Skip to comments.Obama administration official calls S&P analysis 'way off' [ Wh says its S&P not TP's fault ]
Posted on 08/05/2011 11:00:44 PM PDT by NoLibZone
The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off."
U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+.
"This is a facts-be-damned decision," the official said. "Their analysis was way off, but they wouldn't budge."
The White House is now in wait-and-see mode - hoping the decision and the S&P analysis face outside scrutiny, the official said.
"A judgment flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said.
In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.
(Excerpt) Read more at news.blogs.cnn.com ...
The only thing flawed is the Keynesian Economics they have been trying for 3 years now and expecting you to pay for it’s failures.
The USA lost it's AAA rating because of Barak H Obama.
Nothing more need be said.
0bama is one evil and wicked bastard and bad things should be expected. It’s a no brainer.
Everyone knows S&P are just a bunch of terrorists that the media shouldn’t give equal time to.....
Tea Party’s fault.
You are correct!!! The guy is a crumb bum!
The Obama crew are very annoying and immature sniveling bitches; nothing is ever the very predictable result of their destructive actions, it is always somebody else at fault.
“A judgment flawed by a $2 trillion error speaks for itself,”
Is this over the government calling a reduced increase in spending a cut?
Mister Obama's response is even scarier.
Exactly, Just like Rush said (paraphrasing "there will be another crises within a week or so" , although he gave it 10 days and its only been 3 or 4.
Big-ears Dumbo can only lead by crises - its the only way of the community organizer.
I have had relatives that live this exact same way. Through their depraved, unfortunate lives I have learned that if you show up to help them once - they will show up time and time again (read into that us taxpayers).
This guy is folding to the tune of his steak and caviar meals contaminated by popular foul-mouthed ghetto music.
Screw him and his - I'm done.
I don't know where it goes from here but God Bless FR and my many FRiends!
Stay Safe and God Bless you all, The real shit is hitting the fan!
P.S. I sincerely hope I am wrong and over-reacting. I am young enough to be guilty of that and hope that's the case - but I'm also old enough to recognize what is happening around me and I'm not pleased.
Yep, I can’t wait to see how this flows through the news cycle, talking head shows on Sunday, actions taken by the administration next week, etc.
I am sometimes shocked at what comes out of this administration. I am shocked now, that the official reaction to the downgrade is to criticize S & P, saying that their methods are flawed and all that.
S & P are a professional financial rating agency. Yet to listen to the Obamabots, they don’t know what the heck they are talking about in downgrading our government’s credit rating????
So who knows more about the ratings of government and corporate bonds? The Obamabots or a professional ratings agency????
I can give you 2.4 trillion reasons why this happened. This sharp increase in the debt ceiling will be filled by early 2013. We’re taking on much more additional debt, with no plan to repay our debt. This is part of what the ratings agencies look at. They look at the income vs. outgo, ability to repay, prospects of a government or corporation for increasing revenues to pay for bond issues, and forecasts for financial performance.
But of course, the Obamabots must know much more than professionals in this field. After all, Obama is a good liberal. Liberals know more about any technical field than the experts in that field.
The Obamabots must be concerned because they had said that without an increase in the debt ceiling, we faced a default or downgrade of our credit. Well, we got the downgrade of our credit anyway.
And why was this news released after the markets closed on Friday? I will hold my breath when the Asian markets open on Sunday, and when the markets in this country open on Monday.
That's how most deadbeats act when the creditors start calling.
May God Bless Us All
Of course they will blame it on the Tea Party but most the Tea Party actually voted against the debt ceiling plan.
“I sincerely hope I am wrong and over-reacting.”
I agree. It is hard for me to tell if we are over reacting or not. I have never seen the things happening that are happening now. I remember the Carter years and things were bad but the Carter administration was nowhere near as mendacious, lawless or as anti-American as the Obama hope and change crew.
It's a simple statement of fact, politically devastating.
I didn’t see where he said it was not the Tea Partys fault.
Have they actually stated the specific error in the report ? All I have seen up till now is the typical DC Huff and Puff.
The Obama administration angrily responded to Standard & Poor’s decision Friday to downgrade the U.S. credit rating,...
That’s how most deadbeats act when the creditors start calling.
Yes, and all thinking people already knew that before the debt ceiling fiasco, the MSM will never point that fact out to the citizens not paying attention.
