S&P executives better not be seen in Chicago...
Posted on 08/05/2011 5:04:57 PM PDT by mandaladon
Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.
Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA.
A third official says that S&P made a "serious mistake" in its analysis, "based on flawed math and assumptions," so the Obama administration is pushing back. But even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do.," the official said.
S&P refused to comment.
Because of the pushback, the Obama administration is preparing for the downgrade but is not 100% positive it’s going to happen, officials said. And if the downgrade does happen, officials are not sure when it will happen.
Before ratings agencies issue a downgrade, there is often some back and forth that goes on behind the scenes. Treasury Department officials have been making the case for months that S&P should not downgrade US debt.
(Excerpt) Read more at blogs.abcnews.com ...
Another part of this PR push by obambi and company is to
DISCREDIT the rating agencies as being “out of touch” with examples being “they didn’t see AIG etc before TARP” .
When you have a govt. run by banker/fedreservists, then you can game the credit raters.
This is just like the property appraiser who is “preferred” by a mortgage bank because they “deliver the appraisal amount needed for the loan” . obama is trying to game the raters... cause they knew this was coming.
Republicans give away the store to avoid being blamed and then get blamed anyway. Just don’t ask then to learn from history or their mistakes. It is a violation of both the DC and RINO Codes not to keep doing the same thing over and over while expecting different results.
But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Maybe it's what they're afraid of (Cloward & Piven, Soros, SEIU, Acorn, Maurice Strong, Van Jones, Muslim Brotherhood, Weather Underground, UN Agenda 21, ...)???
Indeed, reminds one of the guys fishing in the river, and a mocassin lands in the boat (the debt) and one guy kills it by shooting with a shotgun, blowing a hole in the boat and sinking it. That’s the debt deal.
Once the boat sinks, here come the gators... and that is what is coming most likely.
will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction.
#1 Truth be told, the debt ceiling had nothing to do with any of this.
#2 Truth be told, they want 4T in cuts...as a down payment.
#3 Truth be told, Pelosi: My Deficit Committee Members Will Oppose All Entitlement Benefit Cuts, http://www.freerepublic.com/focus/bloggers/2757721/posts?page=32#32
#4 Truth be told, the Democrats ran without a budget for how many YEARS?
#5 Truth be told, the Republicans are responsible only for not making every attempt to stop them, up to and including causing them to fail to meet the requirements to hold a vote. Walked Out.
While McConnell, Boehnor, McCain and the rest gleefully pat themselves on the back beleiving this crap that they were the winners. The reality is that "We The People" were the ones rolled again.
Many don't want to believe it but Sarah's presentation of "contested primaries" may very well be the template of our refounding. If we can hold out that long.
Obama owns this downgrade.
I think someone is playing serious political games with the rating here, this is Govt interference, if its blatant complicit scaremongering, someone needs to be held to account.
Yes, tht’s clear. S&P wants to downgrade. They cited the reasons why months in advance. It’s fairly obvious Obama is leaning on them not to do it and if they do it to play along with the meme that his administration has nothing to do with it.
I’ve moved on from S&P and the other agencies.
It’s becoming clear the market (somewhat) and various businesses are factoring in the reality of our circumstances despite the gutlessness of anyone in DC to own up to our problems. Blackmail and playing with numbers isn’t going to magically going to create enough jobs and growth to help him next year. and tis time they can’t crash the market around the election because it won’t help him.
S&P executives better not be seen in Chicago...
Another vote of confidence for Obama & his Czars ....way to go Commies !!
Oh' that's a given......I did say MAYBE
I do think a lot of Americans are figuring out the politicians in DC sound like the teacher in Charlie Brown cartons.......all they hear blah. blah, blah
why didn’t the republicans bring this up?
Yep, Standard and Poor’s doesn’t know how to do math! That’s right, bad math!
Nor do they know how to construct an economic model. Probably the model is “flawed” because it makes realistic assumptions about (no) U.S. economic growth, (no) jobs growth, (giant) deficit growth, and (no) Federal revenue growth. You know, a model without Obama’s special rose-colored 3D rainbow and unicorn glasses.
And “pushback” means Obama has released the Federal fascist hounds to threaten and intimidate S&P to get them to “change” their minds. You know, just like in Venezuela!
Apparently we have just been downgraded
BreakingNews Breaking News
Credit rating agency S&P downgrades US debt from AAA, first debt downgrade in US history - AP
Idiots! On both sides!
yep.
but, Moody’s and Standard and Poors both said it wasn’t the debt ceiling. it was the spending.
they said it would required cuts of at least 4 trillion to avoid the downgrade.
IF Boehner had stood his ground, and gotten even that minimum,
there wouldn’t be a downgrade at all.
(and probably not the Stock crash and gold boom this week.)
He could have helped save America. Instead he sold it down the river.
Cluster-blank good for nothing worthless communists in DC are killing this nation.
It’s been lowered from AAA to AA+ it’s all over twitter now.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.