Posted on 08/05/2011 8:29:28 PM PDT by thefoundersrock
Is it silly that I feel so sad over S&P’s downgrade of the US credit rating? Like a lifelong friend who has fallen on hard times, I feel profoundly sad for my country. I literally almost want to cry. I don’t even have the heart to place the blame tonight, but I’m sure it will be back tomorrow. My husband and I have discussed what we will do in a “worst case scenario” of rising interest rates and a falling economy, and I firmly believe that the two of us will be just fine.
But it isn’t just about us, it’s about not only this nations prosperity, but it’s promise. It’s about being a beacon of freedom and opportunity for the whole world over the last two hundred years. What if that beacon were to go out? What if we can no longer afford to “keep the world safe for Democracy?” Who will take our place – China? Russia? An Islamic Caliphate in tandam with them? Can you even imagine what such a world would look like? Do you even want to?
A credit downgrading isn’t the end of the world, but I’ll tell you what is...
(Excerpt) Read more at theaverageamericanblog.wordpress.com ...
A credit downgrading isn’t the end of the world/
It may not be the end of the world, but it is the beginning of the end of America as we know it if Obama stays in the WH.
The fundamentals of the economy must change now or we ARE doomed.
Agreed, plan on being more involved than ever this time around. I’d like to think we’re convincing people that we’ve got to get the big spenders out if we stand a chance.
Agreed, plan on being more involved than ever this time around. I’d like to think we’re convincing people that we’ve got to get the big spenders out if we stand a chance./
I agree with you. This is going to be a bloody battle but we can and will win. We have to save our country. RINOS and progressives must go.
Odummy is helping by being the complete failure he is. This didn’t happen on Bushs watch, but his. He owns this.
AAA, AA+... Don’t let all the A’s confuse you - we’ve been graded as a B.
No the sad day was 11/04/08 when a unqualified Democrat Pet, won the Oval office.
Peabagger.
Thanks Obama!
As far as Obama is concerned, we deserve it!
| I don't think it is possible for this country to have a more sorry bunch of losers running the show. So Zer0's economy continues on a downward track to a total collapse. Once you go over a cliff you cannot stop halfway down. The Jackwagon President is fixated on our money and he wants it now. So new taxes and the DeathCare bill that he and Nancy put in place might finish us off. |
Happy Ramadan You Eff'n Commie
All I can see is picture of Obummer laughing! Maybe giving a high 5 or two. Because this is just part of the plan to collapse the economy!!
Obama: "The other day I was in the bank and some guy was complaining to me that the higher interest rates made it more difficult for him to afford a mortgage. Hey, like he should have saved more for a down payment. What do you expect!"
IMF considers US debt as $203T, not $14T...look up Kotlikoff’s figures.
Weiss Ratings beat them to the punch:
http://ml-implode.com/viewnews/2011-07-15_WeissRatingsDowngradesUnitedStatesDebttoCMinus.html
Weiss Ratings Downgrades United States Debt to C-Minus
2011-07-15 — weissratings.com
Weiss Ratings, an independent rating agency of U.S. financial institutions and sovereign debts, has downgraded the debt of the United States government from C to C-minus.
The C-minus rating for the U.S. reflects a continued deterioration in the weaknesses cited in the Weiss Ratings release of April 28, 2011, including heavy debt burdens, shaky international stability, and poor economic health.
Weiss Ratings senior financial analyst Gavin Magor commented: “Our downgrade today is not contingent on the outcome of the debt ceiling debate in Washington. It is driven exclusively by the numbers, which indicate that, in addition to a decline in the long-standing weaknesses we noted three months ago, the U.S. has already lost the golden halo that helped guarantee liquidity and acceptance of its government securities in global markets.”
On the Weiss Ratings scale, which ranges from A (excellent) to E (very weak), a C-minus rating is the approximate equivalent of a triple-B-minus on the scales used by other credit rating agencies, or approximately one notch above speculative grade (junk).
About Weiss: By adhering to its independent business model, Weiss outperformed Standard and Poor’s, Moody’s, A.M. Best and Duff & Phelps (now Fitch) in warning of future life and health insurance company failures according to a 1994 study by the U.S. Government Accountability Office (GAO), while also outperforming its competitors in identifying the safest insurers, according to its follow-up study using the GAO’s research methodology.
http://weissratings.com/Login.aspx?a=r
U.S. Sovereign Debt Rating Close to “Junk”
by Weiss Ratings | July 14, 2011
“Weiss Ratings is very close to downgrading the sovereign debt rating of the United States one more notch to a ‘C –’, which will put it just one notch above junk,” Martin Weiss, President of Weiss Ratings told CNBC on Wednesday.
“In April, Weiss Ratings gave the U.S. sovereign debt rating a ‘C’. A ‘C’ is equivalent to approximately a triple-B on the S&P, Moody’s and Fitch scales. Its two notches above junk, Weiss told CNBC in May. Weiss added that while the rating was weak, the debt situation was not in a danger zone that should trigger panic.
In yesterday’s interview with CNBC, Weiss responded to Moody’s Rating Agency placing their U.S. triple-A rating on review for a downgrade in the coming weeks on mounting concern that legislators will fail to raise the debt limit in time to avert potentially drastic effects.
The U.S. government is deadlocked in negotiations to raise the $14.3 trillion debt ceiling by August 2 before a potential default. President Obama announced on Tuesday, that failure to increase the debt ceiling would jeopardize payments to Social Security and Veteran’s benefit recipients.
Weiss believes a downgrade by the large rating agencies is long overdue, noting that the top-notch standard assigned to the U.S. is unfair to investors and savers as they are not being compensated for the level of risk they are taking.
“The U.S. has a huge debt load compared to most other countries,” he said. “And, has a very unstable economy over the last 10 years compared to most other countries.” The U.S. ratio of debt-to-gross domestic product is currently over 90 percent.
“The only thing that’s really holding up the U.S. debt rating is a widespread international acceptance for U.S. Treasury securities and nice strong liquid market. But even that might be coming into question,” according to Weiss.
Weiss is hopeful that a last minute deal will fend off a potential crisis for U.S. and world markets. He pointed out that three years ago the legislature’s failure to pass a bailout package sent markets into a tailspin, and forced Congress to sign off on it.
He said, “We might see a similar scenario here in the debt ceiling debate, a failure at first and then a desperate deal in the thirteenth hour to rescue the situation at the last minute.”
Based on the government’s continued failure to agree on terms for raising the U.S. debt ceiling and the looming deadline, Weiss Ratings is reviewing its current ‘C’, rating signaling consumers that a ‘C-’ rating might be a fairer assessment under the circumstances.
:(
I wonder if there is one Obama voter out there that will admit they made a mistake in voting for him?
We’re not going to get out of this without pain. I hope, pray, and believe we can weather it. It does make you think though, how the left will react and what kind of havoc they will cause when they figure out just how big the cuts are going to have to be.
You’ll be able to tell your grandkids you were around at the official start of the fall of the Roman empire...
If this ain’t the bell tolling, that this problem is going to sink us, don’t know what is.
Another Obama Goal achieved,His speech to the Muslim world where he Proclaimed we are Not a Christian Nation,we are Just a Bunch of Ctizens Nothing Exceptional about Us! Well Obama Proved that!
As long as the media covers for this progressive community organizer, we will have a very tough uphill battle in 2012.
BTW, God Bless the troops and their friends/families that were KIA today.
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