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Posted on 07/18/2011 4:55:37 AM PDT by markomalley
The United States should do away with the debt ceiling altogether to bring greater certainty to investors in U.S. Treasury bonds, Moody’s suggested Monday.
With the August 2 deadline for raising the debt ceiling barely more than two weeks away, the bond-rating agency issued a report Monday noting that the U.S. is one of just a few countries that has a statutory borrowing limit and saying that the limit creates “periodic uncertainty” for investors, Reuters reported.
Moody’s threatened last week to downgrade the AAA rating of the U.S. government if it is unable to meet its debt obligations next month and perhaps even if Congress and the White House are able to reach a deal.
In the past, Moody’s has considered the risk of U.S. default on its debts very low because Congress has routinely approved hikes to the debt limit, but with negotiations between President Barack Obama and congressional Republicans at an impasse, the agency is less confident.
(Excerpt) Read more at politico.com ...
“.....all said to let Dumbo off the hook!”
WARNIYNG....
“Dumbo” is a registered trade mark of the Disney Corp and is an elephant which has been used as a symbol of the Republican Party.
Use of the term to apply to a big eared jackass ; jackass a symbol of the Democrat/Socialist party, may be subject to misuse of a registered trademark and subject to legal suit by the injured groups which may include defenders of The Elephant Defamation League . .
Abolish Moody. Screw these agency’s calling the shots. We the people are the CEO’s of this country. The government and their buddy’s in banking are choking us to death.
SOS. Sarah get here quick. And let’s clean house in congress. Get rid of all the lawyers, carreer jerks and let the fresh air in. Now more than ever, we need to stand our ground.
Sunny days are a comin. 2012 the horse dung will be scraped out of DC.
Can you imagine a constitutional system without checks and balances? GREECE
Germany, just before WWII.
How is refusing to accept more Treasury Bonds going to hurt those hold existing bonds?
Either Moody's is totally in the tank for the corrupt SOBs who want o milk this country dry or Politico is distorting what it says.
Might as well. It is a farce now, and is going to collapse sooner or later.
Abolish Moody’s.
Go after all 3 of the ratings agencies for selling the ratings that led to the crash. This proves once again that the ratings are not based on mathematical facts. In this case they are political. And guess which political group has control of it.
ALL of these companies need to be investigated if sanity returns to government and we elect proper Americans... which is to say that the chances of that happening are very slim.
LLS
Watch where you park that wheelbarrow. Some will dump the cash it holds and steal the wheelbarrow, worth more.
I would love to have a credit card with no limits, and only a 6% interest rate.
I would run it up....and then take off to a country without extradition.
Excellent link in #15! I hope everybody reads it and begins to understand just how widespread the corruption and complicity is. The “watchdogs” are as dirty as the scum we already knew about.
Since when did the people of the USA become subservient to a group of financial marketeers. That any group like Moody could be a deciding force on the fortunes of people of the USA demonstrates how far we have digressed from being an exceptional Nation to a whipping boy for international bankers. Would Soros by any chance be involved with such shenanigans?
Is Moody’s campaigning for 0bama?
Will a Moody’s rep knock on my door and ask me to donate to “Omoslem 2012?”
Moody’s has just forfeited all credibility.
I think some liberal Brit already wrote a song about that.
Moody’s and S&P were basically giving sub-prime bonds whatever ratings the banks told them to. Goldman basically said, “Here’s our bond. We think it is AAA. Here’s the model we used. We suggest you use it.” The rating agencies complied because they get so much busine$$ from the banks. In a just world, they would be prosecuted for fraud.
When George Washington named Alexander Hamilton as his Secretary of the Treasury. Washington's lone major mistake while in office.
Better idea: pass legislation that says that, in the event that there’s not enough available cash to pay everything, then the order of payment must be:
1) Debt interest payment
2) Social Security
3) Medicare
4) Medicaid
etc
I would put out a bill that specified the first two first, followed by bills that refined the list.
Let Obama veto it if he chooses, and try to spin his decision.
"fhtiip"
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