Economic news

[Lowdown3]

Drudge was full of economic news- figured I'd post some of the articles.

http://blogs.wsj.com/marketbeat/2010/11/09/chinese-credit-rater-downgrades-us/

Chinese DOWNGRADE U.S. credit rating

Germany- "The U.S. has lived on borrowed money too long"

http://www.spiegel.de/international/world/0,1518,727801,00.html

China fires back at Bernanke

http://www.bloomberg.com/news/2010-11-09/china-to-tighten-control-on-capital-inflows-with-audits-position-limits.html

I suppose somewhere along the line, Greece was "downgraded" a bit. I wonder if many of it's citizens looked at that and thought it might be a problem at some point in the future??

The time is now to get your preps squared away.

"The writing's on the wall, it won't go away.."

[monkeybird]

Thanks Lowdown for validating my thinking. There are times when I ask myself if I'm 'overreacting' about the future of the U.S. Economy. Most of the economic articles I've been reading are by reputable sources and are painting a picture of very, very dark economic times ahead. But when I look around, I feel that if it were not for my sister and the members of the forum I'd be alone in my reaction.

I cannot understand how most Americans can still have their heads in the sand. A majority of younger adults seem to believe that their privileged life style will continue forever.

Unfortunately, the upcoming depression/collapse will be global. Hungry people do desperate things.

[crossbow]

everyday, our leaders are digging the hole deeper.

[Klayton]

The new think tank that Obama has trying to figure out how to get out of the hole we are in just released the following:

-raise retirement age to 68

-stop tax write off for mortgage interest payments

-freeze military members pay for 3 years

-cut military research and development budget by 100billion

OMG why the hell do we always let idiots like this decide how to fix our economy, and then after we all get pissed off, they make it go into effect in 2013 AFTER THE NEXT ELECTION, in hopes (which will happen) most Americans forget about it when it comes election day

DAMN IT, that pisses me off so bad...

How about this, FREEZE Congressional Members pay for 20 years, AND cut their current salary by 25% and their pensions by 50%, AND permanently remove the ability of Congress to pass their OWN pay raises

And to think the idiots re-elected Boxer, Franks, and Reid what the hell is America thinking?!?!?!

[rockriver]

i haven't heard it on tv or radio yet...
but what about cutting out or cutting down on welfare!
they want to cut the military.... guys who are doing something,
they want to cut the social security.... from guys who did do something.
but
no mention of cutting welfare from folks that haven't done anything,
and from all appearances, most never will.
rr

[Gordon]

Now Rockriver, we must help those among us that are too sorry to get out and work. They were born with their hands out, live with their hands out and when they die we still have to pay to bury them. The Chinese will never nuke us, they will just call in their notes and break us.

[Buster]

c'mon guys it is only money --we can print more--besides the game is on --get a beer, watch the game and chill --jeeesh you act like it's the end of the world or somethin
edited to add---somebody bring the brats I'm out

[Matt In Oklahoma]

yeah whats the big deal at least Americans still own the teams playin on tv right, right? It's not like there are missles going off on American soil in Kalifornia. Hey we could act just like Greece or GB if they really try and raise or retirement that will stop them, except that doing stupid riots never solved squat. At least I got me some of that free health care thats costin me $93 more a month startin the new year which wouldn't cost me if I didnt have me a job! I'll bring the chips:)

[georgiamom]

The think tank's recommendations although not exactly as I would have hoped are at least a starting point. I am married to a retired Navy man and would be willing to see that retirement lessened, if everyone, receiving a government written check did the same. We must stop protecting our own cheese. This Republic, if it is to be saved, is going to have to face the fact that everyone may need to step back financially. I am willing to put my share into the pot...we have got to take control of this situation, and it can not be accomplished by taxing the rich. Entitlements must be addressed! I am a patriot first, and exceedingly concerned about defending our Nation from those who would wish us dead, however, I also believe that waste occurs even in the military. We need to look at every expenditure and make careful cuts. I applaud the think tanks effort to put Social Security on the table, I however, was somewhat disappointed that they did not have the fortitude to address it for the current, and soon to be enrollees. The changes discussed will only impact children who are now 5 or less. I think we need to have more guts!! This is a crisis...it requres a certain ferocity of spirit. The decision makers need to act in boldness!

[Klayton]

georgiamom...

Problem is, military only makes 50% of an already CRAPPY salary. This is for putting our lives on the line for 20+ years.
Clinton did his job at screwing over the military when he stopped our free medical pension and 100% did away with our dental in our retirement pensions. Hell now dependants of active duty members get MORE than Veterans who put their lives on the line, so I would have to DISAGREE with your statement. Perhaps your husband was an officer and is making out like a fat cat, but you gotta remember, there is a helluva lot more enlisted members trying to survive on 50% then there are officers. Let's not even talk about the VGLI and how they screw us there...

If you worry about government spending, might want to start with the REAL pork, and not the ones that risked their lives for this nation.

Like the single High School teacher on the episode of "International House Hunter" buying her SUMMER VACATION HOUSE IN ITALY!!
Or the retired Frederick, MD cop I had the unlucky fortune of working with in my part time job at the gun store with. Bragging how he never had to draw his gun once on duty and is now getting a pension of 90% with full medical and dental at the city tax payers cost.
Or how Congress seems to continuously vote themselves pay raises that exceed the current inflation rate, but when they vote for military pay raises it is almost always BELOW the inflation rate.

You want cut backs? Fine so do I, but not at the cost of defending this nation. I still remember Recruitment posters (upto 1995) stating how military members would get military medical treatment facility care the rest of their lives free. You keep screwing with military salaries you are literally only going to be getting the bottom of the bucket, so to speak. Isn't it bad enough we are already letting known gang members and domestic violence offenders in the military? Hell I was a witness to a E-6 driving drunk, arrested by the MP's on post in Korea, WITH two of his own squad members in the car, and the CSM, 1SG and CO swept it under the table. Why? Because he was an Audie Murphy Board Nominee/Winner. After filing my complaint with the IG (this guy was so drunk his female Soldier had to assist him from the car to the barracks, and yet was driving) I was the one that was punished and moved to Area 1. For all those that don't know Korea, Area 1 is NOT where you want to be if you can help. DMZ, curfews, huge restrictions, the worst barracks, and so on...

This is what happens when you keep bashing the military, stopping their annual pay raises (or keeping them below the inflation level). You get people that can barely pass a GED, preople who find how easy it is to exploit the system, and so on.

Did anybody not notice the other statement? Of all the Government employees making oveer $150,000 per year, that number has DOUBLED since Obama has taken office. HELLO!!! That is where the problem lies...

[610Alpha]

they won't they are too scared to act with boldness. let me out of soc. sec. and i'll take care of me and mine. get rid of entitlements. make them clean up the roadways for their wlefare checks at least.