US's credit rating downgraded. First time in History. (1 Viewer)

[EL PRESIDENTE]

 

[EL PRESIDENTE]

http://www.reuters.com/article/2011/08/06/us-usa-debt-downgrade-idUSTRE7746VF20110806

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months.

translation: we'll see if you vote this bum out of office before we ding the USA again.

 

[PapaG]

That's going to be Obama's legacy. Not even Jimmy Carter could manage this failure, and the ads against him next fall will be devastating. I almost expect a Ted Kennedy/Jimmy Carter reprisal in the primaries, one challenger to the far left of Barry, and another to the right.

The downgrade is on old debt, but since spending isn't being cut, this is going to be Bad News Bears for this fall. Yet the Dems and liberals are bashing the Tea Party because they want to decrease spending.

 

[EL PRESIDENTE]

they always deliver the bad news on Friday afternoons. wonder how the market is going to react. coundown til it dips below 10k has begun! :MARIS61:

 

[EL PRESIDENTE]

well, maybe he will win the Nobel Prize in Economics now.

 

[PapaG]

Apparently S&P is now "reconsidering" as the Obama administration says that S&P used "flawed math".

This administration is such a fucking joke. Now they're bossing around S&P and getting them to "reconsider" their rating system.

Here is how it will shake out. If S&P does downgrade, they and the Obama administration will put out notice that it is because the GOP is against tax increases. If S&P doesn't downgrade, it's because White House polling over the weekend showed that Americans won't buy that bullshit.

 

[EL PRESIDENTE]

the reconsideration story was from 30 minutes ago. they have downgraded.

country is uberfucked.

 

[Blazed Mania 52]

Its time to loot stores and kill babies, this country needs a revolution, so we can transform greed and egomania into positive lives for every single person in the world.

 

[PapaG]

the reconsideration story was from 30 minutes ago. they have downgraded.

country is uberfucked.

White House must have been in panic mode. S&P and Moody's both say it's because of spending and deficits, and nothing about tax increases have been mentioned over the past month. Even ABC isn't buying the WH spin.

Obama is truly a one-of-a-kind President. He was just bitching today about businesses needing to take their money off of the "sidelines". He ain't seen nothing yet.

 

[PapaG]

Nancy Pelosi just had a meltdown regarding the GOP.

“It is about destroying government — federal involvement in education. It’s about clean air, clean water, food safety, public safety. You name it, they’re there to diminish it. Destroy it.”

Only fools believe these talking points, Nancy. Real shit is going down right now.

 

[PapaG]

From April 2011:

'No risk' the US will lose its top credit rating, says Treasury's Geithner

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

If this bozo has a job Monday morning, it's time to start wondering if Obama is actually sane enough to keep his job.

 

[STOMP]

pretty sure this will significantly effect my livelihood. Polls were pretty clear who Americans were blaming for the debt ceiling crisis and who was responsible for getting us into this mess. Guessing this will probably get out the vote in a big way.

STOMP

 

[EL PRESIDENTE]

remember this warning....

 

[OSUBlazerfan]

Ok, not an economist....i need to know how this really affects us, a country as a whole

and please rightwingers dont say the world is ending

remember, im one of you guys

 

[EL PRESIDENTE]

Ok, not an economist...

its probably a good thing because apparently, most economists don't know what the fuck they're talking about either.

 

[EL PRESIDENTE]

listen to this guy:

http://finance.yahoo.com/blogs/brea...e-depression-says-peter-schiff-124843251.html

"We're on a collision course for disaster. All we can do, all your viewers can do is brace for impact...Buy gold. Buy silver... Get as far away as you can from U.S. currency and the U.S. economy."

 

[PapaG]

pretty sure this will significantly effect my livelihood. Polls were pretty clear who Americans were blaming for the debt ceiling crisis and who was responsible for getting us into this mess. Guessing this will probably get out the vote in a big way.

STOMP

Sweet. For more years of Obummer and the Dems back in charge, and we'll be AA soon enough.

You really need to get out of SF more often. It's rotting your brain.

 

[Mamba]

Congrats, Obama.

 

[STOMP]

You really need to get out of SF more often. It's rotting your brain.

your vitriol might be interesting if occasionally you were right. I spent almost all of June vacationing in Oregon & Europe

STOMP

 

[Hunter]

As another posted said, this will be Obama's legacy. Like it or not he will always be known as the president who last America its AAA credit rating. I think Congress should immediately take up and pass a clean balanced budget amendment.

I work for a major bank and am very interested to see what happens on the global markets. My personal guess is the stock market in Japan drops around 5-10% immediately on Sunday afternoon (US time) when their markets open.

