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Keyword: downgrade

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  • Several Democrats wasting no time abusing their super committee appointments

    08/11/2011 8:47:49 PM PDT · by Nachum · 17 replies
    Daily Caller ^ | 8/11/11 | Amanda Carey
    Some Democratic members of the Joint Select Committee on Deficit Reduction, tasked with identifying $1.5 trillion in spending cuts, have become the subject of criticism, but their appointments were only finalized Thursday. Sen. Patty Murray of Washington, and Reps. James Clyburn of South Carolina and Xavier Becerra of California are already being targeted for circumstances that could compromise their abilities to negotiate. Becerra, for example, wasted no time before using his appointment as a fundraising tool for his own campaign.
  • (D-CA) Becerra fundraiser touts super committee nod

    08/12/2011 2:07:39 AM PDT · by markomalley · 2 replies
    POLITICO ^ | 8/11/11 | ANNA PALMER
    Rep. Xavier Becerra — or, to be more precise, lobbyists working on his behalf — wasted no time Thursday capitalizing on the California congressman’s appointment to the congressional super committee. A little over two hours after Becerra was named to the powerful panel, Investment Company Institute’s Jim Hart sent out an email encouraging attendance for the trade group’s upcoming $1,500 per person fundraiser based on Becerra’s new found status as one of the elite 12. “We will host an event for Congressman Xavier Becerra, not only Vice Chairman of the Democratic Caucus but also who has just been named to...
  • FACTBOX-Top campaign donors to U.S. super committee members

    08/11/2011 10:52:27 PM PDT · by Fred · 6 replies
    Reuters ^ | 081111 | Reuters
    WASHINGTON, Aug 11 (Reuters) - Here is a look at some of the top donors to election campaigns for the 12 members of the U.S. Congress named to a deficit-fighting "super committee." Known as the Joint Select Committee on Deficit Reduction, the panel is expected to be the most heavily lobbied body in Washington ahead of its Nov. 23 deadline for making recommendations on $1.5 trillion in additional budget savings. Unless specified, donations below combine members' campaign committees and leadership PACs (political action committees). Data is from SENATE DEMOCRATS Patty Murray of Washington state * Software giant Microsoft Corp...
  • America as less than No. 1 (Dan Henninger)

    08/11/2011 2:54:01 PM PDT · by chickadee · 5 replies
    WSJ ^ | August 11, 2011 | Daniel Henninger
    So this is a taste of what it will be like when the American superpower starts shrinking. Enjoying it yet? After the humiliation of the United States losing its AAA credit rating; after watching the American stock market descend into chaos; after living for two years in a $15 trillion economy unable to grow beyond 2%, with unemployment rates rarely experienced in the U.S., Americans have their first whiff of inhabiting an empire in decline.
  • Key Republican on New Deficit Panel, Rep. Dave Camp, Won't Rule Out Tax Increases

    08/11/2011 10:14:35 AM PDT · by GreaterSwiss · 101 replies
    CNBC.COM ^ | 8/11/2011
    Key Republican on New Deficit Panel, Rep. Dave Camp, Won't Rule Out Tax Increases breaking headline
  • Art Laffer: Obama Must Use Reaganomics to Save Economy ('It's not magic sauce, it's common sense')

    08/10/2011 5:40:26 PM PDT · by SeekAndFind · 30 replies
    Newsmax ^ | 08/10/2011 | Martin Gould and Kathleen Walter
    The only way President Barack Obama can solve the nation’s economic woes is to adopt “common-sense” Reaganomics, the policy’s architect Arthur Laffer claims in an exclusive Newsmax.TV interview. Laffer said the White House called him in the spring and asked him to speak to Obama’s former Council of Economic Advisors’ chairman Austen Goolsbee – and he had told him exactly the same thing. “Reaganomics would fix any economy that’s in the doldrums,” Laffer said. “It’s not a magic sauce, it’s common sense. “You’ve got to get rid of all federal taxes in the extreme and replace them with a low-rate...
  • Some REALLY Bad Ideas on How to Solve America’s Debt Problems

