Tea Party Debt Deal > Tea Party Downgrade > Tea Party Sell-Off

  • Posted by a hidden member.
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    Aug 08, 2011 11:21 PM GMT
    Thanks a lot, Repubs!
    First you hit my nest egg with the Bush Recession stock market crash, and now you've hit it again with the Tea Party Downgrade stock market crash.

    If the Tea Partiers hadn't been able to hold our country and their own Republican party hostage to their extreme "my way or the highway" demands - the S&P wouldn't have downgraded the U.S. and we wouldn't be seeing this massive sell-off.
    http://www.cbsnews.com/stories/2011/08/06/earlyshow/saturday/main20089022.shtml

    We need to clean our House (of Representatives) of all radical Tea Party members next year.
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    Aug 08, 2011 11:39 PM GMT
    rickrick91 saidWe need to clean our House (of Representatives) of all radical Tea Party members next year.

    Sadly, that ain't gonna happen. Fanatical Teabaggers (and their supporters here on RJ), see the problem as Congress not going far enough. To further lower taxes on corporations & millionaires (who are funding and directing the Teabaggers), slash schools and other services (what are schools to old decrepit farts, and what are services if you rarely leave your armchair?), and attack gay rights, gays being the real cause of all our problems.

    No, the Teabaggers have gained a foothold, and they won't go away anytime soon. I said this over a year ago here, and warned that, despite their idiocy, they had connected with the cranky old "get off my lawn" crowd. The difficulty for the Republicans is that they own this problem child, and they have to give it treats all the time, or it will throw an irrational temper tantrum.

    The test will be whether the rest of the US gets fed up with these antics, and throws Teabaggers & their Republican enablers out of office. A tough contest, the Christian Right squarely behind the Teabaggers. 2012 should be a defining moment. And if the Democrats lose, as some here hope, gays are doomed for another generation.
  • CuriousJockAZ

    Posts: 19136

    Aug 08, 2011 11:47 PM GMT
    Art_Deco said
    rickrick91 saidWe need to clean our House (of Representatives) of all radical Tea Party members next year.

    Sadly, that ain't gonna happen. Fanatical Teabaggers (and their supporters here on RJ), see the problem as Congress not going far enough. To further lower taxes on corporations & millionaires (who are funding and directing the Teabaggers), slash schools and other services (what are schools to old decrepit farts, and what are services if you rarely leave your armchair?), and attack gay rights, gays being the real cause of all our problems.

    No, the Teabaggers have gained a foothold, and they won't go away anytime soon. I said this over a year ago here, and warned that, despite their idiocy, they had connected with the cranky old "get off my lawn" crowd. The difficulty for the Republicans is that they own this problem child, and they have to give it treats all the time, or it will throw an irrational temper tantrum.

    The test will be whether the rest of the US gets fed up with these antics, and throws Teabaggers & their Republican enablers out of office. A tough contest, the Christian Right squarely behind the Teabaggers. 2012 should be a defining moment. And if the Democrats lose, as some here hope, gays are doomed for another generation.



    You and your doom-and-gloom. Sheeeeesh. What's happening now may well likely turn out to be a good thing. The Tea Party has actually done some good here perhaps in terms of getting our economic policy headed in the right direction. We may not know the repercussions for months and/or even years, but one thing is for sure and that is that there will be plenty of blame to go around. Heads will likely roll on both sides. As for Obama, he should be afraid -- very afraid!
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    Aug 08, 2011 11:48 PM GMT
    http://krugman.blogs.nytimes.com/The Downgrade Doom Loop

    It’s not the whole story, but something like this threatens to develop:

    1. US debt is downgraded, sparking demands for more ill-advised fiscal austerity

    2. Fears that this austerity will depress the economy send stocks down

    3. Politicians and pundits declare that worries about US solvency are the culprit, even though interest rates have actually plunged

    4. This leads to calls for even more ill-advised austerity, which sends us back to #2

    Behold the power of a stupid narrative, which seems impervious to evidence.
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    Aug 08, 2011 11:58 PM GMT
    http://noahpinionblog.blogspot.com/2011/08/republicans-own-this-downgrade.html

    He goes into detail decade by decade in terms of debt runup, and concludes:
    http://noahpinionblog.blogspot.com/2011/08/republicans-own-this-downgrade.html
    Note that this debt runup, unlike the ones under Reagan, Bush I, and Bush II, has occurred during an economic contraction (where the GDP denominator is shrinking), rather than during an expansion (when debt should logically fall as a percent of GDP). That is very important.

    But even if you were to follow the pure Republican party line and blame all of the increase on Obama, note this: Debt is now approaching 100% of GDP, which is over the 90% level that Kenneth Rogoff like to talk about. If the Reagan-Bush I debt runup had not occurred, we would only be at 70%. If the Bush II tax cuts had not occurred, we would probably be around the same level or slightly higher. If neither Republican debt binge had occurred, anyone who tried to question U.S. solvency would be laughed out of the room.


    For those who point out that the Republican-controlled Congress in the 1990's briefly reversed the debt trend, read this:

    http://noahpinionblog.blogspot.com/2011/08/republicans-own-this-downgrade.htmlIn the 90s, the runup in debt was halted, then temporarily reversed. The big showdown came in 1993, when Clinton rammed through a massive batch of spending cuts and tax increases. Every single Republican in Congress voted against the bill, and it passed by one vote. I repeat: every single Republican voted against the bill.

    But the bill passed, and it worked. The rise in debt was halted (see graph above). In the latter half of the 90s, the new higher tax rates and lower spending rates were maintained even as economic growth accelerated, leading to a fall in gross federal debt back to below 60% of GDP. A Democratic president and congress therefore seem responsible for the brief drop in debt levels that occurred during the 90s.
  • creature

    Posts: 5197

    Aug 09, 2011 12:00 AM GMT
    It's no surprise that The Tea Party continues its ratings dropping as America increasingly views it unfavorably.
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    Aug 09, 2011 2:16 AM GMT
    creature saidIt's no surprise that The Tea Party continues its ratings dropping as America increasingly views it unfavorably.


    No shit. It was one thing when they were just a clown car full of yahoos but now they're actually wrecking an already depressed economy.
  • metta

    Posts: 39138

    Aug 10, 2011 4:38 PM GMT
  • Posted by a hidden member.
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    Aug 10, 2011 4:41 PM GMT
    CuriousJockAZ saidYou and your doom-and-gloom. Sheeeeesh. What's happening now may well likely turn out to be a good thing. The Tea Party has actually done some good here perhaps in terms of getting our economic policy headed in the right direction.


    Oh *do* go on—explain how on Earth you think the outcome of the last few weeks is a "good direction" for the nation's economic policy!

    This should be a hoot!