Exactly my dilemma, I have no reference to apply to the current situation. I was born during Carter and have been told how tough it as then, however my entire life has been spent living in the "Carter recovery".
Fast forward to the "Jug" - eared Kenyan phase
The last 3 years have sucked and I went through the higher education system and came out with an Engineering degree.
I'm not going to be the one to bitch about things, however life has been noticeably better just a few years ago. Everything has since has gone to shit and I am getting a little pissed!
Sorry I have cursed a couple of times. I will play the "we are all sinners" card but I'm sure to no avail - sincerely I have really HAD ENOUGH - don't know how to say it otherwise
I hope you are wrong but I do agree with you.
What did Obama & the obstructionist Senate say?
Harry Reid: "Over, Done, Dead"
White House: "Duck, Dodge and Dismantle."
As I just said on another thread; S&P might adjust our rating down another notch because of this response from the WH. They mostly crunch numbers but they mentioned “uncertainty” about policies in their report and 0bungles just gave them a reason to include “instability” in their assessment.
By disputing S&P's revision, Obama is taking ownership of the issue.
He cannot now blame Republicans or the Tea Party.
Times suck and its hard to make things work but If you happen to hold that "engineering" degree I have an idea for you.
get certified in "mold remediation"
The jobs are there, even from Texas - drive up 35 and start offering professional opinions. Money is to be made, skip the real estate but your services will make money - I can almost promise it!
He cannot now blame Republicans or the Tea Party. "
S and P was not first. Dagong downgraded us IIRC from AAA to A+ in November and a couple of days ago, before the Ceiling increase vote, downgraded us again to A.
It does not matter what a debtor bank says your credit rating is, it is the people that own your debt that matters.
One of the biggest difference I see between now and then is that 33 years ago, we still had a LOT more manufacturing in this country. We made everything from appliances to toys to spacecraft. The outlook for someone such as yourself in engineering was far far brighter.
I’ve spent nearly all of my working career in manufacturing and alongside of some of the best engineers in the world. But it was and has been dwindling to a drip these days and it’s our own damn fault.
I would love nothing more than to come up with a really good idea that people would need, that I could employ 50-150 people here in this country to produce it. But I’m not an engineer (couldn’t handle the math)and haven’t yet come up with that great idea.
I wish you well in your Engineering career, maybe YOU will be the one to develop a great idea into a profitable company. The future of this country has and always will be dependent on American ingenuity.
But we have to work very hard to unwind the regulations/mindset of off-shoring our manufacturing and make it more enticing to do business here in this country. And that will be the work of the future. I still think it can happen but it’s going to take time.
Hang on a little longer...after Carter, we got Reagan, I’m hoping for brighter days ahead after these dark ones.
Are these the same people that rated junk mortgages and derivatives triple A? As I recall it was all those AAA investments that caused the crash of 2008. If so then I think they are lucky they are not in jail for fraud.
And just think, The Democrats had it within their power to pass “Cut, Cap and Balance”.
“To avoid a downgrade, S&P said the United States needed to not only raise the debt ceiling, but also develop a “credible” plan to tackle the nation’s long-term debt.”
The only way to begin to reverse this is to call out the marxists in Congress and the press by name and harass, investigate, and where justified imprison them.
Zero tolerance for marxism in US Government, make it part of the oath of office.
Make deficit spending and voting for deficit spending a CRIME except in case of war declared by Congress.
Make voter fraud a crime punishable by a minimum sentence of 25 to life.
Make all voters re-register to vote under strict controls.
The People's House passed it. The Dem Senate blocked it.
Why don’t they come back to work right now? Why the heck are Congress and the President on vacation???? Come back to Washington, and fix this NOW like they should have done in the first place. Cut the damn spending!!!!
This is a real question: Couldn’t a real President make this happen?
Exactly - the trouble is the spokesperson seemed oblivious to the flawed math used for the "cut"s during the debt ceiling debacle.
1.3 trillion in stimulus money and the U.S. credit rating down the rat hole.
Obama&Co. you have done your job of change now take a bow you rat s.o.b.’s.
Look for some retaliation from the White House and other assorted government agencies against S&P and other credit rating firms in the near future.
Perhaps NOW would be a good time to absolutely insist that when the super congress or committee, or whatever they are calling it, is formed, it must, MUST consist of people appointed who are known for their fiscal wisdom and not simply decided politically and on seniority. Several names come to mind such as Paul Ryan.
“It don’t mean nothing. S&P are both racists!”