Holeinthehull » OBAMA ADMINISTRATION

S&P downgrades U.S. credit rating for first time

admin — Sat, 06 Aug 2011 01:13:03 +0000

This just out from the Washington Post

Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time.

The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter.

S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending.

Analysts have said a downgrade could increase the cost of borrowing for the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too.

A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks.

But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks.

Standard & Poor’s has warned Washington several times this year that, unless the federal government took steps to tame its debt, its credit rating could be lowered.

Some analysts are worried about the impact of a downgrade on markets where Treasurys are held as collateral and the AAA rating is required. But most analysts don’t expect this issue to pose a major problem.

S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction.

The downgrade is likely to be used as a weapon by both Republicans and Democrats as they argue the other side has not taken deficit reduction seriously.

Other credit rating agencies — Moody’s Investors Service and Fitch Ratings — have decided not to downgrade the United States credit rating. But they’ve warned that, if the economy deteriorates significantly or the government does not take additional steps to tame the debt, they could move to downgrade too.

In April, S&P first said it might downgrade the U.S. credit rating on concerns that lawmakers would not be able to come to a deal on reducing the debt. In July, as efforts stagnated, S&P said the odds of a downgrade within three months had moved up to 50 percent.

The ultimate deal between Obama and Congress ultimately failed S&P’s benchmark. Obama administration officials have been critical of S&P for making what was essentially a political judgment and for failing to conclude that the country was making a strong first step to reducing its deficit.

SWAT team breaks door down because of student loans

admin — Wed, 08 Jun 2011 14:29:28 +0000

US Department of Education breaks down man’s door at 6a.m. because of defaulted student loans by his estranged wife.

News 10 Stockton California broke this story.

Liberal Hypocrisy on Gas Prices

admin — Fri, 29 Apr 2011 12:27:03 +0000

Courtesy of CNS News.com

Video makes the POTUS and Pelosi look and sound as stupid as they really are on gas prices.

Obama can’t hide from his decisions and his lack of decisiveness on important issues anymore.

US is one of the largest Muslim countries in the World-Obama

admin — Tue, 26 Apr 2011 12:59:25 +0000

Obama tells an interviewer that the United States is one of the largest countries in the world and we need to try and understand their “religion,customs and traditions.”

Obama must believe no one will look up these wild “facts” that he comes up with.

He is an idiot

Union Thugs “Forget the Law our agenda is more important”

admin — Mon, 25 Apr 2011 20:13:58 +0000

AFL CIO, UAW, SEIU, Democratic leadership et al come together as “one” group and declare that the law and sovereignty of the US is not near as important as “their” agenda, which is to radicalize the work force of blue collar workers who can’t think for themselves.

These thugs are playing for keeps and it is high time that we, as law abiding citizens, make sure these animals stay in their cages via the electoral process.

Professors are teaching courses on thuggery and goonism.

Obama insults Paul Ryan to his face

admin — Thu, 14 Apr 2011 18:36:32 +0000

Obama invites Paul Ryan to his budget speech and then politically insults him. There is going to be a huge political price to pay for this tactic Mr. President.

BTW…Mika is the idiot of the day on this show every day…she is consistant-I will give her that.

Video from MSNBC..Scarborough Country

Dr John Boyd of the Pigford Settlement-exposed as a Fraud?

admin — Tue, 12 Apr 2011 15:54:37 +0000

In depth video of a con man by the name of “Dr” John Boyd who is held in high esteem among liberal democrats as the spokesman for the Pigford settlement with the US Government. He is the “president” of the Black Farmers Association.

If anything, this guy has what Obama is famous for…..Audacity!

Thanks to Breitbart.com

Barack Obama Lied about GM’s Success (what did you expect)

admin — Fri, 01 Apr 2011 13:17:35 +0000

This story is from the Washington Times by Kerry Picket

Barack Obama has some ‘splaining to do about taxpayers’ profitable “investment” in General Motors. It turns out the president is imagining things.

Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.

“American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury’s auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”

In fact, Investor’s Business Daily reported that even the White House’s Director of the National Economic Council remarked that the Treasury Department Department had a good chance in “recovering most, if not all, of its investment in” GM.

However, a March 16 Congressional Oversight repor t, tells a different story. It estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”

That’s only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.

GM is driving “away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion,” reported The Wal l Street Journal last November.

Over one year after the promises President Obama and his administration made about the auto bailout, a February piece on AutoBlog also confirms that GM will also get a $14 billion dollar domestic tax break:

GM will be able to skip its tax tab due to years of massive losses. Companies are typically forgiven a portion of future taxes due to their past losses, but that benefit is typically stripped after an organization goes through bankruptcy.

However, the Obama administration and its allies presently continue to celebrate the success of the auto bailout, regardless of the facts. ”I don’t think there’s any doubt that this was a success,” said (H/T Detroit News) acting assistant secretary at the Treasury Department Tim Massad, who oversees the TARP program at Treasury, to a House panel on Wednesday.

In Obama’s world, success mean taxpayers only lost as much as $84 billion.

Does anyone feel the need to chew nails?

Obama to Illegals:”We want you to succeed”

admin — Tue, 29 Mar 2011 12:48:11 +0000

Obama panders to illegal immigrants stating that he wants to see them succeed so they can become life long registered Democrats so his party can continue to ruin the United States with their stupidity and wishful thinking.

Obama is all Talk

admin — Fri, 18 Mar 2011 15:10:33 +0000

Video shows Obama making all kinds of claims that “we” need to get the deficits down and not pass it on to the next generation.

He had to get his trousers cleaned on a daily basis from all the crap he has been stepping in up to his knees- of his own making

I can’t wait for him and his ship of fools to be thrown out in 2012

Louis Farrakhan:”This is the day of your doom” America

admin — Tue, 01 Mar 2011 14:27:37 +0000

Keep in mind as you watch this video that this muslim thug is worshipped and revered by the Reverend Jeremiah Wright who happens to have been Barack Hussein Obama’s pastor for 20 years.

Remember that Obama said that his pastor, Rev Wright was not only his pastor, but baptized his children and married him and Michelle and was his mentor and friend. Obama also said that he never heard his pastor talk disparagingly of the United States or whites, while he sat in the pews of Wright’s church for 20 years.

After hearing some of the background of who and where Obama came from during the 2008 election, would have to be an absolute idiot not to believe that Obama was heavily influenced by these 2 men. Obama being the coward he is would never admit to this, even to the point of throwing his mentor and friend under the bus when it looked like he may win the presidency.

Richard Trumka, Union Thug, and his close ties to Obama

admin — Thu, 24 Feb 2011 18:26:01 +0000

This is the kind of guy that Obama praises. Watch the video and ask yourself…Would I be caught talking to this thug.

Obama keeps his hands clean and lets thugs like this Trumka and his henchmen do the dirty work.

Obama knows that without the union dues flowing into liberal coffers inlcuding his, this sorry ass party of liberals doesn’t have a chance against conservatives.

Vote them out!!!