 

[BLAZER PROPHET]

What this means is that the country will have to pay more to borrow money is the first thing that comes to mind. However, since European bonds have become more expensive, this may have no real short term effect.

As for Pelosi blaming it all on the GOP, this warning has been coming from both Moody's (which maintained the AAA rating) and S&P for many months.

With all due respect to either side, this downturn in rating belongs squarely on the shoulders of Obama/Pelosi/Reid.

 

[STOMP]

With all due respect to either side, this downturn in rating belongs squarely on the shoulders of Obama/Pelosi/Reid.

Simple questions not to be answered with a question.

We've raised the debt ceiling how many times? Who held up raising it with a clean bill (like it's always been done before) this time? Hint hint... it's the same party who Americans have overwhelmingly been blaming in the polls for this

STOMP

 

[PapaG]

The blame push polls must not be going well for Barry and his crew. Now they are trying to discredit S&P. This is amateur hour.

$2 trillion error in S&P calculations: US


US Secretary of the Treasury Timothy Geithner. The US Treasury has hit back...

The US Treasury has hit back against a Standard and Poor's downgrade of its AAA credit rating, saying there was a $2 trillion dollar error in the agency's calculations.
"A judgment flawed by a 2 trillion dollar error speaks for itself," a Treasury spokesman said, just after the US lost its AAA rating for the first time ever and was downgraded to a AA+.

It was the first time the US was downgraded since it first received a triple-AAA rating from Moody's in 1917; it has held the S&P rating since 1941.

Moody's and a third ratings agency, Fitch, say they continue to study the deficit plan to see if the US merits being kept in their ranks of AAA countries.

Earlier, an official close to the discussions with S&P said: "There are deep and fundamental flaws with the S&P analysis."

http://www.breitbart.com/article.php?id=CNG.7e885139e8a1bc75f092f9aeb91cef25.b1&show_article=1

 

[PapaG]

Simple questions not to be answered with a question.

We've raised the debt ceiling how many times? Who held up raising it with a clean bill (like it's always been done before) this time? Hint hint... it's the same party who Americans have overwhelmingly been blaming in the polls for this

STOMP

You keep reading your polls. Meanwhile, your hero Obama is failing and wilting, right in front of our eyes.

 

[PapaG]

your vitriol might be interesting if occasionally you were right. I spent almost all of June vacationing in Oregon & Europe

STOMP

Whoopity Doo. Meanwhile, millions of your fellow citizens can't even afford their mortgage, and you're talking about polls on a day where polls don't matter.

As I said. Get out of SF more. Your brain is still rotted.

 

[BLAZER PROPHET]

Simple questions not to be answered with a question.

We've raised the debt ceiling how many times? Who held up raising it with a clean bill (like it's always been done before) this time? Hint hint... it's the same party who Americans have overwhelmingly been blaming in the polls for this

STOMP

I do understand what your hinting at, but Obama was swept into office with a cloture proof Senate and a super majority in the House- nearly unprecedented and Obama/Reid/Pelosi had carte blanche authority to do whatever they wished. Their direct policies more than doubled the national debt (and the vast majority of that money was ill spent for unions...) and created what will become the largest money sucking entitlement program in our nation. Those are the primary reasons we have lost our credit rating. Moody's and S&P warned them this might happen and now it has. For Pelosi to even hint at blaming the GOP makes it clear she may not be of sound mind.

 

[PapaG]

This is as political as I've ever seen S&P get in a statement.

"Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating
to the Select Committee decisions on more comprehensive measures."

As BlazerProphet posted, Moody's and S&P have been warning us for months that spending and the deficit is the problem with our long-term outlook. I realize that Team Obama is going to try and spin this, and we've seen evidence of this from STOMP, but this downgrade is primarily the fault of Barack Obama, and that's why they're challenging it.

 

[EL PRESIDENTE]

if you can't blame obama for this, you're not going to blame him for anything he does. you've given him a "free pass" for whatever he does.

 

[STOMP]

hey! look over there

I wasn't hinting but you proved my point

STOMP

 

[STOMP]

and as I've repeatedly said, I could give a shit about anything you say as SlyPokerDog is obviously the site's disturbed troll. I never ever respond to you initially. It's always you taking personal pot shots at me for what... three years now? Obsessed much troll? I'm sorry that your life is so empty that you feel the need to be the site's running joke. I only wish that you were occasionally proved right so I might actually feel that our exchanges were worth something. But you're going to have to change from within. Invest in yourself, get a therapist or at least a healthy hobby. I'm really tired of being the object of your obsession

STOMP