Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

S&P to the US: Your credit is no good [White House was prepared for, and expecting, a downgrade] [
Salon ^ | Friday, Aug 5, 2011 21:45 ET | By Andrew Leonard

Posted on 08/05/2011 7:38:21 PM PDT by fight_truth_decay

Why the Tea Party-friendly Republicans of the U.S. House own this epic humiliation

On Friday night, after a swirl of rumors and conflicting news reports that will be grist for the Washington pundit mill for years to come, Standards & Poor downgraded the credit rating of the United States.

(Excerpt) Read more at salon.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: bipartisan; ceiling; creditrating; debt; default; downgrade; sandp; sp; teaparty
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-76 next last
A "scared" lib said to me---we were told it wouldnt happen if we supported Obama on this..the market was a shock then this [sucked in again].. When will they learn?
1 posted on 08/05/2011 7:38:26 PM PDT by fight_truth_decay
[ Post Reply | Private Reply | View Replies]

To: fight_truth_decay

lol!

arab spring caused our economic problems.


2 posted on 08/05/2011 7:39:32 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
Yeah, but just think of how many points the Dow would have dropped and much further our credit rating would have dropped if we wouldn't have done this and passed Cut,Cap and Balance instead /sarc
3 posted on 08/05/2011 7:40:43 PM PDT by normy (Don't take it personally, just take it seriously.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ken21
I'd like to think that explains him going Greyhound......

I can wish

4 posted on 08/05/2011 7:41:27 PM PDT by blackdog (The mystery of government is not how Washington works but how to make it stop)
[ Post Reply | Private Reply | To 2 | View Replies]

To: fight_truth_decay
It's also worth noting that two of the other big three rating agencies did not downgrade the U.S.'s credit rating...YET!
5 posted on 08/05/2011 7:42:34 PM PDT by Road Warrior 04 (I miss President Bush greatly! Palin in 2012! 2012 - The End Of An Error! (Oathkeeper))
[ Post Reply | Private Reply | To 1 | View Replies]

To: normy

S&P is a private company. Their office in Italy was just raided by the police. They can’t afford to PO the administration who can call in the IRS, SEC, FBI, etc. They had to downgrade to protect their reputation,but the downgrade is most of all because the of the size of the debt and it’s growth rate.


6 posted on 08/05/2011 7:44:10 PM PDT by Oldexpat
[ Post Reply | Private Reply | To 3 | View Replies]

To: fight_truth_decay

Obama has fundamentally transformed our economy as he warned
he would do.

Let your elected officials know exactly how you feel about their job ratings, loud and clear.

CUT, CAP AND BALANCE THE DAMN BUDGET.

FAST TRACK THE BALANCED BUDGET AMENDMENT NOW!!!

Reverse ObamaCare, NOW!


7 posted on 08/05/2011 7:46:55 PM PDT by Enough is ENOUGH (Fabian Globalism: Environmentalism halts production, forces population into dense controllable areas)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ken21

And George Bush caused Arab Spring. So we are back to square one. George Bush ate my homework.


8 posted on 08/05/2011 7:47:20 PM PDT by chuckee
[ Post Reply | Private Reply | To 2 | View Replies]

To: fight_truth_decay

Hey Bonehead, Tea Party tried to tell you and you just wouldn’t listen.


9 posted on 08/05/2011 7:48:21 PM PDT by Logical me
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
Foolish article, foolish comments. The author, and the first half-dozen commenters, buy the story that Obama was prepared to actually make a meaningful "grand bargain" and that the GOP scotched it.

What a bunch of horsehockey. Obama had two goals--borrowing authority large enough to get him through the campaign, and no meaningful cuts in the size of government. He got those.

Yes, he would have liked bigger and more obvious tax raises to build the platform for deficit spending at an even higher level, but that was a secondary consideration. There was no intention of a "grand bargain."

10 posted on 08/05/2011 7:51:07 PM PDT by Pearls Before Swine
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oldexpat
S&P is peanuts compared to the size of the US government. They'are nothing but a magazine publisher that's over-extended into specialty titles and heavy mailings.

They are cross-subsidized by the other classes of mail. Charged full rates S&P would be out of business tomorrow.

The market for US Securities is very sophisticated. They buy our stuff for several reasons ~

(1) There's nowhere else to park their money due to a continuing and worsening Great Obama Recession.

(2) We pay off. That's because we have this incredibly large military force so we are in no real danger of being overrun by the screaming hordes of Luxemburg.

(3) All the other government paper on the market can't say that no matter what their bond rating services say.

11 posted on 08/05/2011 7:52:35 PM PDT by muawiyah
[ Post Reply | Private Reply | To 6 | View Replies]

To: fight_truth_decay

CNN is trying to convince everyone that:

1) It’s not that bad
2) It’s the republicans’ fault
3) S&P doesn’t know what they’re talking about

They say S&P rated companies AAA that went under the next day. Yet they want to condemn S&P for cutting the U.S. rating.


12 posted on 08/05/2011 7:52:56 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
"Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating
to the Select Committee decisions on more comprehensive measures."

Standard & Poor's

13 posted on 08/05/2011 7:53:28 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe
is necessary to stabilize the general government debt burden by the middle of the decade.

Standard & Poor's

14 posted on 08/05/2011 7:53:53 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay

The libs are now trying to blame the Tea Party for something Obama signed.


15 posted on 08/05/2011 7:54:01 PM PDT by matt04
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
"..., as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently."

Standard & Poor's

16 posted on 08/05/2011 7:54:12 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

One woman said it’s okay for S&P to tell us to raise revenue. Did S&P even say that?


17 posted on 08/05/2011 7:55:50 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: fight_truth_decay

Read the S&P report and you think it was written by a Tea Party member. That’s why the the establishment hates us. They know we know we right (pun intended).


18 posted on 08/05/2011 7:56:20 PM PDT by BMWR1200C
[ Post Reply | Private Reply | To 1 | View Replies]

To: fight_truth_decay
"Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty,..."

Standard & Poor's

19 posted on 08/05/2011 7:56:46 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bushbacker1
"The regulatory agencies responded saying there would be no change for risk-based capital purposes for financial institutions."

Bank Failure #63: Bank of Whitman, Colfax, Washington
Bank Failure #62: Illinois ,,,, and the sixth in Illinois...this year...

http://www.calculatedriskblog.com/

Earlier: Misc: S&P Plans U.S. Downgrade, makes math error, ECB to Buy Italian Bonds

A few stories ...

20 posted on 08/05/2011 7:57:34 PM PDT by fight_truth_decay
[ Post Reply | Private Reply | To 5 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-76 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson