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09-14-2012, 02:01 PM
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#1
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Valued Poster
Join Date: May 20, 2010
Location: Wichita
Posts: 28,730
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US Credit Downgraded Again - QE3 Cited as Reason
Here's the statement:
Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.
In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.
In turn, this increases the cost of commodities, the firm said.
In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt.
I don't suppose we're ever going to learn, are we?
http://www.cnbc.com/id/49037337
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09-14-2012, 02:05 PM
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#2
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Valued Poster
Join Date: Mar 10, 2010
Location: Houston
Posts: 5,740
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It's like a junkie that's sick from taking drugs, who takes more drugs to feel better. I think America needs an intervention. The Democrats are enablers.
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09-14-2012, 02:05 PM
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#3
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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maybe the republican house will get off their partisan asses and get something done ...
naaaaah.
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09-14-2012, 02:06 PM
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#4
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Valued Poster
Join Date: May 20, 2010
Location: Wichita
Posts: 28,730
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Congress has no control over the Fed, dumbass. That's why we need the audit you oppose.
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09-14-2012, 02:07 PM
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#5
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Account Disabled
Join Date: Jan 3, 2010
Location: Here.
Posts: 13,781
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The republican house has passed multiple budgets, sent them to the Senate....what did harry reid and the Democrats do ?
NOTHING.
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09-14-2012, 02:08 PM
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#6
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Account Disabled
Join Date: Jan 3, 2010
Location: Here.
Posts: 13,781
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Moody's announced they will likely downgrade..............it is only a matter of time before our budget process will be dictated to us by our creditors - CHINA and others.
http://www.nytimes.com/2012/09/12/bu...debt.html?_r=0
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09-14-2012, 02:08 PM
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#7
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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Quote:
Originally Posted by CuteOldGuy
Congress has no control over the Fed, dumbass. That's why we need the audit you oppose.
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bullshit
in 08 congress gave the fed more power ..
look that up sport ..
In the late summer and fall of 2008, Congress granted the Federal Reserve significantly more authority to deal with the turmoil in the financial markets. This includes purchasing illiquid securities from institutions, making loans to troubled firms, and making investments in banks and other institutions to provide additional capital for their operations
Denny Crane
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09-14-2012, 02:23 PM
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#8
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Valued Poster
Join Date: May 20, 2010
Location: Wichita
Posts: 28,730
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Did Congress have any say in monetary policy? Did anyone ask Congress if they could do a QE for a third time? The Fed operates on its own, for the benefit of their member banks, not the people of the United States.
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09-14-2012, 02:29 PM
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#9
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Upgraded Female Account
User ID: 50897
Join Date: Oct 22, 2010
Location: Dallas
Posts: 3,035
My ECCIE Reviews
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OK wait. All bullshit aside. All shit slinging aside.
WE ARE DOWNGRADED AGAIN? WHAT. THE. FUCK.
You all can piss and moan till your cows come home, it won't change the fact we are in serious, serious trouble.
In all of US history, this has never happened. Has it? Then twice during one president? I'm a very financially minded person, and this alone would give me pause on voting for the president in office during TWO downgrades.
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09-14-2012, 02:33 PM
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#10
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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Quote:
Originally Posted by LovingKayla
OK wait. All bullshit aside. All shit slinging aside.
WE ARE DOWNGRADED AGAIN? WHAT. THE. FUCK.
You all can piss and moan till your cows come home, it won't change the fact we are in serious, serious trouble.
In all of US history, this has never happened. Has it? Then twice during one president? I'm a very financially minded person, and this alone would give me pause on voting for the president in office during TWO downgrades.
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if you have gold I wouldnt piss and moan
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09-14-2012, 02:41 PM
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#11
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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Quote:
Originally Posted by CuteOldGuy
Did Congress have any say in monetary policy? Did anyone ask Congress if they could do a QE for a third time? The Fed operates on its own, for the benefit of their member banks, not the people of the United States.
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The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution. As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year
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09-14-2012, 02:51 PM
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#12
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Valued Poster
Join Date: Jan 6, 2010
Location: In the state of Flux
Posts: 3,311
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Imagine that, you start printing money around the clock with no end in sight and nothing to back it with and people get the strange idea that it isn't going to be worth much. . .
I've always refrained from the kind of name calling the left does but I've had it, these people are simply stupid.
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09-14-2012, 02:57 PM
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#13
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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Quote:
Originally Posted by Iaintliein
Imagine that, you start printing money around the clock with no end in sight and nothing to back it with and people get the strange idea that it isn't going to be worth much. . .
I've always refrained from the kind of name calling the left does but I've had it, these people are simply stupid.
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cog calls people dumbass on a regular basis ... ignore it
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09-14-2012, 02:57 PM
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#14
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Valued Poster
Join Date: May 20, 2010
Location: Wichita
Posts: 28,730
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I only call dumbasses dumbass, dumbass.
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09-14-2012, 03:01 PM
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#15
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Valued Poster
Join Date: Feb 9, 2010
Location: Here
Posts: 14,191
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Quote:
Originally Posted by CuteOldGuy
I only call dumbasses dumbass, dumbass.
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see what I mean?
forgive him, he's a leftie ..................
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