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.
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.
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.