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 ...
“yep...nobody saw that one coming...”
Agreed. I was totally faked out. It’s almost as though those crazy radical tea partiers were right.
We needed that two by four on side of the head. But, it will be lost on progressives.
Congratulations to President 0bama, Weeper Boehner, Harry Ried, Mitch McConnell and traitors like Allen West and Kristi Noem. Your bill was a huge success! Keep up the good work. America is on the rebound.
S&P Reconsiders U.S. Downgrade, Unidentified Official Tells CNN”
Must have got a phone call and a dead fish in the mail
Let me remind you and all the rest of the Republican party bashers here: THE LAST TIME THE REPUBLICANS CONTROLLED THE EXECUTIVE AND LEGISLATIVE BRANCH, the annual deficit was around $170B. Under Hussein and the Demon-rats, it is $1.6T.
The problems with the Republicans are known and can be dealt with...BUT THE DISEASE AFFLICTING THE COUNTRY IS OBAMANOMICS AND LIBERALISM...IT has been the problem for two years, and has resulted in this debacle.
(No offense, Jimbo, but this is NOT the fault of Republicans...they were working toward a solution, however imperfect. The entire reason we're in this mess is NOT from Boehner and McConnell.)
The cost of lending just went up. Greatly.
Well, at least they were nice enough to wait until the end of trading so that the last half-hour pump by the PPT would not be in vain.
If any of you can pay off your house, do it! paper money is worthless but the house you live in is worth everything. Not in dollar value per se, but it's where you spend most of your time. If you own it out right, at least you have a safe haven that is not a liability.
Not really.
If the statist are unable to borrow, they will simply raise taxes. That’s hurts us.
If they are able to lend, it will be at a much higher interest rate, which they will pay by taking on additional debt and by raising taxes.
Either way, you and I are both screwed. No dinner. No caressing.
This has been the plan all along. It is part of destroying America’s prosperity and the last, frail vestiges of the free-market system that enabled that prosperity.
I'm sorry -- what money?
I would worry less about the “reputation.”
IF we are able to reclaim the AAA rating, it will be because we have gone back to the free-market principles, limited government, and balanced budget that conservatives are demanding in order to fix this mess.
IF we get to that point, the AAA status will come back and it will be deserved and we’ll re-attain the benefits that go along with that.
But we are not going to do what is needed in order to reclaim the AAA status.
Long before that happens, the European economy will implode, we will implode, China will implode.
Our choices will either be another manufactured war to reset all debts and obligations or a global currency controlled by a global, central bank, which has been the goal of the central bankers and socialists for well over a hundred years.
Tax the rich. We got to tax the rich. Oh, Oh, I'm in the top 5 percent. OK, End of Life Counseling. Oops, I'm old. Oh my, Oh my, what shall we do. I'm out of hope, anybody have any change?
They are not chastising Republicans.
They are chastising RINOs, and especially those RINOs that go along with Obammie the Commie’s economic policy.
Huge difference.
And I’ll pile on with them. Those representatives of ours that went along with raising the debt ceiling are either too stupid or too uninformed to understand what is happening with the global economy, OR they secretly agree with those leftist economic policies and simply give lip service to their base.
Either way, they should be tossed.
I agree. The Republicans did pass the Ryan plan, But it was DOA in the Dem controlled Senate. The Republicans are trying but as long as we have a Dem President and a Dem Senate, the ability to cut spending substantially will be stymied. The Dems are the party responsible for this ratings downgrade. The Republicans have voted against every Obama major spending program since he was elected.But when you are undermanned and outgunned it is a difficult task.
Are you so sure?
As long as you have to pay property taxes, they can get what they want from you.
To those who cannot pay off their mortgages, don’t doubt that the title will be transferred to the ChiComs.
Oh, yeah. Obammie and his commies are 100% for such a communist agenda. Remember “transforming?” Remember “reparations don’t go far enough?”
These jack-booted thugs are serious.
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