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Geithner: S&P showed terrible judgment
Associated Press ^ | 8-8-11 | MARTIN CRUTSINGER

Posted on 08/07/2011 6:57:45 PM PDT by Justaham

WASHINGTON – The credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating, Treasury Secretary Timothy Geithner said Sunday.

"They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision.

Interviewed on CNBC, Geither said that U.S. Treasury securities were just as safe now as they were before S&P announced its downgrade. He predicted that China and investors would remain strong purchasers of U.S. government debt.

Republicans have blamed President Barack Obama for the first-ever downgrade of the government's credit rating.

But Geithner said Congress owns the credit rating because the Constitution gives Congress the power to tax and spend.

Late Friday, S&P announced it was lowering its rating for U.S. debt one notch from AAA to AA+.

The other two major credit rating agencies, Moody's Investor service and Fitch Ratings, have not lowered their AAA ratings, although they have warned of a possible downgrade if more is not done to deal with soaring federal deficits.

(Excerpt) Read more at old.news.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: bonds; currency; downgrade; economy; geithner; obamadowngrade; standardpoors; trade
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1 posted on 08/07/2011 6:57:46 PM PDT by Justaham
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To: Justaham

Geithner does have chutzpah, doesn’t he?


2 posted on 08/07/2011 6:58:27 PM PDT by Lysandru
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To: Lysandru

Geitner takes “projection” to a whole new dimension.


3 posted on 08/07/2011 6:59:29 PM PDT by cblue55 (It's either America, or Obama. It cannot be both!)
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To: Justaham

Geithner should resign or be run out of office in disgrace. What a fricken idiot!!


4 posted on 08/07/2011 7:00:14 PM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: cblue55

Maybe if Geitner had paid “his fair share” of taxes (along with Charlie Rangel, et al) we wouldn’t be in this mess today.

How’s THAT for spin?


5 posted on 08/07/2011 7:00:53 PM PDT by AbolishCSEU (Percentage of Income in CS is inversely proportionate to Mother's parenting of children)
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To: Jim Robinson

Maybe S&P used Turbo Tax.


6 posted on 08/07/2011 7:01:05 PM PDT by LyinLibs (All moslems are somewhere on the killing-you spectrum)
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To: Justaham
Is this the same ‘know it all genius’ that let's Turbo do his taxes?
7 posted on 08/07/2011 7:01:37 PM PDT by TribalPrincess2U (The democRATS—just doing the groundwork for al Qaeda?)
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To: Justaham
You know the S&P folks are not going to take all this criticism from the administration well - there may be another shoe to fall.
8 posted on 08/07/2011 7:01:46 PM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-Qaeda" and its allies.)
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To: Justaham
FREAKIN jerk-offs!! Still blaming others...OH PLEASE TELL ME FOLK are finally waking up and seeing these bozos for what they're truly are...EVIL AND WICKED!!
9 posted on 08/07/2011 7:02:26 PM PDT by RoseofTexas
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To: Justaham

Hey tax cheat, your boss showed poor judgment.


10 posted on 08/07/2011 7:02:26 PM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Justaham
If you tell a life often enough Tim, it is still a lie.
11 posted on 08/07/2011 7:05:25 PM PDT by Volunteer (Though I know that the hypnotized never lie, do ya? - The Who)
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To: Justaham

This is why Obama likes him. He doesn’t waste breath telling the truth. Why tell the truth, when a lie works much better?


12 posted on 08/07/2011 7:06:16 PM PDT by Brilliant
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To: RoseofTexas
OH PLEASE TELL ME FOLK are finally waking up and seeing these bozos for what they're truly are...EVIL AND WICKED!!

I'm less demanding.

All I want is 50.1% of the voters to understand that in November of 2012.

13 posted on 08/07/2011 7:06:38 PM PDT by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: Justaham

Sure, Timothy. You just do the job that you were trained to do all of your life: the currency and trade wars. The debt regime is already a juggernaut in motion to the repudiation finish.


14 posted on 08/07/2011 7:07:27 PM PDT by familyop (We Baby Boomers are croaking in a noisy avalanche of rotten politics smelled around the planet.)
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To: Justaham

Anything and I mean ANYTHING other than Obama, Reid, Pelosi, Dodd, Frank, Schummer, yada,yada yada yada, et al is the reason for this debacle. It’s the Tea Party, no wait it’s S&P, no it’s UHHHH...

Democrats are the bane of this nation. I hate the lying, sniveling, communistic pieces of regurgitated snake sh*t.


15 posted on 08/07/2011 7:07:27 PM PDT by Graneros ("It is no exaggeration to say that the undecided could go one way or another.")
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To: Jim Robinson
We are seeing one reason that the rating agencies totally failed us on sub-prime mortgage ratings. Political pressure.

