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 ...
Reality has set in; it doesn’t 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.
http://www.treasurydirect.gov/NP/BPDLogin?application=np
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, they’re not.
God bless General Franco.
We might be thinking of General Pinochet before this goes on too much longer.
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