U.S. Credit Rating Downgraded For The First Time In History

A Precedent The President Could Have Done Without

Barack Obama

Standard And Poors (S&P) has downgraded America's once sterling AAA credit rating to an AA+ in news not welcomed by U.S. President Barack Obama and his administration. The $2.4 trillion increase to the U.S. debt ceiling is partly to blame for this historic decision, coupled with no proper tax increases or significant government budget cuts.

It was not a good precedent for President Obama to set. Had Obama simply done what the Judiciary Report has stated for the past couple years - raise taxes on the rich - this would not have happened, as the revenue streams would have begun already and exhibited clear and undeniable intent to reduce the deficit. What's worse is S&P has reserved the option to decrease America's credit rating even further.

Some have tried to spin this news and they should not. Delusion and denial is what created this problem in the first place, in not facing reality and taking positive, proactive action to address the nation's debt. To spin this negative, is the equivalent of a student bringing home a B grade, when they could have received an A had they applied themselves and trying to convince their parents the former is better than the latter.

Congress and the White House have gone out of their way to protect the rich, at the expense of the middle class and the poor. They would do well to remember, there are more middle class and poor in America, than rich, which means more votes to remove politicians from office and replace them with others.

Enough with the tax cuts for the rich, as it is damaging the nation in so many ways. It's time to raise taxes on the rich - a proven, time tested method of bringing in revenues to cash strapped governments. It won't make the rich poor, but they'll have a little less and it will help clean up the financial mess.

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U.S. Stock Market Plunges 500 Points

Debt Ceiling Increase Did Nothing To Allay Investor Fears

Barack Obama

As mentioned last night, the U.S. stock market is in a bad way. This morning things got worse, as it plunged 500 points, taking it back to the height of the 2008 financial crisis. The passage of the congressional bill, to raise the U.S. debt ceiling by $2.4 trillion dollars, did nothing to assuage the markets. It was a very risky political gamble for President Obama that has not paid off.

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The Grammys Are Concerned Toni Braxton's Awards Will Be Auctioned

Toni Braxton

The National Academy of Recording Arts and Sciences (NARAS), which is the organization that awards singer with Grammys, has made an appearance in singer Toni Braxton's bankruptcy case, out of concern the six awards she has won during her 20-year music career could be seized and auctioned, to satisfy her many debts.

Braxton fell seriously ill with breast cancer, lupus and angina, which made her unable to work for a time. As a result, Braxton fell behind on credit card payments to high end retailers and other financial obligations. Due to the fact she did not disclose the full extent of her health problems, the insurer that underwrote her Las Vegas performance policy, did not pay the $10,000,000 guarantee in the event her stage run abruptly ended.

Braxton's financial woes grabbed unflattering headlines last year, when she filed for bankruptcy, the second time in a decade, prompting claims she is a spendthrift not in charge of her financial affairs. Braxton's latest Chapter 7 bankruptcy filing, already saw her reluctantly relinquish her million dollar mansion in Atlanta, Georgia's Sugarloaf Country Club. The legal documents also list her Grammy awards among her possessions.

It's all good and fine that they made an appearance in the case, in an attempt to protect their brand. However, the Grammys are a complete farce now, when a screamer singer like Beyonce Knowles, among others, can criminally commit wholesale theft of valuable copyrights worth many millions and win more Grammy awards than Aretha Franklin, in one fifth the time. It says the organization's credibility is gone.

You are giving out Grammys like candy to people that did not earn them, which has taken the prestige and heft from your awards. I also have it on good authority, though you do not want the Grammy awards sold to non-recipients, the voting process can be bought to rig a desired outcome on behalf of artists that did not earn it. The aforementioned two problems, which will mushroom into a forthcoming scandal, when specific details are brought to light before the public, are the real issues the Grammys need to be focused on.

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Obama's Poll Numbers Implode Into Disaster

Reelection Not Looking Likely

Barack Obama

U.S. President Barack Obama is having a hard time in the polls. Numbers in every area of polling indicate, the American people are fed up with the debt ceiling debacle and the economy in general. There has been no recovery in the U.S. economy, only massive spending that is drying up and revealing all the cracks and flaws the government tried to camouflage.

