Who didn't see this coming? Obama knew our debt rating would be reduced 3 years ago.?

James L

Your Resolved Question

Show me another »

Why did Obama trash the credit of the United States?

During his speech Obama said that the US economy was unsustainable and eventually foreign governments will stop lending us money. The he said we are already at that point and the party is over. He is basically telling all of our creditors that we are not good for the money anymore and they should not lend to us. This is quite possibly the most destructive thing he could say. This will create a run on the treasury to cash in bonds and T-bills. This guy is completely insane.

3 years ago

Additional Details

It doesn't matter what the truth is in economics. It matters what people believe to be true. Some may have begun to doubt America's credit, but they still bet that we will be good for what we borrow. Obama said in very clear terms that we are not. Nobody is going to place a bet they know they will lose. And he is not even trying to rebuild our credit with fiscal discipline. He is just spending even more money that we don't have. this kind of irresponsibility can destroy this country.

3 years ago

Thanks Brown

[Question: Thank you, Mr. President. In your opening remarks, you talked about that, if your plan works the way you want it to work, it's going to increase consumer spending. But isn't consumer spending, or overspending, how we got into this mess? And if people get money back into their pockets, do you not want them saving it or paying down debt first before they start spending money into the economy?]

[Obama: You know, if -- if all we're doing is spending and we're not making things, then over time other countries are going to get tired of lending us money and eventually the party's going to be over. Well, in fact, the party now is over.]

3 years ago

.

Porkfore...

Best Answer - Chosen by Asker

Obama needs to be locked in his room with duct tape on his mouth and write 967Billion times I will keep my stupid mouth shut.

Source(s):

Reality Obama says we borrow to much lets borrow more.

You all are as stupid as Obama

3 years ago

Report Abuse

7 Rating: Good Answer

2 Rating: Bad Answer

Asker's Rating:Asker's Comment:I completely agree. If he's smart as everyone says, he's deliberately sabotaging the recovery. Or maybe he's just a complete moron who will destroy thr country by accident. I'll let other people pick which.