Standard & Poor's Downgrades U.S. Debt
#153254
08/05/2011 02:36 PM
08/05/2011 02:36 PM
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airforce
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There have been rumors all afternoon, and now it's happened. Standard & Poor\'s has downgraded U.S. debt from AAA to AA+. 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 the country'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." (...) Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153255
08/05/2011 03:39 PM
08/05/2011 03:39 PM
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airforce
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And that may not be the last downgrade. ...The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.... Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153256
08/05/2011 04:15 PM
08/05/2011 04:15 PM
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drjarhead
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Higher interest rates are virtually guaranteed to combat inflation as well as the downgrade in our Bonds.
Higher general govt debt trajectory? LMAO As sure as the Sun rising in the East.
The War for America Fight Everywhere III
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Re: Standard & Poor's Downgrades U.S. Debt
#153257
08/06/2011 02:55 AM
08/06/2011 02:55 AM
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airforce
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ever since it happened, I've been hearing the pundits talk about how bad this is going to be for us. Well, I think it's great!The government will find it a little more difficult to borrow money. Which means it's going to find it a little more difficult to exercise its power over us. Whenever the government's power is reduced, we come out a little bit ahead. Standard & Poor's, you done a good thing. Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153258
08/06/2011 09:35 AM
08/06/2011 09:35 AM
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airforce
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Sen. Rand Paul calls for Treasury Secretary Tim Geithner to resign. Sen. Rand Paul today issued a statement calling for the resignation of U.S. Treasury Secretary Timothy Geithner from his cabinet post, effective immediately, for his gross mismanagement of federal economic policy and for his role in the first-ever downgrade of United States debt.
“Secretary Geithner assured everyone that raising the debt ceiling without a plan to balance the budget would not result in a downgrade to our debt,” Sen. Paul said. “He was clearly wrong. Our debt has been downgraded for the first time in history, and now American taxpayers will have to suffer the consequences”
This is not the first time Secretary Geithner and his team have failed to correctly diagnose or manage an economic problem. During his tenure at the Federal Reserve and as Treasury Secretary, Secretary Geithner has had a direct role in the failure of the Fed to diagnose and act on the housing crisis. He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans.
Last year, he announced to the American people “welcome to the recovery,” when in fact the our economic crisis has continued. He has contributed not only to the first-ever debt downgrade, but is on the record as clearly disputing it could ever happen.
“There is plenty of blame to go around. Both parties have contributed to our $14 trillion debt. But it is hard to say this crisis wasn’t predictable, because it was. House and Senate conservatives clearly predicted this, and also offered the only solution that could have prevented our downgrade with our Cut Cap and Balance plan,” Sen. Paul continued. “We must rescue our finances through a Balanced Budget Amendment, and we must do it soon. We must cut spending immediately. And we must get new leadership, and put in place people who have seen problems coming and offered credible solutions, rather than those who continue to misdiagnose and mismanage our economy.” Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153260
08/06/2011 01:34 PM
08/06/2011 01:34 PM
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Breacher
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Yeah, of my worries in life, none include wondering what will happen with my $5 million in municipal bonds or how to live on a measly five million dollar inheritance or whether or not a $5,500 per month government pension has to take a 10% reduction.
The system screwed me over good, and on purpose so when they fall, they can take that fall. I am already down here.
Life liberty, and the pursuit of those who threaten them.
Trump: not the president America needs, but the president America deserves.