But wait, Obama isn't the only one on the hot seat. The U.S. Congress saw its poll numbers drop to an all time low, with approval rating sitting at an uncomfortable 6 percent and it is deserved. They have passed ludicrous spending bills and can't, excuse me, won't even agree on a plan for the debt ceiling, by taking the best parts of both political parties' proposals and merging them into one bill, for the good of the nation.

President Obama and members of Congress debating the debt ceiling

U.S. House Speaker and Republican, John Boehner, has accused Obama of caring more about reelection, than resolving the debt ceiling crisis that is gripping the nation. The clock is ticking and in less than a week, if no decision is reached, America will default on its debts. According to the Los Angeles Times, Obama's own Democrats are abandoning him on this issue, as they have been pushed to the point of anger.

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U.S. Debt Deal Dead

Barack Obama

Published reports indicate congressional Senator, John Boehner, has walked away from the debt ceiling debate, against President Barack Obama, exasperated that they have been unable to come to a final agreement. There is talk that Obama's own Democrats are angry with him over the lack of progress. The press and public had hoped the issue was almost resolved, but the latest on the negotiations illustrate otherwise.

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Republicans Develop Economic Plan And Await Response From Obama

"Video: Speaker Boehner: Time for the No-Budget Senate to Act on Cut, Cap & Balance"

Prominent Republican senator, John Boehner, took to the podium today, to announce the Republican party has developed a financial plan for America, but await a response from U.S. President, Barack Obama, regarding the course of action he intends to take. The clock is winding down to the August default deadline, in the debt ceiling debacle Congress is currently presiding over.

Barack Obama

The regrettable fact regarding the congressional fighting, excuse me, debates, is neither side has been able to take the better ideas from each party and merge them into one proper solution. Overall, the Republican party has the better, more prudent economic plan save for the no taxes clause, which, frankly, is a problem.

John Boehner

The Democrats' financial plan has too much spending, but its true redeeming factor is the tax increase on the rich, which would make a big difference (provided the money isn't squandered by too much spending again). Really, is it that hard to compromise with each other. Even the government had to admit this week that the talks have become unusual and strangely stalled, in comparison to past negotiations. Something is wrong.

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Barack Obama

In listening to President Obama and members of his cabinet speak about the financial crisis, one walks away with the impression, they have the mindset of gamblers. So much money has been pumped into the U.S. economy during President Obama’s term, yet he alarmingly continues to spend and keeps suggesting more stimulus packages, as the solution to America’s dire financial problems.

They sound like gamblers, who keep making risky wagers, believing that next gamble is the one that’s going to put them on top and in the black, only to end up further in the red, in a financial hole that keeps deepening.

It’s time for a sensible approach to finance with a sound fiscal plan, as the Judiciary Report has advocated for years. America does not have money to burn. It’s time for certain people in Washington to stop acting like it. There is a massive difference between debt and profit. Learn it.

After two presidents in a row, Bush and Obama, exhibited poor financial acumen, making very risky economic choices, to the detriment of America and the globe, the financial world has lost confidence in Washington.

The tides are changing in the world. It is the rise of China, India and Brazil in finance, which is a positive development for the world, as it means more people advancing. If America is to remain competitive in the financial world, prudent, precise and insightful action needs to be taken now to set things aright with the economy or risk falling to the wayside. The truth hurts, but it is only in confronting it and making the necessary changes, can one improve and move forward.

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Senator John Boehner (left) and President Barack Obama (right)

As the deadline for the debt ceiling nears, the President and his fellow Democrats, are locked in negotiations with rival Republicans and it appears they have made very little headway. Here's hoping both sides will accomplish something in the coming days.

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You Can Tell By The Looks On Their Faces That The Debt Talks Aren't Going Well

Barack Obama

U.S. President, Barack Obama, is reportedly very frustrated with the lack of progress in negotiations, regarding America's debt ceiling. He lashed out in anger this week stating, "I have reached the point where I say enough. Would Ronald Reagan be sitting here? I’ve reached my limit. This may bring my presidency down, but I will not yield on this." Currently, if there's anything that is going to bring Obama's presidency down, it is his unprecedented government spending, with no results to show for it, as the economy continues to worsen in every way.

