Posted on 08/05/2011 5:58:18 PM PDT by jimbo123
Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s:
– We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
– We have also removed both the short- and long-term ratings from CreditWatch negative.
– The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
(Excerpt) Read more at blogs.wsj.com ...
This will cost all of us, like a tax hike
yep...nobody saw that one coming...
At least they waited until after Premier Hussein’s birthday...
Interesting happenings.
Time to impeach the POS!
That almost sounds like something one of those TeaParty Terrorists might say.
The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter................LOL...Barry and Timmy trying to teach S&P about math errors??
Our debt just went into outer space.
Just had to pass that debt ceiling increase or we’d lose our AAA rating! Good thing we did! /S HEAVY
This will be the end of America as we know it. Bonds will now be devalued and interest rates are going up. Many people just hanging on to their homes and minimum credit card payments will fall off the cliff. There is no safe place to put your money as the bond market is now going to fall.
Nero fiddles while Rome burns. Odummys failure is now complete.
This will be the end of America as we know it. Bonds will now be devalued and interest rates are going up. Many people just hanging on to their homes and minimum credit card payments will fall off the cliff. There is no safe place to put your money as the bond market is now going to fall.
Barry, Timmy, Johnny, Mitchy, Nancy and Harry are going to give S&P a lesson in Kenyan Economics.
What’s the problem? It just makes it harder to go into debt. I see it as a good thing. Take the crack away from the addict.
Timmy must have been using his “special” liberal version of Turbo Tax again...
Debt and unbridled spending has consequences..the can being kicked down the road just fell into the well.
Yep! Using the Turbo-Tax method!
Banana splits for everyone !
Before these last few years, I never thought I’d see the day when something like this could happen. I honestly and truly didn’t.
I don’t claim to be an expert on subject, of course. But it seems to me, even if we get the rating back in the future, the unshakeable certainty and “invincibility” of the U.S.’s fiscal reputation is gone forever.
Actually the crack just became more expensive.
Don’t worry, the Rino trolls are on it. They defeated the hobbits and are on the move to fix everything with Dear Reader. What we need is more welfare and food stamps. /s/
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