Thom Gillespie
August 8, 2011
http://www.huffingtonpost.com/2011/08/08/dow-jones-industrial-average-stocks_n_921406.html
Yeah Tea Party, way to go dudes and dudettes.
notalemming
August 8, 2011
Like blaming the Betty ford clinic for alcoholism. You democrat progressives are delusional. Dementia rules your reason. Idiots.
John
August 8, 2011
GDP for the US is ~14trillion atm. You can look at this as US “annual income”. or per capita around $46,000.
National debt being obvious….debt. per capita ~$43,000.
debt to income ratio in a yearly figure for the US = ~95% of GDP today.
what’s your debt to income ratio personally?
Mine is roughly ~15% but I have no assets(no house) so although mine looks good compared to the US as a nation, the US has a ridiculous amount of assets to sell(and I don’t mean to foreign nations, I mean internally to private corp’s/individuals).
Meaning is the country really in trouble as bad as everyone says? Are we sacrificing jobs so that the Republicans can get representation in the WH in 2012 or so that the republican house can look bad so the Dems can keep the WH and maybe win back the house?
If you looked at your debt and said, I make 60k per year and I owe 55k in debt INCLUDING assets that are valued at roughly lets just say 80% of the debt. If I sold my assets and still owed 10k. Do you think you were swimming in debt if that debt is at 3% interest?(most of the US debt is lower interest than this).
Most US households hold mortgages, which are at LEAST 2-3x their income…the US is at less than 1x their income….are we that bad off?
This is a power play, plain and simple by both sides and the lower/middle class are being taken.
Thelma
August 8, 2011
if it was not for the tea partiers have of what we know now would have been covered up..THE NEW MEDIA OR LEFTERS .THANKS TO SOROS.
Thom Gillespie
August 8, 2011
Greg, wonderful discussion but the S&P guy in your video said the #1 problem is politics, not debt. The problem is when you get politicians who can’t compromise and don’t understand that the foundation of democracy is compromise. Name a single Republican candidate for president who attempted to do anything other than incite flames regarding the debt ceiling vote. You do know we are one of the only countries in the world with this thing called a debt ceiling? I’m sure you also know there not a single mention of ‘debt ceiling’ in the Constitution anywhere?
The question you should be asking is why has debt to GDP increased from the end of Dubya to maybe 78% at this moment. Obamacare? Nope, that doesn’t kick in till 2014. SS, no that one covers its own costs no matter how you look at it. medicare because of medical expenses is a problem but throwing multi millions of people off medical coverage probably isn’t the solution. Insurance? Nope.
Wars are kicking in between 6-7 trillion in costs and the bills are still coming due.
The latest economic debacle was kicked off by the Tea Party who thought it just fine if the US defaults on their legal debts.
Thom Gillespie
August 8, 2011
I think the Tea Party needs a stimulus because they are having trouble with debt also:
Thom Gillespie
August 9, 2011
Greg, here is the debt in pictures. Pretty easy to see where 95% of the debt came from.
http://zfacts.com/p/1170.html
Add to this Tea Party nut cases some of whom are running for Republican Candidate for president who have been quoted as saying “no big deal if the US defaults on its legal debt.”
It is a big deal, perceptions are reality. The Republican side keeps saying things like: the market needs to have confidence …
Do you seriously believe that what is happening right now is the result of a market with confidence that the US will pay its debt or do you believe there is a 100% chance the debt ceiling will be held hostage by the Tea Party, again and again and again?
We have enormous problems with jobs being #1 but if you look at the British austerity model which is the Tea Party model for the US, the British growth rate last quarter was .2% compared with the weak US rate of 1.8%. The entire debt ceiling debate had to do with jobs and the economy because jobs and the economy are long term difficult problems.