Rents Missing – Follow Lemmings
Notify the Emergency Broadcast System and send out an alert. The parents are missing. It seems that they are missing in Washington; well there may be a few left. What are really left are children, controlling the fight over how much the parents should increase their credit card limit. It said that the best way to stop a habit is cold turkey.
Over at the White House President Obama does not want to restore solvency to entitlement programs. While on the Hill, McConnell spokesman Don Stewart, speaking about Congressional democrats, said “If they’re calling for $2 trillion in tax hikes in the middle of a jobs crisis, it’s little wonder that it’s been 800 days since Senate Democrats passed a budget.”
David A Patten writing for Newsmax.com stated it best “A recent NBC/Wall Street Journal poll found that more than 80 percent of self-identified tea party supporters oppose raising the debt ceiling. Even Democrats only favored increasing the debt ceiling by 49 percent to 45 percent. Independents also opposed increasing the debt ceiling, by a whopping 71 percent to 24 percent margin.”
Progressive Lunacy and Obama discussed the pledge that was made by the GOP. No new taxes. The progressives are setting there with their failed policies and yet pushing for a continuance of them. We are not lemmings nor do we wish to follow them off their cliff.
These progressives are the ones that years ago went out and brought a brand new car. With not the first problem with it; they have spent years and years fixing it to the point that it is almost not drivable. Have they not been watching Greece or the rest of Europe?
Moody’s has downgraded Greece to Caa1 from B1, negative outlook while their short term is NP, Not on Watch. They have also “downgraded Portugal’s long-term government bond ratings to Ba2 from Baa1 and assigned a negative outlook. Concurrently, Moody’s has also downgraded the government’s short-term debt rating to (P) Not-Prime from (P) Prime-2.”
Looking at Portugal, Moody’s lists 4 items of concern and it is item 1 and 4 that one should think about:
1) The government’s plans to restrain its spending may prove difficult to implement in full in sectors such as healthcare, state-owned enterprises and regional and local governments.
2) The government’s plans to improve tax compliance (and, hence, generate the projected additional revenues) within the timeframe of the loan programme and, in combination with the factor above, may hinder the authorities’ ability to reduce the budget deficit as targeted.
3) Economic growth may turn out to be weaker than expected, which would compromise the government’s deficit reduction targets. Moreover, the anticipated fiscal consolidation and bank deleveraging would further exacerbate this. Consensus growth forecasts for the country have been revised downwards following the EU/IMF loan agreement. Even after these downward revisions, Moody’s believes the risks to economic growth remain skewed to the downside.
4) There is a non-negligible possibility that Portugal’s banking sector will require support beyond what is currently envisaged in the EU/IMF loan agreement. Any capital infusion into the banking system from the government would add additional debt to its balance sheet.
Moody’s acknowledges that its earlier concerns about political uncertainty within Portugal itself have been largely resolved.
Are the progressives in Washington trying to pole-vault over Italy and Spain as they are in queue to be the next countries to fall apart?
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