U.S. loses AAA credit rating from S&P

[Roadtrip]

As an aside, the reason that importing oil is so bad is that there is very little value added after it hits our shores.

 

When an airline or a railroad or an ice-cream-truck driver purchases fuel made from imported oil, that fuel becomes an asset. When a business purchases anything whatsoever, it becomes an asset -- with the strict intent to help generate revenue and therefore add value. And that value is added irrespective of whether the asset is imported or not.

[xr7g428]

Roadtrip, what I meant was not clear. The value add I was talking about is the difference between the number of dollars that leave the country and the retail price. For Chinese made consumer products sold in the USA, only about 30 cents out of the dollar goes to China and inbound freight. The ratio is reversed on oil: 70 cents of every dollar leaves the country.

 

Oil, when used as a raw material (in plastic for example) goes a lot further than when we buy refined gasoline and put it in the tank and burn it. The utility value of getting goods where they need to go is important, but not as well leveraged as raw material stocks.

[Len_A]

This response from one taxpayer (I assume she pays taxes) was funny: http://www.businessinsider.com/someone-flew-a-plane-by-the-sp-building-saying-thanks-for-the-downgrade-you-should-2011-8

[RangerM]

This response from one taxpayer (I assume she pays taxes) was funny: http://www.businessinsider.com/someone-flew-a-plane-by-the-sp-building-saying-thanks-for-the-downgrade-you-should-2011-8

 

From your article....

 

[The woman who sent the plane is a] Midwestern investment banker broker who woke up last night with the need to vent at those who she believes are leading the nation into an economic morass.

 

"I originally wanted to fly it over Washington, D.C., but learned that you can't do that," says the broker, who asked to remain anonymous for job security reasons [but later told The Daily her name]. "So I chose Wall Street instead, but didn't specifically intend it to fly over S&P. I'm just a mother from St. Louis who feels the only reason we got downgraded was people in politics."

 

The pilot was Matthew Applegate, of a New Jersey-based company called Aerial Sign North. He did not pick up the phone, but a competitor suggests that such a flight would run between $1,200 and $1,500.

 

When I first saw the title, I wondered if NYC was a restricted flight (flyover?) zone. Although I suppose you don't actually have to fly over NYC to relay a message.

Edited August 14, 2011 by RangerM

[Len_A]

From your article....

 

 

 

When I first saw the title, I wondered if NYC was a restricted flight (flyover?) zone. Although I suppose you don't actually have to fly over NYC to relay a message.

Wall Street AND Washington DC should all be fired.

 

I guess NYC isn't a restrict flight zone.