Other reasons: integrity, conflict of interest, narrow group think. Now we'll see how the fascists and banksters attack, ridicule, repress and try to destroy anyone who dares to challenge the statist-globalist-financial empire that currently rules the western nations.

16 posted on 08/07/2011 7:07:43 PM PDT by JustTheTruth (Sometimes the Truth hurts so much that most refuse to face or accept it, even when it is obvious.)
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To: Justaham
"Geithner: S&P showed terrible judgment"

Translation: 'The "Its the Tea Party's Fault" meme has failed so now we gotta try killing the messenger!'

17 posted on 08/07/2011 7:10:12 PM PDT by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: Justaham

When has this administration ever accepted responsibility for anything?


18 posted on 08/07/2011 7:10:21 PM PDT by Do Not Make Fun Of His Ears
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To: Lysandru

No, he is a HO


19 posted on 08/07/2011 7:10:56 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Flycatcher
All I want is 50.1% of the voters to understand that in November of 2012.

That's a little too close for comfort. Anything less than 55%, and the Rats will steal the election.

20 posted on 08/07/2011 7:11:24 PM PDT by PalmettoMason (Blacks are not inferior, but it is racist to hold them to the same standards as everyone else.)
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To: Justaham

Oh yes, he was right... The problem is just how long we have before we default! Does anyone here really think that we can continue along this path? If so, speak up!

Glenn Beck was and seems to continue to be right!...


21 posted on 08/07/2011 7:12:02 PM PDT by Deagle
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To: Justaham
Well, at least one thing hasn't been downgraded - the Grade A++ losers in the Obama (mal)administration.


22 posted on 08/07/2011 7:12:24 PM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: Justaham
Tiny Timmie, Obama Lied, The Country Died.
23 posted on 08/07/2011 7:13:06 PM PDT by Chgogal (WSJ, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Justaham

What an arrogant POS.


24 posted on 08/07/2011 7:13:20 PM PDT by KansasGirl
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To: Justaham

25 posted on 08/07/2011 7:13:20 PM PDT by BookmanTheJanitor
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To: Justaham

This guy has to be the worst Treasury Secretary of all time and whoever is 2nd is a distant second.


26 posted on 08/07/2011 7:13:20 PM PDT by fkabuckeyesrule
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To: Justaham

Timmy oughta go back to playin Chutes and Ladders cause he’s no damn good at all at Monopoly.

The S&P move is IMHO what amounts to a “shot across the bow”.

But it’s too late. Shoulda happened when we crossed the 10 trillion mark.

The drunken sailors in DC can’t stop spending, and they know it, they would get voted out in a heartbeat, because there are just too many people on the government tit.

46 million on food stamps. That’s like one out of every six people you see. And that’s just food stamps. Not SS, Medicare, unemployment, various disabilities, pensions, yada yada blah blah etc etc etc etc...


27 posted on 08/07/2011 7:14:36 PM PDT by djf (One of the few FReepers who NEVER clicked the "dead weasel" thread!! But may not last much longer...)
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To: All

Timmy you twit.... Propaganda doesn’t trump fiscal facts .

Prepare your criminal defense team Timmy.


28 posted on 08/07/2011 7:15:42 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Justaham
“Geithner said Congress owns the credit rating because the Constitution gives Congress the power to tax and spend.”

OK then. They need to stop blaming Bush and blame the Democrat Controlled Congress at that the time.

29 posted on 08/07/2011 7:16:47 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: Justaham

The people at S&P must be livid reading the spin coming out of Washington DC and the Lib talking heads.

Trying to cast this as the “Tea Party Downgrade” when S&P had clearly indicated previously what the real issue is (hint, it isn’t too little spending) shows a blatant attempt by the Libs to cynically blame Tea Party Conservatives for their own horrendous habits AND a willingness to try and put words in the mouth of S&P.

I would not be surprised at all if S&P issued a very strongly worded statement to clarify things. Such a statement would be even more damaging to the Administration than the actual downgrade.


30 posted on 08/07/2011 7:18:13 PM PDT by Ronin (Obamanation has replaced Bizarroworld as the most twisted place in the universe.)
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To: Justaham
One

Big

A$$

Mistake

America

31 posted on 08/07/2011 7:21:24 PM PDT by Chgogal (WSJ, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Squantos

Wow! Can’t believe that most here underestimate the problem with any of the grading agencies downgrading us! Folks, we are facing a major problem and you all seem to simply say ah, that is too bad...!!

Folks - We are entering the end times and you are sleeping! Actually, seems normal for this bunch of nonbelievers...


32 posted on 08/07/2011 7:22:20 PM PDT by Deagle
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To: Justaham

They arent worried about today it the future with you asshats in power


33 posted on 08/07/2011 7:22:32 PM PDT by Deetes (God Bless the Troops)
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To: Justaham

Forget the JUDGEMENT crap...the bastards were too busy rubbing elbows and partying with the demonic HELLywood folk the bastards didn’t know what hit them...UGH...


