Double Dip Recession or Depression

[Sunking]

We arre going to have a Double Dip Recession, or maybe a Depression. Obama owns it.

The world market dumped and liquidated today in light of poor US deficit spending. Us credit is downgraded to AA from AAA.

USA debt now exceeds yearly GNP. We are done unless we take serious medicine with overall 50% cuts?

[dianazbenson]

absolutely obama is an idiot
prepare for the worst folks and pray we get someone new in 2012!!!

[john p]

I dont think it fair to blame Obama for it all, he inherited a lot of the problems from previous President. And even if you get another President it hard to see how he is going to quickly reduce the debt from 15 trillion to just a trillion in a few short years.
It just goes to show no matter how rich a country you still have to live within your means, you cant live forever on money you dont have.. There are other countries snapping at your heels like hungry dogs just waiting to bite you very hard. And now its happening. but I really think you will survive intact just a little wounded.

You just going to have to all build Tesla Magnawork generators for free electricity, that will help reduce all your electrical debts

[vmike]

We have 545 people in our capital we employ to make decisions for us. The president is only one! The supreme court is nine. I do not necessarily support all of the presidents views, that's life. It is the other 535 that are supposed to be making the fiscal policy that are responsible for the mess we currently inhabit and the complete lack of decision to correct it. Consequently it is our fault for continually sending those looser to congress and the senate. Want to start a new paradigm, never send an incumbent back to office! There is not one of them that cannot be replaced and don't be fooled by the "Experience" argument because you nor I can name a congressman or senator that we "just couldn't replace." As long as I'm ranting, let us consider responsibility, the only people these so called representatives are responsible to are themselves and the people that provide their re-election funds. That's not what their job description entails!

Rant off!

mike

[Plinkomax]

job reports are in, nothing to see here.

[russ]

Many things the prez does not understand -

1) All during his campaign he was busy talking the economy down - then inherited the mess he helped make - surprise.

2) Contrary to another poster - experience is important - unless we want to reinvent the wheel every 2, 4 or 6 years. If the prez had bothered to be around the senate for a few years - say 12 years preferably he would have had an idea how to get his legislation through.

3) He is supposed to be the leader - not the whiner

[electricsuperduty]

It's all OBAMA, if he inherited from Bush, why is he doing the same as Bush. If you hate Bush and want to blame Bush, why does OBAMA continue to do the very same thing you hate BUsh for?

Economy equals Attitude.

Everyones Attitude toward Obama SUCKS.

Economy Sucks. We are AMERICA not EUROPE.

[DeltaFox 25]

all of the goverment officals do not give a s.... they have already proved that. they just care about there little own world. congrass still give themself's a raise. that should be illegal . They should discontiunel paying all out goverment offical that are not in office. that would start saveing some money. Why don't they tell the people over sea's that want us to help them have a free country , to pay use for our being there.

[Sunking]

Consequently it is our fault for continually sending those looser to congress and the senate.

Budget is done by Congress, Senate modifies it, and the President is suppose to lead and sign it into law. Congress wanted huge cuts which is absolutely necessary, Senate wanted no part of it, and the President would have Vetoed it. So what you got was the Washington Two-Step.

The vote is in from the street. Investors are pulling out and liquidating assets. It is a VOTE of NO CONFIDENCE in POTUS Obama. Italy is now in trouble along with Greece and Spain from entitlement spending, and the USA is right behind them. If we have a Double Dip it will be very severe and millions will be out of work. There is only one way to fix this. 50% across the board spending cuts, roll back regulations and taxes to get the economy growing again to increase revenues so what we cut in spending can be used to pay off our debt.

It works the same with your household budget. You slash everything, do without, get a part time job, and pay down your debt.

[American Solar]

3) He is supposed to be the leader - not the whiner

Amen!

[Sunking]

Come Monday morning you wake up in a new world.

USA credit officially downgraded. If you have any adjustable interest rate loans, they just went up. You want a loan, they just went up 2 points.

Instead of the USA paying 12% of all tax revenue just to pay interest on out debt, it will now take about 30% of all revenues. The world did what we would not, spending cuts across the board to all department and programs to the tune of about 20%.

Within the next week prices of everything is going to go up, so you not only have higher interest payments on all your loans, the price of everything will go up. You just got a 20% cut in pay.

Obama is finished.

[meridiansolar]

this post is so fanatical it doesn't even deserve a response.
1 out of 3 agencies downgraded the creit rating, the other two still say AAA.

Even if all 3 downgraded the USA your predictions would be hard to swallow.

My advice stop listening to Limbaugh and Becker, they are full of hate and you are too.

[electricsuperduty]

" Save your money" don't you see that that the value of your saved money is going down? Take your amount of saved money and apply it to a foriegn rate exchange calculator and you'll see your USA dollar be worth less.

[russ]

" Save your money" don't you see that that the value of your saved money is going down? Take your amount of saved money and apply it to a foriegn rate exchange calculator and you'll see your USA dollar be worth less.

In 1998 the dollar/euro exchange rate was something like 1,20 euros to buy a dollar - now it is 1,43 dollars to buy a euro.

Factor that into the price of oil. The currency oil is quoted in is dollars but the value is determined considering other currencies as well.

The dollar is already worth far less!

[tropics solar]

on the us dollar devalueation your right, a couple years back i looked at buying a solar system from the US
at that time my NZ dollar would only buy 0.52 US cents thats right you had a strong dollar, Now I have just bought some US dollars for a PV system at 0.84 cents for my dollar. on a PV system valued at say USD 20,000 i now save about NZD 14,600 ,this means it is now a possible thing for me to do i can now afford to buy a system.
Also as the US can produce quality goods for export it is much better now for us smaller nations to buy from the US instead of getting cheap junk from China,
so i see the USA exports increasing, as it is cheaper for us to buy from USA.