Downgrade
At least the markets will have the entire weekend to debate the effect this will have on the economy instead of panic selling the entire week:
- Credit rating agency Standard & Poor’s on Friday downgraded the United States’ credit rating for the first time in the history of the ratings.
The credit rating agency said that it is cutting America’s top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation.
A source familiar with the discussions said that the Obama administration feels the S&P’s analysis contained “deep and fundamental flaws.”
The "deep and fundamental flaws" would actually be the 2008 election. In any event, this is going to cost taxpayers boatloads of money. Remember, hope and change.
Labels: money questions
posted by SCC at 1:01 AM
35 Comments:
Check out this video from a bus camera in Philly...at least 2 dudes open fire. And wait till you see the gun one dude pulls out from his pants.
Good thing there were no trigger happy cops there to do anything about it.
http://www.youtube.com/watch?v=ro_c_jy5h50&feature=related
oooo anyone who voted for this change should go sit on their porch
The sad thing is, lots of people bitching on this blog were the same ones who voted in this Marxist (and Quinn). You got what ya asked for....
Sold all my stock 1 week ago just felt this was coming. Saved myself a $3800.00 loss.
Money talks and bullshit walks.
The massive losses in the stock markets will continue as the economy recedes further into depression while the Democrats and Republicans in name only (RINO) in Congress continue to guide us down the path of economic collapse.
I'm waiting to see how the great campaigner will pass the blame of the S&P downgrade to the previous administration.
If we re-elect Mr. Obama to the presidency, we can look forward to another Great Depression. This dope keeps doimng what Roosevelt did in the 30's to fix what's wrong now. Too bad Mr. Obama never paid attention to conservative economists, they'd have educated him on how the policies of the Roosevelt administration lengthened and deepened the recession they turned into a depression.
The beginning of the end of the American Empire. All empires end this way. We have troops in over 100 countries- what for? 50000 still in Germany and 30000 in Japan. what for? To keep the military -industrial complex making money- this is what for.
A great book- Empire of Debt by Bonner. All empires end this way-- arrogant use of their military while they debase their currency.-- Rome, Greece, Spain- all of them.
Please no comments about being Unamerican-- I fought for this country 44 years ago which is before many of you were born.
old retired guy
Will this be makin' my checks smaller?
Like the Duke brothers said...get in there and sell sell sell
SCC says:
"Credit rating agency Standard & Poor’s on Friday downgraded the United States’ credit rating for the first time in the history of the ratings."
Yeah, but that was one HELL of a Birthday Bash for Obama the other night, wasn't it?
I can hear it now..."They only down graded because Obama is black. The S&P is racist!"
one thing no one even talks about anymore....gasoline prices have had a huge effect on everyone's wallet...food...services...ect...all tied together..
Hey somewhatrabid, the blame has kind of let up on Bush. This will mostly likely be blamed on the Tea Party. Just listen to how they are being demonize by everyone. So yes I believe they will get the blame for this one.
I want to see how Barry, Joe, Harry, Nancy, Jan,Dick, and Tim try and spin this and blame Bush. they have run the show for almost 3 years and it more fucked up than ever.
even my ultra lib sis-in-law is realizing she fucked up, she admitted as such to me.
Watched the video in the Philly bus attack. Just shows how crazed these animals have become. Just because someone said something to the shooters girlfriend about how she talked to her kid? Scary stuff becoming way to common today.
Anonymous said...
If we re-elect Mr. Obama to the presidency, we can look forward to another Great Depression. This dope keeps doimng what Roosevelt did in the 30's to fix what's wrong now. Too bad Mr. Obama never paid attention to conservative economists, they'd have educated him on how the policies of the Roosevelt administration lengthened and deepened the recession they turned into a depression.
8/06/2011 06:38:00 AM
Right. So, Presidents Harding,Hoover,and Coolidge all republicans didn't have anything to do with the "Great Depression" that started in Oct. 1929. FDR took office in 1933.
This can potentially be devastating to our economy.
nobama may well be the worst president in modern memory....
Hard to put faith in the S&P when they rated the Credit Default Swaps AAA right before the market tanked and put us into this mess several years ago.
obama is a socialist/communist/marxist/revolutionary and islamic sympathizer....and an enemy of We The People of the United States, who defend and protect the Constituion, FREEDOM and liberty. Period.