    08/10/2011 9:21:11 AM PDT · by LSUfan · 3 replies
    Shariah Finance Watch ^ | 9 August 2011 | Unknown
    Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Despite all this, we all know that unfortunately, the financial jihadists have plenty of useful idiots at their disposal in the Western financial services industry and the Western news media...
  • Dow plunges 400 points as Europe fears return [11:15 AM ET]

    08/10/2011 8:11:26 AM PDT · by AAABEST · 80 replies
    Cnn Money ^ | August 10, 2011 | By Hibah Yousuf
    NEW YORK (CNNMoney) -- U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally, as fears about Europe's ongoing debt crisis resurfaced. The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday's massive advance. [SNIP] On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut. [SNIP] The major indexes have been swinging between massive gains and losses during trading, and ending...
  • Dem official: Murray to be debt panel co-chair

    08/09/2011 6:50:04 PM PDT · by Free ThinkerNY · 39 replies · 1+ views
    Associated Press ^ | August 8, 2011 | ANDREW TAYLOR
    WASHINGTON (AP) -- Senate Majority Leader Harry Reid announced Tuesday he's naming Sen. Patty Murray to co-chair a powerful "super committee" charged with finding more than $1 trillion in deficit cuts this fall. Murray will be joined by Sens. John Kerry, D-Mass., and Max Baucus, D-Mont., on the panel, which was established last week by hard-fought legislation to increase the national debt.
  • CORRECT: Municipal Bonds Weaken As S&P Announces Widespread Downgrades(11,000+ muni bonds?)

    08/09/2011 8:35:21 PM PDT · by TigerLikesRooster · 9 replies
    WSJ ^ | 08/09/11 | Michael Aneiro
    CORRECT: Municipal Bonds Weaken As S&P Announces Widespread Downgrades By Michael Aneiro Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The municipal bond market weakened Tuesday after Standard and Poor's downgraded more than 11,000 public finance issues to keep them in line with its newly lowered rating on federal government debt. S&P said it had lowered to double-A plus from triple-A the ratings on certain public finance debt issues linked to the federal government, matching the downgrade it applied to U.S. government debt last Friday. While the number of issues affected is large, it covers less than 1% of the estimated...
  • Debt Crisis In Europe, Not U.S., Is Real Risk To Global Recovery

    08/09/2011 4:11:42 PM PDT · by Kaslin · 5 replies
    IBD Editorials ^ | August 9, 2011 | ROBERT J. SAMUELSON
    Europe may no longer be able to save itself. Too many countries have too much debt. Its economic growth — which helps countries service their debts — is too feeble. And nervous financial markets seem increasingly prone to dump the bonds of vulnerable countries. This is the real risk to the global and U.S. economic recoveries, far overshadowing Standard & Poor's downgrade of U.S. Treasury debt and Monday's sharp stock market decline. Europe represents about one-fifth of the world economy and buys about a quarter of American exports. While Europe's debt crisis was confined to a few small countries, they...
  • Gallup: Obama loses three points overnight, economic confidence plunges to 2-year low

    08/09/2011 1:05:24 PM PDT · by SeekAndFind · 52 replies
    Hotair ^ | 08/09/2011 | Ed Morrisey
    Gallup delivers two blasts at the Obama administration today for its handling of the economy. The first comes in its daily tracking poll, which reacted rather badly to Barack Obama’s speech from the White House yesterday. His approval rating dropped three points to its previous low of 40% after only one cycle of polling. Disapproval rose back to 50%, up two points from the day before. That sharp drop could amplify over the next couple of days, especially considering the beating Obama is taking across the political spectrum for his ill-considered rehash of an address. It’s possible that we will...
  • Stocks End Sharply Higher, Dow Surges 400

    08/09/2011 1:23:01 PM PDT · by ilovesarah2012 · 44 replies ^ | August 9, 2011 | JeeYeon Park
    Stocks saw its biggest one-day gain since May 2010 Tuesday after a wild session as investors snapped up beaten-down stocks and following a Fed statement to keep interest rates near zero for at least two more years.
  • If Not For Tea Party Movement, US Would Be Rated BBB