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Re: Standard & Poor's Downgrades U.S. Debt
#153261
08/07/2011 09:57 AM
08/07/2011 09:57 AM
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airforce
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Doorbell. Is this how the government intents to solve the debt crisis? One minute. Well, that was quick. Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153262
08/07/2011 10:58 AM
08/07/2011 10:58 AM
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airforce
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Originally posted by safetalker: However if you, or Social Security, or a foreign nation holding one of the bonds they should be used for Wallpaper. Europe is already on the ropes. Greece, of course, is a basket case, and the European central banks are already buying up Italian and Spanish bonds, to try to hold down the interest. But how long will they be able to continue is anyone's guess. China, of course, has a boatload of our debt. But they, too, have their own problems--including sectarian strife and a looming "housing bubble" of their own. The long-term outlook, despite what you may hear from China's many admirers, is not good. When the dollar goes down, China will likely follow. I'm a disabled, retired veteran. I have about as much to lose as anyone. But I never really figured on keeping that monthly check, and I always figured Social Security was a lost cause, too. Either my pension will go, or inflation will make it worthless. Either way, I figure it's going. Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153265
08/07/2011 05:43 PM
08/07/2011 05:43 PM
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sinistral
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Originally posted by safetalker: Remember also that there is a prophecy that in September or October that the Italian people will sack the Vatican and spread its wealth to the world. Reference, please?
“If there must be trouble, let it be in my day, that my child may have peace” -Thomas Paine
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Re: Standard & Poor's Downgrades U.S. Debt
#153266
08/08/2011 02:43 AM
08/08/2011 02:43 AM
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I'm sure they'll have more than enough money to raid food co-ops, lone survivalists and patriots, steal guns from Americans to trade to drug cartels for cocaine, and of course bomb anyone darker than Conan O'Brien.
If the dollar collapses and takes the economy with it, then those that have the beans and bullets will be the rich. The government has been stocking up on both.
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Re: Standard & Poor's Downgrades U.S. Debt
#153267
08/08/2011 01:26 PM
08/08/2011 01:26 PM
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Obama\'s speech was horrifyingly bad. Though I suppose he could say the Dow would have dropped 734 points without his speech, and so he saved or created 100 Dow points. He was a half hour late. His head turned from side to side as if he were attending a tennis match. He practically never looked in the camera, as if he were averting our gaze. And those were the strong parts of President Obama’s disastrous speech.
It was a bit like a slow-motion car crash. After a while, one stopped listening to the blather and simply watched the stock ticker go down and down. And down some more.
Obama had all weekend and the best he could come up with was a reiteration of his plea for a “balanced” approach to deficit control. That’s right. We have a tumbling stock market, over 9 percent unemployment and a flight to gold (some investment advisers say it will be at $2,500 per ounce by year’s end). All he can do is promise to raise taxes.
Now that’s not exactly right. He did trot our proposals for a one-year extension of the payroll tax cut and extension of unemployment benefits. And he promised to make his own proposal to the debt committee. That’s it. It is what he has been saying for what seems like forever. He has nothing new.
He did say one indisputably true thing: The downgrade was more a comment on our political dysfunction than on our ability to repay our debts. That is the dysfunction that he has presided over. That is the paralysis he perpetuated by insisting for months on tax increases. He was describing his own disastrous tenure as president.
This illuminated Obama’s predicament — devoid of ideas, bitter about political opposition and completely in over his head. If the election were held today, I bet he’d lose. By a lot. The "Left"--the media, the unions, and the ruling elite--are out of their depth. They're acting like they don't know what hit them, and maybe they really don't. This just wasn't supposed to happen to them. The inevitable failure of Keynesian economics just wasn't on their radar. They've run out of other people's money to fund their way of life, their future is bleak, and they simply don't have a plan. But they still have a lot of weapons, and a lot of power, and they can still lash out. A lot of them are bitter enders, and the weeks , months, and years ahead are going to be bad. Get ready. Onward and upward, airforce
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Re: Standard & Poor's Downgrades U.S. Debt
#153268
08/08/2011 02:01 PM
08/08/2011 02:01 PM
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ConSigCor
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Both political parties have spent decades buying votes with bread and circus. They're afraid to admit to the masses that everything they think they're "entitled" to...must now be eliminated or at best drastically reduced. These political incompetents are terrified of the certain backlash they know would come. So, they will let Rome burn to the ground; so long as they retain power over the ruins.
"The time for war has not yet come, but it will come and that soon, and when it does come, my advice is to draw the sword and throw away the scabbard." Gen. T.J. Jackson, March 1861
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