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 ...
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!...
What an arrogant POS.
This guy has to be the worst Treasury Secretary of all time and whoever is 2nd is a distant second.
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...
Timmy you twit.... Propaganda doesn’t trump fiscal facts .
Prepare your criminal defense team Timmy.
OK then. They need to stop blaming Bush and blame the Democrat Controlled Congress at that the time.
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.
Big
A$$
Mistake
America
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...
They arent worried about today it the future with you asshats in power
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...
I think he’s so bad that he’s the worst AND second worst TS, even though he’s only served once...
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.
- 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”
Geithner should look up the definition of judgment before he comments on someone else’s, good or bad. His lack of understanding is unbelievable.
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?
“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.
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