Thoughts From The "Little People" On The U.S. Credit Downgrade
The national mood is bleak. Here's a scoop of it from Boston. Donna Goodison reports in the Boston Herald:
"I'm very concerned. I have countless patients who can't afford their medication," said Concord cardiologist Terrence Hack. "In 1991, I made five times what I make today. I'm as borrowed as I can be on the practice."...Robin Marciello already lost half of her 401(k) savings in 2008, at the height of the Great Recession.
"I was a little slow getting out," said the 58-year-old from Wilmington, who's since taken a more conservative investment stance. "I'm glad the other half is in the money market. It might be low-interest, but at least it's not minus."
...South Boston architect Ted Touloukian also is taking a long-term view after S&P lowered the country's long-term rating and the Dow fell more than 500 points the day before.
"I'm young, so I'm not so concerned in the short term, but in the long term, you want to know how it's going to play out," Touloukian, 42, said. "It's not like my dad, who is 75 and not too happy about what's going on. He called me and said, 'Damn, I got hit.' "
MassCynic writes in the BH comments:
Both of my children have left the US for countries with more opportunity, real jobs, and a better way of life. When I survey the landscape and look back on what this once great country has become and is becoming, I wish them nothing but good fortune in their new homes. Their ancestral family in the US would be shocked and appalled at what we have become. My Dad (WW II), Uncle (WW II, Korea) and Grandfather (WW I, WWII) are all resting in peace, not having to watch this wreckage and degradation. Very, very sad.
Popeye writes:
We still have enough money to pay Auntie Zeitune's rent and her welfare check. So, how broke can we be?
From a comment by FireInFramingham:
The real headline is that we have borrowed 100% of GDP.
via Instapundit
US fiscal policy is mad. US monetary policy is criminal.
Jeff at August 7, 2011 9:58 AM
http://www.motivateusnot.com/demotivational-poster/0000/00/00/Fuck_it-I'm_going_home
Eric at August 7, 2011 10:09 AM
Amy Alkon
http://www.advicegoddess.com/archives/2011/08/07/thoughts_from_t.html#comment-2406139">comment from EricLove that, Eric!
Amy Alkon
at August 7, 2011 11:58 AM
Amy Alkon
http://www.advicegoddess.com/archives/2011/08/07/thoughts_from_t.html#comment-2406164">comment from Amy AlkonHere's another I think you can get in bed with:
http://www.motivateusnot.com/demotivational-poster/2009/11/08/Oh_my_God!-She's_not_wearing_her_seatbelt
Amy Alkon
at August 7, 2011 12:08 PM
Two airbags are better than one!
Eric at August 7, 2011 12:48 PM
I share the sentiment of MassCynic. I think there are better opportunities in Thailand today than in USA. Better schools, and they have a limited form of national health insurance. My kids are there.
Thailand runs a balanced federal budget and a trade surplus.
The USA will soon have a mountain of debt, Detroit and aircraft carriers.
The left-wing wants to spend money, the right-wing is obsessed with minute rates of inflation and tiny bands of terrorists (which means spending lots of money too).
It looks like a long, long recession ahead, and then permanent decline for the USA.
BOTU at August 7, 2011 12:50 PM
Here's hope for change.
Jim P. at August 7, 2011 1:15 PM
"Here's another I think you can get in bed with"
That's the beautiful & talented Tanya Song. Just google her, or visit tanya-song dot com. Here she is with her guitar:
http://www.youtube.com/watch?v=sP0qLZf9RF8
Martin at August 7, 2011 1:57 PM
I had 'er... This was years ago.
The weird part: Her singing voice? Flat.
Good companion on freeway commutes, though.
Crid [CridComment at gmail] at August 7, 2011 3:49 PM
Fuck you buttfuck, move to Thailand you prick. I want to choke the life out if you while nailing your kid sister.
ronc at August 7, 2011 4:24 PM
Decaf coffees are much better than they used to be. Better flavor, easy to brew....
Crid [CridComment at gmail] at August 7, 2011 5:10 PM
http://www.ianwelsh.net/comments-on-the-sp-downgrade/
Lisa Simeone at August 8, 2011 7:35 AM
Thailand?
No thanks. They're having issues of a different sort.
I R A Darth Aggie at August 8, 2011 7:37 AM
I'm feeling sorry for BOTU's kid sister..
Angie at August 8, 2011 10:32 AM
Since Lisa pointed to that link AGAIN, I'll find something new to criticize (Besides the loving, compassionate, sustainable, non-corporate [I'm sure!] rose bloom at the top of the page.)
Let's see what's at the top:
Nobody said it was. S&P said it had become a somewhat deeper credit risk... And it has. Righteous taxpayers are tired of idiots imagining how every wallet of wealth in this nation might be plundered by government for its own purposes...
Especially when those idiots aren't even from this country... Mr. Welsh, it turns out, is in
Canada.
Crid [CridComment at gmail] at August 8, 2011 10:37 AM
Can someone tell me where to run to? Europe won't take me, even with two Bachelor's Degrees, because quite frankly they're as bad off as we are.
Or, why the hell shouldn't the gov't balance their budget? I have to.
Daghain at August 8, 2011 8:04 PM
"The real headline is that we have borrowed 100% of GDP."
What should scare everyone is that those in power believe we haven't borrowed nearly enough, and that the solution to all this is to borrow more and more. Though I think the bullshit "theory" behind that is really flimsy propaganda for kleptocracy in action; somehow there are enough paid-off "economics" that the kleptocrats can parade around "experts" assuring us that the "solution" is more kleptocracy.
"Obviously the US isn’t even close to insolvent"
If the US isn't insolvent, then the government wouldn't need to print money and debase the currency to create an indirect tax on savings (effectively also raiding social security) to pay back the debt. So yes, the US isn't technically insolvent as long as you take the view that it's OK to pay our debts back using Grandma's savings. And yes, there is a lot more of Grandma's savings, and a lot more scope for taxes, to burn through still until we're technically insolvent. But that's not really the definition of solvent.
Lobster at August 12, 2011 2:14 AM
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