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Big Mac · Oct 26, 2009, 07:18 PM

Sure, stumblebummike. What's money in the end? Just dirty paper, right?

Congress is going to raise the debt ceiling again, whoohoo. Wouldn't you love to be able to raise your credit card limit knowing you couldn't pay back what you owed?

stumblinmike · Oct 26, 2009, 07:52 PM

Originally Posted by Big Mac

Sure, stumblebummike. What's money in the end? Just dirty paper, right?

Congress is going to raise the debt ceiling again, whoohoo. Wouldn't you love to be able to raise your credit card limit knowing you couldn't pay back what you owed?

You nailed it BM. Dirty, filthy paper. It means a lot to you highrollers here. But to us little people, enough to get by is just fine. You really can't take it with you....

Rumor · Oct 26, 2009, 08:56 PM

Originally Posted by Doofy

Heh. Not my banks.

Easy. E2.

Not that I'm going to, of course. I like my freedom a little too much.

Funny coming from always talking about the loss of freedom in the UK, no?

Big Mac · Oct 26, 2009, 09:13 PM

So guys, tell me what happens in 10 years when we're spending more on debt service payments than national defense? And what happens 10 years after that?

besson3c · Oct 26, 2009, 09:44 PM

We are finally turned into catfood?

stumblinmike · Oct 26, 2009, 10:10 PM

Originally Posted by Big Mac

So guys, tell me what happens in 10 years when we're spending more on debt service payments than national defense? And what happens 10 years after that?

With all your worrying, your not going to be alive in ten years, never mind twenty. Take a deep breath, put your feet up, and enjoy the ride. I promise things will be better in ten years. Promise!

CRASH HARDDRIVE · Oct 26, 2009, 10:25 PM

Originally Posted by Big Mac

So guys, tell me what happens in 10 years when we're spending more on debt service payments than national defense? And what happens 10 years after that?

Easy, they'll blame Bush. And tax cuts. And capitalism. And the rich. They'll blame anything and anyone but the politicians they worship.

Doofy · Oct 26, 2009, 10:28 PM

Originally Posted by Rumor

Funny coming from always talking about the loss of freedom in the UK, no?

Yep. You're losing it quicker.

ebuddy · Oct 27, 2009, 06:51 AM

Originally Posted by stumblinmike

The AAA rating is bought and sold, buddy. That was clearly pointed out. The whole system is fraud-ridden. Who cares what our rating really is? Its meaningless. Let's just buy a good one. It's the capitalist way. I love this free market economy....

I'm not sure I know what "buy a good one" means, but many things were clearly pointed out, pal.

Someone will be the arbiter of a country's credit-worthiness. If we choose not to use Moody's that's fine, use another gauge. Problem is, the diagnosis is still the same. While blaming the free market economy for economic woes may be fashionable, the complaint really doesn't address anything. Since 1979, China for example has been moving away from its communist state-controlled economy, adopting some principles of free trade, and privatizing many of its businesses. These moves helped them overcome an entirely stagnant economy.

stumblinmike · 03:14 PM

Originally Posted by ebuddy

I'm not sure I know what "buy a good one" means, but many things were clearly pointed out, pal.

Someone will be the arbiter of a country's credit-worthiness. If we choose not to use Moody's that's fine, use another gauge. Problem is, the diagnosis is still the same. While blaming the free market economy for economic woes may be fashionable, the complaint really doesn't address anything. Since 1979, China for example has been moving away from its communist state-controlled economy, adopting some principles of free trade, and privatizing many of its businesses. These moves helped them overcome an entirely stagnant economy.

So you aren't going to defend Moody's honor? That was my question. Not specifically to you, but collectively to the Captains of Capitalism here in the forum. You are not going to do that? So far you haven't....

ebuddy · Oct 27, 2009, 07:31 PM

Originally Posted by stumblinmike

So you aren't going to defend Moody's honor? That was my question. Not specifically to you, but collectively to the Captains of Capitalism here in the forum. You are not going to do that? So far you haven't....

I don't have to defend "honor" as long as I'm defending the context of this thread by indicating how irrelevant your question is. As a "Captain of Capitalism", I take issue with the challenge. Anyone that suggests to you that Moody's is to blame for our economic crisis is absolutely, positively clueless. Ever heard of S&P? Not only did they give the same instruments a triple-A rating, but they did so using their own metrics. A bank is not using Moody's as their sole source of data.

The thread is; Moody Warns US May Lose AAA Credit Rating Due to Debt. The response has been; "Moody's is a poopy-butt stinky face". I'm saying "fine, Moody's sucks. What are the others saying?" and your reply is a question asking why no one will step up to defend Moody's honor?

What does Moody's honor have to do with anything let alone this thread? If you are saying that Moody's is not a trustworthy source because their honor is not defensible, cite a defensible source. Preferably, something that refutes the OP.

stumblinmike · Oct 27, 2009, 08:45 PM

Originally Posted by ebuddy

I don't have to defend "honor" as long as I'm defending the context of this thread by indicating how irrelevant your question is. As a "Captain of Capitalism", I take issue with the challenge. Anyone that suggests to you that Moody's is to blame for our economic crisis is absolutely, positively clueless. Ever heard of S&P? Not only did they give the same instruments a triple-A rating, but they did so using their own metrics. A bank is not using Moody's as their sole source of data.

The thread is; Moody Warns US May Lose AAA Credit Rating Due to Debt. The response has been; "Moody's is a poopy-butt stinky face". I'm saying "fine, Moody's sucks. What are the others saying?" and your reply is a question asking why no one will step up to defend Moody's honor?

What does Moody's honor have to do with anything let alone this thread? If you are saying that Moody's is not a trustworthy source because their honor is not defensible, cite a defensible source. Preferably, something that refutes the OP.

Well, we're finally getting somewhere. You are NOT defending Moody's. Great! I didn't think you would (or could), but you had me worried there for a little while. Now that wasn't too hard, was it? And you still maintain some "wall street cred" amongst your peers here by not totally bashing Moody's either. Well played!