S&P Downgrades US Debt Rating
- Thread starter NationalTitles18
- Start date
You think that it will help the people in washington to do the right thing for this nation?:frown:
I knew Hussein would blame S&P for jumping the gun and he has. Seems the Tres. begged them to wait to downgrade us. Next they'll point out that these are the same agencies that rated those "toxic mortgages" and "derivatives" as solid investments...One has to ask why they weren't saying all of that BEFORE the debt ceiling fiasco.
It's called government coercion...there's even discussion of forcing Greece bond holders to extend the term of their debt or take a haircut.
Was there any expectation this regime would hold themselves acountable?
On Obama's 50th birthday the market tanks 512 points. The next day the country's creditworthiness is downgraded for the first time ever. But I am glad he held a Chicago bash charging $35,000 to donors to help him celebrate, followed up by a BBQ at the White House with Jay-Z, Tom Hanks, Chris Rock and Herbie Hancock.
Change You Can Believe In.
"If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand." - Dave Ramsey
We shoulda been downgraded years ago
We shoulda been downgraded years ago
More than a few folks believe some big guns got advance warning of the impending credit drop, leading to the big selloff on Thursday. Note that Friday was an up day. Next week could be a blood bath, and if so, those who sold from the high on Thursday will look like geniuses...
S&P also made it pretty clear that the downgrade was the result of a relatively weak package, coupled with the dysfunctional state of the government.
In short, this is on all of Washington.
In short, this is on all of Washington.
You are correct. This crap started with Shrub. I don't see much difference between the last two presidents except Obama has a few more anti-capitalist Marxists pushing the agenda.
So what realistically happens now? I just heard Tom Chambers of the S&P say that the last country which had been downgraded took between 9 to 18 years to get their AAA back. He also indicated that there is a 1 in 3 chance that the rating could go even lower. So, for some of you who understand all of this stuff, what does that mean for the rest of us? I understand that interest rates will be effected. What other fallout is possible?
Yep. Partisans of either persuasion need to recognize that their preferred party & politicians are to blame. Naturally, the attempts to hang this around the other party's neck next election began within nanoseconds of the S&P announcement. Crank up the fiddles & ignore the smoke from the conflagration! *sigh*
Or longer. A blend of the following:
(a) Pols: "We'll make budget cuts. We promise! Right after the next election. Or maybe later. But we really strongly mean it; we'll make those cuts, as far as you know."
(b) We-the-People: "Vote for my guy/party; they'll spend $$ we don't have on much more noble things than how the other party spends $$ we don't have." (Said & believed while totally believing point (a) & being amazed that it never happens)
I can't decide which group is in more need of mental health services. Frankly, while disgusted w/ our political leaders for some time now, I lean more toward we-the-people as the group that needs more help. ("OK, I realize that it's pretty much never happened before, but I genuinely believe this guy/lady's campaign promises. They'll fix it. I'm voting for him/her. Meanwhile, someone should do something about that credit rating thing; that's bad, right?") :frown:
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