34 posted on 08/07/2011 7:22:48 PM PDT by RoseofTexas
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To: fkabuckeyesrule

I think he’s so bad that he’s the worst AND second worst TS, even though he’s only served once...


35 posted on 08/07/2011 7:23:59 PM PDT by FatherFig1o155 (Still fighting the fight: njconservative.wordpress.com/)
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To: Squantos

Timmy never held a job that needed a fact based outcome. Guess he goofed, cause he got caught on this one. Just wish our whole country didn’t have to suffer.


36 posted on 08/07/2011 7:24:05 PM PDT by pacpam (action=consequence and applies in all cases - friend of victory)
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To: Justaham

- Obama: “S&P made 2T error”

- Axelrod: “TP’s fault”

- Geithner: “Didn’t really happen.”

- DNC- “Taxes too low and spend more”

- Chicoms- “The days of borrowing your way out of messes is over”


37 posted on 08/07/2011 7:25:06 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
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To: Lysandru

Geithner should look up the definition of judgment before he comments on someone else’s, good or bad. His lack of understanding is unbelievable.


38 posted on 08/07/2011 7:25:36 PM PDT by foundedonpurpose (Be strong in truth!)
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To: Justaham
Geithner: "They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math."

This coming from the guy who can't even correctly fill out a Form 1040. The truth simply isn't in these people.

Hey Geithner - it's the debt, stupid! Once debt surpasses GDP, we're screwed. Get it?

39 posted on 08/07/2011 7:26:25 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: Justaham

“terrible judgment” Treasury Secretary Timothy Geithner said Sunday. “They’ve handled themselves very poorly ... stunning lack of knowledge about the basic U.S. fiscal budget math,” Geithner said Congress owns the credit rating

Madam, how like you this play?
Queen. The lady doth protest too much, methinks.

That’s a man, your Highness.
Queen. Coulda fooled me.


40 posted on 08/07/2011 7:27:51 PM PDT by tumblindice (Call him/her a Whaaaaaambulance!)
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To: Justaham

These liberals destroy the country(that includes Boehner), and all I see in the media are attacks on the people who are our only hope of fixing this mess. The deception is so total.


41 posted on 08/07/2011 7:28:33 PM PDT by Revel
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To: Justaham

And what would the little pansy a** twit be saying about S&P if they had gone in the tank for him like those fricking whores at Moody’s?????? BTW, there is some kind of Indonesian connection between tiny Timmy Tax Cheater and the undocumented alien from Nairobi. Which might explain why Soetero will never fire tiny Timmy.


42 posted on 08/07/2011 7:29:23 PM PDT by Bedford Forrest (Roger, Contact, Judy, Out. Fox One. Splash one.<I>)
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To: Justaham

Geitner, Obama and their staffs should all be named Richard Craniums....

A freaking community organizer and a clown who can’t master Turbo Tax.....and they don’t understand how to run a country...OMGosh.

Meadow Muffin


43 posted on 08/07/2011 7:31:12 PM PDT by Meadow Muffin
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To: Flycatcher
All I want is 50.1% of the voters to understand that in November of 2012.

If 50.1% of the voters understand, Obama will win with about 65% of the votes.

44 posted on 08/07/2011 7:32:14 PM PDT by Navy Patriot (Holy flippin' crap, Sarah rocks the world!)
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To: Justaham

ROFL @ YOU, YOU CLOWN!

The hell are we even paying these asshats for!??

Our entire frickin’ country is just a stupid, bad joke now...


45 posted on 08/07/2011 7:32:20 PM PDT by chris37 (representative)
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To: Justaham

46 posted on 08/07/2011 7:33:36 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
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To: Justaham

If Republicans had any stones they should demand that Geithner an Bernanke immediately resign and begin impeachment proceedings against Obama.


47 posted on 08/07/2011 7:33:47 PM PDT by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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To: Justaham

He doesn’t follow the script to well, he is supposed to say “They acted stupidly” Mayne bin bama will have them over for a beer.


48 posted on 08/07/2011 7:34:28 PM PDT by Always Independent
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To: Justaham

Do people like Geithner expect to be hired by someone after they display such incompetence nationally or do they just believe, he has to lie for political reasons.

Do they want to hire liars though?


49 posted on 08/07/2011 7:35:42 PM PDT by School of Rational Thought ("The proposition that the government is always right is manifested either in corruption or benefits)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Don’t stand too close to this jerk, it’s only a matter of time before a bolt of lightning gets him. Thanks Justaham.


50 posted on 08/07/2011 7:37:09 PM PDT by SunkenCiv (Yes, as a matter of fact, it is that time again -- https://secure.freerepublic.com/donate/)
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