John Boehner

On the other side of the aisles, top Republican, John Boehner, is sticking to his guns on not raising taxes on the rich (which the Judiciary Report does not agree with) and budget cuts (which the Judiciary Report does agree with). It is in times like these, it is beneficial to look to economic plans of the past that worked and within reason, apply those lessons to the challenges of today.

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Democrats and Republicans are fighting in Congress, regarding the debt ceiling, while President Obama threatens to cut off Social Security, stating he cannot guarantee that seniors checks will go out next month, on August 3, 2011.

Has he lost his mind. Seniors are going to remember that and attribute it to him. They paid into Social Security for decades, to receive their money during old age and not for a president to summarily decided such a thing.

If President Obama had not wasted so much money on unnecessary spending initiatives and thrown so much cash out the White House window, on overblown stimulus packages, with significant funds stolen and misappropriated, America would not be in this bind.

Barack Obama

President Obama should have raised taxes on the rich from day one of his presidency and used the funds to pay down the national debt and create jobs. President Clinton created 23,000,000 jobs by raising taxes during his time in office, which was recorded as the most financially prosperous in U.S. history. Others have done the same in the past, in other nations, such as Margaret Thatcher in Britain, creating new jobs with freshly raised tax money.

Now President Obama has his back to the wall, after massive, fruitless expenditures and is threatening seniors over Social Security they already paid for. What exactly did the government do with their money. As the Judiciary Report sees is, messing with Social Security is like dipping into pension funds, something you just don't do. You really must not want a second term.

The Democrats need to desist with the excessive spending and the Republicans in Congress need to give up on not raising taxes, because the money is needed. America has many billionaires, millionaires and individuals earning over $250,000 per year that can pay higher personal (and business) income taxes. They live in America and should pay it, after reaping all the funds they did off the nation.

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Will Reality Show Clear Up Toni Braxton's Debts And Financial Troubles

Toni Braxton

In 2010, Grammy Award winning singer, Toni Braxton, filed for bankruptcy - the second time in a decade. In 2010, Braxton lost her $2,400,000 Las Vegas home to foreclosure. She also gave up her primary residence, a 7 bedroom, 7 bathroom, $1,500,000 Duluth mansion, set in the Sugarloaf Country Club.

Braxton initially fought to keep the attractive, sprawling home. However, her creditors forced foreclosure, but due to the property having negative equity, Braxton was advised not to challenge it. She ended up surrendering the property, in what had to be a very difficult blow.

Braxton's former home in Duluth, lost to foreclosure

In the 1990s, LaFace Records, gave Braxton a reported settlement of $20,000,000 as apart of a renegotiation fee on her recording contract, after the bad publicity from her first bankruptcy. Label mates, TLC, were reportedly given the same, as they too had filed bankruptcy.

Braxton's former home in Las Vegas, gone to foreclosure

In 2006, Braxton signed a lucrative Las Vegas performance deal with the Flamingo hotel, but fell ill a year and a half into the multi-million dollar run. This is where her troubles began, as she'd taken on new debts and insurers refused to pay when she became ill, stating she hid her medical condition from them, which is a violation of the performer's policy. Braxton is battling lupus, angina and breast cancer.

Braxton's Las Vegas show was cancelled due to illness

It is regrettable that Braxton did not buy a home outright, when she had cash surpluses, rather than obtaining mortgages, as she would not have lost her main residence, which was clearly distressing. She is also older now, 43, with her health problems impacting her appearance. There also exists a pathetic ageism in the vain entertainment industry.

Braxton Family Values

However, with the success of her reality show "Braxton Family Values" that has brought in a moderate amount of money, with residuals and DVD sales to come, will Braxton get back in the black. That depends. Her 2010 bankruptcy filing was filed with debts to luxury retailers and establishments, such as Tiffany's, BMW, Neiman Marcus and the Four Seasons.

Braxton's spending would have to drastically change, in order to rebuild her finances from the ground up and maintain a solid financial profile. Her health is also a factor, which should indicate to her to save up for a rainy day.

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