Skip to comments.Obama officials attack S&P's credibility after downgrade
Posted on 08/05/2011 10:45:42 PM PDT by tobyhill
The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error.
S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.
(Excerpt) Read more at reuters.com ...
With a $14 Trillion deficit and a $200+ Trillion funding deficit in SS, SSI and Medicare, $2 Trillion is a rounding error.
LOL....he’s done : )
S&P is about to find out that you don’t screw with der Fuhrer and his Chicago Gestapo. They are about to be skewered by Barry’s toadies in his state run “media”.
brocko should not whine about this.
Any community organizer worth a damn would already have rented a mob to go to S&P headquarters and demonstrate every day until they said “shazzam!”.
Time to restore my standard tagline.
They even took the questionable $2 trillion out of the equation and they still found reason enough to downgrade.
They probably said the same thing in Kenya when the whites left...and the trains haven’t moved since.
Reality has set in; it doesn’t matter what “they” say.
Wasn’t S&P’s offices raided by the fed prior to this downgrade???
Seems like I saw a story on this yesterday.
Maybe Obama expected... errr... WANTED the downgrade to be lower than AA+.
Maybe this is his way of getting what he really wanted.
Yep....you and I knew this would happen.
Obama is an idiot.
WH says its S & P’s fault not the Tea Partys or GOPS.
Obama will send in a few union thugs to bust some knee caps. Problem solved. Make them an offer they can’t refuse.
Apparently when the international bankers funded his election, they were OK; now when nature reacts, they’re not.
God bless General Franco.
Maybe the people who run S&P are simply racist will be the talking point by Sunday.
This is what democrats do. That evil S&P.
Maybe the S&P’s execs were teed off because they weren’t invited to the Obama hip hop BBQ thing?
The downgrade would have never happened if they passed the Balanced Budget Amendment. We have been running without even a fiscal budget for going on 3 years now.
That sort of thing might make good copy, but it's not going to convince investors who want to see real numbers. Our debt to income ration is preposterous. You can't blame anyone for downgrading our credit-worthiness, nor can you expect the Administration to have any credibility by asserting we have 2 trillion dollars in the penumbra or in the seat cushions of the couch.
Reality has set in; it doesnt matter what they say.
Exactly. And the more they protest , the more people are going to see what they’re trying to do. Their propagand is running out of steam.
Obama just made the history books for being the first President of our downgrade.
When Clinton left office, the debt to GDP ratio was 57%. When Bush left office (eight years later), the ratio was 69%. After 2.5 years of the Obama/Mugabe Rule the ratio is 97%. How is that S&Ps fault?
Obama = EPIC FAIL.
Watch Obama send his union thug buddies over to S&P to try to “Reason” with them. Obama just can’t stand the fact that socialism does NOT work..he just can’t get it through his head
“Our debt to income ration is preposterous. “
What is the ratio? I want to see if they can buy a house.
With the constant lying from this WH and all the constant revisions to economic data, I’m much more inclined to believe S&P than the government.
This is literally the turning point. It's the end of the world as we know it. Nothing will be the same after this. Nothing.
A disaster of biblical proportions.
If I am remembering correctly, hasn’t this administration attacked S&P in the past? Perhaps this is a case of you F with the Bull you get the horn?
Well everyone said his presidency would be historic :(
That is not at all true, in any way.
Kenya is a mostly civilized country on the British model.
You MUST be talking about Rhodesia/Zimbabwe.
Not so surprising that they would argue with the rating agency...instead of making a commitment to spend less—tho I don’t trust either the rating agency (they let Freddie and Fannie go on for years) or the White hut.
Even worse; the “old news” that they had pressured the rating agencies to keep the AAA rating long after it was merited.
I don’t invest in the markets; in my area, you’d be better off investing in the “flea market” economy which is so prevalent here (if I had anything to invest).
Good site that shows exactly who has spent what. It doesn’t yet show the $3 trillion debt ceiling increase just passed.
The S&P ate my homework.
I’ve had family there in a military capacity prior to and during the Somalia war; they were there because the Brits had no military commitment to keep the Fuzzies from killing them on the Kenyan side of the border.
I am NOT talking about Zimbabwe/Rhodesia; that is more akin to Angola. Those Africans are dying because God let them choose bad leaders (the whole “free will” thing)...
Kenya/Uganda had a fairly friendly parting (unless you were Asian - in which case you couldn’t take anything with you - like Freddie Mercury’s family from Zanzibar).
There is a reason why you aren’t posting from Kenya - if they even have “internet”. - just admit you’d never live there. I live outside Newark, NJ - I know what happened when the educated people (black,brown,white) fled.
Not so surprising that they would argue with the rating agency...instead of making a commitment to spend less
That’s their modus operendi (sp). They never fully address a problem.
Of course, the houses will be worth less than the materials they're made with by the time we run out of toner for the printing presses, but that's probably part of the Obama plan, too.
Apparently when the international bankers funded his election, they were OK; now when nature reacts, theyre not.
God bless General Franco.
We might be thinking of General Pinochet before this goes on too much longer.
Obama's a real record-breaking, transitional figure. Hopefully, history remembers he with all the credit he deserves.
Oh my, the first comment at Reuters is a hoot. Um, mars to liberals...doesn’t matter how many ‘good deeds’ you think you’ve done...S&P doesn’t care about that. This isn’t the public school system where you get an “A” cuz you were a good little citizen and planted a tree. LOL... sigh.
Greta VanSustern’s right there along with him. Neil Cavuto gave her a couple of pretty good smackdowns tonight.
By no means am I laughing at the downgrade as that is NEVER a good thing. However, what is funny is the same IDIOTS who voted for this POS are in the same boat as the people who didn’t vote for him. In other words, they too are subject to % rate increases to their mortgages, auto loans, credit cards, etc.
They made their bed and now they too have to lay in it.
PAYBACK is a bit*h as now we’re all affected!
They are birds of a feather; the US supported both when we had a “Cold War”. Generals Pinochet and Galtieri (Argentina) secured the “southern cone” while we dealt with the top; South American generals were victims of the peace (where we pretended we didn’t know they were killing their Communists, after the USSR fell).
You have your orders . . . Standard and Poors will regret they pulled down our AAA rating . . . I want that rating back up! Where's Michelle? Someone tell her I want my cookies and milk!
Does anyone have a cigarette? Kools would be good.
“That dang telephone pole ran into my car!!!”
“Watch Obama send his union thug buddies over to S&P to try to Reason with them. Obama just cant stand the fact that socialism does NOT work..he just cant get it through his head”
BHO loves that we got downgraded. I don’t know why lots more people can’t face the ugly fact that his entire mission - all his acts both here and abroad - is to take our country (and us) DOWN.
I agree 100% with you. The Kenyan has accomplished one of his missions.