Get rid of obama and his minions. Start now and work with your voting precints, etc. to get the vote out for a conservative presidential candidate...a conservative who will support the Constitution, Freedom and liberty...the very values obama tramples and disregards, like a GOOD socialist/marxist would do. Did you know the American Communist Party recently endorsed obama for president in 2012? Instead of listening to news on ANY radio station, read www.theblaze.com for truthful minute by minute reports on what is happening in this country. Also, www.freerepublic.com. Also check out Fox News and Fox Financial for honesty in reporting. You will NOT hear about obama's thumbs up from the Communist Party on any other oboma-controlled radio/tv station or from the socialist news rags that work for obama...the media is in it to win it for obama, and they had better go down HARD along with obama, for the treasonous acts against the people of the USA.
Join forces with like minded people and work hard for the removal of this evil presence in the White House, OUR WHITE HOUSE. Educate yourself as to what is happening in this country from sources such as www.theblaze.com, www.freerepublic.com, Mark Levin on radio at 9PM to 12Midnight on WLS AM five days a week, and free streaming/download available daily..check his web site. Also Rush Limbaugh from 11AM to 2PM daily on WLS AM and Sean Hannity at 6PM to 9PM daily on WLS AM. Then educate your friends and neighbors to these sources for honest, factual reporting of news...we must educate one another and pass it on. Remember, the left never sleeps and works hard to destroy our life, liberty and pursuit of happiness...our culture, values, our religious expressions of faith.
Work HARDER than the enemy and destroy them at the polls. Our lives depend on it. Damn, we're AMERICANS, and AMERICANS do not allow enemies to settle on our soil and attempt to destroy our country. Down with socialism, and down with obama!
Good job Barry, time to give credit where credit is do. The Obama admin. Has done nothing to help our country, time for ANOTHER change. It's been 3 YEARS, stop blaming the previous president and fix it. STOP GIVING ALL OF OUR MONEY AWAY...WTF
When the credit rating for U.S. Treasury Bonds was downgraded from AAA to AA+, THAT in itself was a horrible scam and fraud. U.S. bonds should be downgraded to their true value, which is "junk." The principle of these bonds, over the long-term, will NEVER be paid back. The Chinese Government, the world's largest holder of these bonds, has already become aware of this reality, and they are now putting their money into other, more secure investments, because the Chinese know that the whole U.S. economy and our worthless bonds will come crumbling down, very soon.
If you want some honest, truthful financial and investment advice, check out www.inflation.us. They not only give very truthful financial information, but it is free! You can subscribe to their weekly newsletter, all for free. Check it out and do some research on your own. There are far better investments out there, besides the ridiculous scam known as "deferred comp."
s & P may hvae egg on their face...
http://news.yahoo.com/2-trillion-error-p-calculations-us-014901805.html
8/06/2011 06:38:00 AM
Unfortunately, he's not following Roosevelt's footsteps-he's more of a corporatist.
For those of you who get your history from old movies and comic books, FDR failed at ending the Great Depression. The worst year of the Depression was 1933. The next worst was 1937. The start of World War II ended the Depression. Lets hope that the Democrats don't figure this out.
How's that Hope and Change working out for you......anybody that voted for Obama should be ashamed.
i'm HOPING for CHANGE in 2012
No one administration is to blame - they all are
Yugoslavia was easy compared to what they want to do to the U.S.
To the unpublished:
S&P's Daniel Gross is a liberal hack and a poor example of an economist. And if you read that tripe with a wary eye, knowing that the government was run by Obama and his party for two years straight and during that time they ran up not only $3 trillion in debt, and they committed the country to another $10 trillion in unsupported mandates, you'd realize it's just another bit of BS from the left.
Thanks Barry.
"Daniel Gross is a liberal hack and a poor example of an economist."
Thank you, SCC. I was thinking pretty much the same thing yesterday.
I was appalled when I read his outrageous spin on Yahoo! Finance (Aug 5), "Is the U.S. Credit Rating a Victim of GOP Sabotage?" The piece read as if it had been written for him by the Democratic Party leadership, claiming that the budget deficit will be solved only with "revenue increases" rather than by reigning in government spending.
Note that the article identifies him as the "economics editor at Yahoo! Finance", so he's not "S&P's" Daniel Gross, and he's not even really an economist (no degree in economics, just a "financial and economics writer" ), according to his bio over at the Daily Beast.
Unfortunately, he's not following Roosevelt's footsteps-he's more of a corporatist.
8/06/2011 03:46:00 PM
No. Neither was in the military.
Note that the article identifies him as the "economics editor at Yahoo! Finance", so he's not "S&P's" Daniel Gross, and he's not even really an economist (no degree in economics, just a "financial and economics writer" ), according to his bio over at the Daily Beast.
8/07/2011 03:35:00 PM
which means he's a yahoo.
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