Stock market tanks- AS I PREDICTED
POSTED BY: SignyM
UPDATED: Saturday, March 14, 2026 22:58
VIEWED: 5717
PAGE 4 of 7
Quote:
Originally posted by TheHappyTrader:
Riona, I believe Raptor's post was directed at me. You see, AURaptor is too ARROGANT to accept the FACT that everything he says everywhere is WRONG!!!!!1!!!11!1
He is not worthy of our time nor intelligent discussion and best left ignored. That's why we respond to all his post and talk about him when he is not present.
Arrogance has nothing in the least bit to do with it, at all. Fact is, I'm overly humble.
It's you mindless sycophants who refuse to see the world as it truly is.
But that's not important. Dow drops (currently ) another 500 pts. Obama's speech , defiant and petulant, as a little child, hasn't helped matters, at all. Made them a lot worse, actually.
Obama has blamed Bush, tsunamis, tornadoes, earthquakes, Arab spring, Republicans, Tea Party, BP, ATM's and now... even S&P, as the latest reason that life isn't the happy happy joy joy time so many were conned into buying, at the Imaculation celebration , back on Jan 20, 2009.
Hate to say I told ya so...
No, I don't. I told ya so, folks. Sucks being right sometimes.
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It should be noted that one of the reasons S&P downgraded is because of the GOP unwillingness to consider raising revenues.
"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 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, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade."
http://www.telegraph.co.uk/finance/financialcrisis/8685683/SandP-downg
rade-the-statement.html
I do not fear God, I fear the ignorance of man.
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The board is suffering from an acute case of comedy failure.
I pronounce it terminal.
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- 550+ now... the avalanche is gaining steam.
Way to instill confidence, Barry.
" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "
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Dow closes at - 633
Good grief.
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Meanwhile, the tea-baggers cheer, proving to one and all that the GOP has been all about collapsing the economy every since Americans had the gall to elect a black man President.
"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservatives." - John Stuart Mill
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could not resist ... just had to preserve this gem ...
AuRaptor
"Arrogance has nothing in the least bit to do with it, at all. Fact is, I'm overly humble."
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John Boehner: "I got 98% of what I wanted."
Indeed he did.
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Still, economists are saying there's something screwy about the S&P downgrade. Most economists have said that (1) the USA is not in a debt crisis and (2) the lowered ratings (which should reflect ability to pay) don't make any sense. Indeed, Treasuries actually GAINED value after the downgrade.. clearly, the market isn't at all concerned about getting paid Tbond interest and sees no additional risk because investors are willing to pay MORE for a (theoretically) riskier investment.
I will bet you quite a bit that the downgrade was politically motivated. I don't know who stood to gain and why it occurred, but it is nonsensical from a financing viewpoint. I hope someone does some forensic economics on it.
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That's the analysis I've been hearing from various economists - that the US is not more likely to default on its debts than before. Some have put this down to S&P trying to recoup credibility after rating credit default swaps so well. But maybe there is an even more specific, pointed reason.
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