Speaking today on CBS’ “The Early Show,” Rep. Barney Frank (D – MA) confirmed that he sees military spending as the “biggest reason” for the US credit downgrade, which devastated financial markets over the weekend.
Rep. Frank, who is the senior Democrat on the House Financial Services Committee, told viewers that an extra $200 billion could be saved virtually trivially from the military’s spending, and vowed to focus on reining in defense spending in the coming months.
Standard and Poor’s downgraded the US sovereign credit rating to subprime on Friday, saying that Congressional moves of the debt were short of what was needed. President Obama angrily condemned the move today, saying the US would “always be a triple-A country.”
The cuts Congress announced as part of the debt deal were down the road several years by and large, and the military was virtually untouched. The Pentagon has warned that any cuts would be a grave threat to national security.
For its part, the Chinese govt also chimed in with a similar opinion.
Hey…. No money, no problem… The Fed can double, triple…..quintuple our account balance… Actually they can increase our cash by a thousand fold with three keystrokes…. Why all the worry…. In the end it's all smoke and these dayz,………lasers.. The world of virtuality has brought us true luftgelt! Government murder, torture and rape…..illegal wars and slaughter of the innocent… Who cares about inflation….?????
The ridiculous debt deal the administration cut with the Tea-Party/Republicans is the main reason for the US downgrade of our credit. No doubt the outrageous military spending for the minimal return adds to that. Cutting the debt and deficit OVER TIME is necessary, but for the immediate future it is jobs, jobs, jobs to fix the economy.
It's not so much the current spending, but that the spending will never stop. Ever. Both parties have embraced the eternal war that can never be won. They admit that 50 years from now they'll still be shelling out more on "defense" than the rest of the world combined. If I were a creditor to someone like that I'd be nervous too.
(Of course having a monetary system that insures debts will always be larger than the amount of money in circulation doesn't help either.)
Man, remember when advocates of never ending war were the bad guys. Watch the below video and tell me how Hessler's line of thinking is any different than the neocons of today.
We should cut military spending by 90%. Canada isn't going to attack us.
Republicans could not figure that out??? Don't need to be a math genious! Because Bush started these wars so all of a sudden the GOP is affected by Alzheimer. What a bunch of legal crooks, and happy to be so, openly and bluntly. They are the only ones taking huge benefits of this economy (bail outs, more and more tax breaks, record high profits, job cuts to make even more profits) and there are still middle class people wanting to vote Republican??? Unbelievable how the masses can be manipulated… they need to find a scape goat, the President who did everything and because he cut a deal with these crooks to save the country, does not make him a bad president.
Because he is a 'black' man, (seem like people are color blind in this country, they don't know his mom is white?) One is always sure of who the mother is not the Dad… (That's the way whites in this country used to legalise their rape against black women and make it normalcy by calling of their descendants with their slaves 'Black' and deny them any paternal rights – these people were just estate, Christians were allowed to do that they would get richer – no religion, no morals, no common sense prevelled) sound very familiar to now, doesn't it? and the black went along with that. Whites in this country are used to blacks bending their back and say 'Yes' to all your atrocities. I am sick and tired of these manupulation call a mixed individual mixed or make up a word if you don't have one!!! I am mixed and no body will call me otherwise, and I don't want to be whiter there is nothing to do with that, I feel safe only amongst my black side of the family. I am telling you there are so many whites with black blood that hide it. Black gives that spice, not this dead people color you call white.
Acknowledge that we are here for a purpose to put to rest all these differences, all this pain, because we cannot take sides from one or the other, because we are the two combined, because Blacks have given it all to this country, all we have to make the country come out of the ground. We made you white racist folks better people, and see how many beautiful colors there are in this world. That's what our President is trying to do, he has given all his got, all of it and has done the greatest things that no other president did, a fair health system for all Americans (not just the rich), killed OBL no one did after ten long years of war (the superpower against the poorest)? Yes, this little guy Mr. Obama is the MAN, he is the best President in a long time (past and future).