    08/09/2011 12:38:12 PM PDT · by conservativeBC
    Conservative Blogs Central ^ | 8/09/2011 | Cyrus
    The godfather of the Tea Party Movement is CNBC Financial Editor Rick Santelli. The Tea Party Movement consist of Republicans, Democrats (smart ones), and Independents working together to create the narrative in American politics. Its orginal purpose was to pursue Rick Santelli mantra to stop wasteful government spending. Under Obama, the out-of-control spending is ruining America. It has gone over the cliff when Moody downgraded our credit rating. Hence, the Tea Party keeps Washington in check. Liberals and the GOP Establishment are unable to contain the The Tea Party Movement. The movement has spead to all corners of America. I...
  • The Best Defense is a Good Offense

    08/09/2011 12:21:48 PM PDT · by thefoundersrock
    The Average American Blog ^ | 08/09/2011 | averageamericanblogger
    Before the debt deal was even struck, many of us understood that without real changes in the way government does business, our credit rating was going to be downgraded. The house passed the Ryan budget in the spring, and the Cut, Cap, and Balance bill early this summer. Either of these bills, had they been passed by the Senate, would have prevented our country from being downgraded. But Senate Democrats did not pass either, and Harry Reid refused to allow the Cut, Cap, and Balance Bill to even come up for a vote. The Democrats may be many things, but...
  • Who Made Nearly a $1 Billion Bet on U.S. Debt Downgrade?

    08/09/2011 10:18:00 AM PDT · by Sopater · 14 replies
    The Blaze ^ | August 08,2011 | Christopher Santarelli
    In the first trading day following S&P’s announcement that the U.S. government credit rating would go from Triple-A down to AA+, U.S. stocks have sharply declined and investors are scrambling to rid themselves of risky assets. With Wall Street in disarray, one investor is smiling after having walked away from the crisis possibly 10 billion dollars richer. ETF Daily News reports that the investor bet on the downgrade, and is now heavily benefiting from it: “Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating....
  • Petty, Predictable, Partisan Presidential Politics.

    08/09/2011 10:02:55 AM PDT · by Lexluthor69
    The Silent Majority ^ | 08-09-11 | Southernman
    Alliteration aside… Given the recent downgrade of the United States credit rating by S&P one would have expected our exalted leader to use the bully pulpit to infuse some confidence into an already battered economy. Perhaps to speak directly to the problem, spending, and provide a coherent path forward. Of course this is President Obama and such a thing seems to be beyond his scope of expertise. What we got instead was the same old trite and tired finger pointing and hollow platitudes. The President scarcely made it through his first sentence before he abdicated his responsibility for the current...
  • Downgrade Damage Control at the White House

    08/09/2011 8:57:55 AM PDT · by lowbuck · 8 replies
    Wall Street Journal Online ^ | 8 August 2011 | PAUL A. GIGOT
    How politically damaging is the Standard & Poor's credit downgrade to President Obama? The answer can be found in the vociferous attempts by the administration to blame everyone else. You only do that if you're worried. snip . . . Mr. Obama knows that the public is unhappy with this blow to America's financial stature, and presidents get the blame when such humiliations happen on their watch.
  • Larry Kudlow: Don't Panic, This Isn't Remotely Like 2008

    08/09/2011 7:56:16 AM PDT · by SeekAndFind · 41 replies
    Real Clear Markets ^ | 08/09/2011 | Larry Kudlow
    During a period like this, with stocks plunging almost on a daily basis, it's clear that fear and shock are ruling the roost. But fear can be overdone. As someone who has been around awhile and has seen many sell-offs, let me offer some advice: Do not panic. Market corrections come and go. They are not the end of the world. Most times they are actually healthy. The S&P downgrade is a fiscal warning, not an economic event. And the growing fear of U.S. recession may not pan out. There are still plusses out there, believe it or not. Our...
  • Obama Reassures Us, Dow Immediately Plunges

    08/09/2011 6:05:07 AM PDT · by Stoutcat · 9 replies
    Grand Rants ^ | 08-09-11 | Gerry Ashley
    There’s an old expression that goes, “It’s better to keep your mouth shut and have people think you’re a fool than to open it and remove all doubt.” In what has to be seen as a defining moment in Barack Obama’s failed presidency, the POTUS Ignoramus took to the airwaves today to “reassure the American people” that America is still doing well under his leadership, and that Standard & Poor’s downgrade of America’s credit rating was obviously a mistake. The telling moment: Just after Obama suggested that the way to restore our credit rating and to overcome our debt problems...