Keyword: geithner

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  • (Mocked tax-cheat) Geithner's Trip To Europe: Spend-aholics Shouldn't Give Advice To Spend-aholics

    09/19/2011 7:02:56 AM PDT · by Libloather · 2 replies
    Forbes ^ | 9/18/11 | Daniel J. Mitchell
    Geithner's Trip To Europe: Spend-aholics Shouldn't Give Advice To Spend-aholicsDaniel J. Mitchell, Contributor 9/18/2011 @ 8:50PM Treasury Secretary Tim Geithner has been savaged in the United States for cheating on his taxes (you can buy a T-shirt to commemorate his tax dodging), but he’s becoming a punch line in the rest of the world for different reasons. I wrote two years ago about Chinese students erupting in laughter after Geithner claimed the Administration believed in a strong dollar. Now he’s getting mocked by the Europeans. After Friday’s post about the absurdity of Obama sending his Treasury Secretary to lecture the...
  • The Federal Reserve Is Using Your Money To Bail Out European Commercial Banks Once Again

    09/16/2011 6:23:52 PM PDT · by blam · 17 replies
    TEC ^ | 9-16-2011
    Unelected, Unaccountable, Unrepentant: The Federal Reserve Is Using Your Money To Bail Out European Commercial Banks Once AgainSeptember 16,2011 For a moment, imagine that there is a privately-owned organization in the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to. Imagine that this organization is able to act with the full power of the U.S. government behind it, but that nobody in the organization is ever elected by the American people, and that for all practical purposes the organization is not accountable to the president...
  • Geithner Says Europe Lacks Unity, Action in Crisis [EU Ministers React "Cooly" To His Ideas]

    09/16/2011 2:37:46 PM PDT · by Steelfish · 8 replies
    Wall St J ^ | September 16, 2011 | CHARLES FORELLE
    SEPTEMBER 16, 2011 Geithner Says Europe Lacks Unity, Action in Crisis BY CHARLES FORELLE WROCLAW, Poland—The U.S. Treasury secretary warned his European counterparts of the "catastrophic risk" of the Continent's swirling sovereign-debt crisis, pointing out divisions among the 17 nations who use the euro, and between those countries and their central banks. But European finance ministers meeting here reacted coolly to Timothy Geithner's sharp exhortations Friday to bolder action, officials said, in a sign that Europe's stronger economies were nearing the limits of their ability—or desire—to pay for backstops for the weak. Europe is at a difficult juncture. The bailout...
  • Ron Suskind Book 'Confidence Men': Tim Geithner Ignored Obama Order On Banks

    09/16/2011 8:31:25 AM PDT · by tomd2 · 5 replies
    Forbes ^ | 9/16/2001 | ANTHONY McCARTNEY
    A new book offering an insider's account of the White House's response to the financial crisis says that U.S. Treasury Secretary Tim Geithner ignored an order from President Barack Obama calling for reconstruction of major banks. According to Pulitzer Prize-winning author Ron Suskind, the incident is just one of several in which Obama struggled with a divided group of advisers, some of whom he didn't initially consider for their high-profile roles. Suskind states that Obama accepts the blame for mismanagement in his administration while noting that restructuring the financial system was complicated and could have resulted in deeper financial harm....
  • Book: Treasury Secretary ignored Obama directive

    09/15/2011 8:55:58 PM PDT · by quantim · 15 replies
    AP/WorldMag ^ | Sep 15, 9:05 PM EDT | ANTHONY McCARTNEY
    NEW YORK (AP) -- A new book offering an insider's account of the White House's response to the financial crisis says that U.S. Treasury Secretary Tim Geithner ignored an order from President Barack Obama calling for reconstruction of major banks. According to Pulitzer Prize-winning author Ron Suskind, the incident is just one of several in which Obama struggled with a divided group of advisers, some of whom he didn't initially consider for their high-profile roles. Suskind interviewed more than 200 people, including Obama, Geithner and other top officials for "Confidence Men: Wall Street, Washington, and The Education of A President,"...
  • Europe Tells Geithner To Take His Advice And Shove It

    09/15/2011 4:08:57 PM PDT · by RightGeek · 10 replies
    Zero Hedge ^ | 9/15/2011 | Tyler Durden
    Just because it is not enough for Tim Geithner to be mocked, ridiculed and generally despised on one continent, the former New York Fed "Hudsucker Proxy-style" plant has just managed to become the most despised individual on at least one more continent. Bloomberg reports that European Central Bank Executive Board member Juergen Stark said countries offering advice on how Europe should solve its debt crisis should put their own fiscal situation in order first. "Finger-pointing in the direction of Europe shouldn’t prevent others from putting their budgets in order and doing their homework before handing out advice to Europeans," Stark...
  • 'Political Dysfunction' at Root of World's Troubles: Geithner

    09/14/2011 7:19:00 AM PDT · by markomalley · 15 replies
    CNBC ^ | 14 Sep 2011 | Jeff Cox
    The global economy is being held back in part by political problems that are complicating an Delivering Alpha array of other forces that have conspired against growth, US Treasury Secretary Tim Geithner said. Speaking during the "Delivering Alpha" conference—organized by CNBC and Institutional Investor—Geithner said the US recovery is slower than many would like and that's not being helped by chaos in Washington. "You have this terribly damaging political dysfunction here and in Europe that leaves the world wondering whether the political system has the capacity to do the right thing," he said. "That is very damaging to confidence."
  • Senators Query Geithner on Tax Credits for Unauthorized Workers

    09/09/2011 1:57:14 PM PDT · by maggief · 19 replies
    Bloomberg via SFGate ^ | September 9, 2011 | Jodi Schneider, Don Frederick
    Link only.
  • Geithner: Economy In "An Early Stage" Of Crisis (Ya Think?)

    09/14/2011 9:25:59 AM PDT · by Beave Meister · 9 replies
    Jim Cramer, CNBC host: "Now let's talk about the fact that you said the economy is weak. You put out a jobs plan. The New York Times today basically gives its obituary. 'Tax plan for jobs bill.' Familiar ring. Meaning the GOP will not back this. Is this dead on arrival?" Tim Geithner, U.S. Secretary of Treasury: "Absolutely not. I think that there's no reason now for the Congress of the United States not to act to help strengthen growth in the near term. It's the conservative, prudent, responsible thing to do. You can think of it as protection against...
  • 'Political Dysfunction' at Root of World's Troubles: Geithner

    09/14/2011 7:32:36 AM PDT · by Usagi_yo · 12 replies
    CNBC ^ | Published: Wednesday, 14 Sep 2011 | 9:04 AM ET | Jeff Cox
    The global economy is being held back in part by political problems that are complicating an array of other forces that have conspired against growth, US Treasury Secretary Tim Geithner said.
  • Decline in Deficit Hailed by Geithner (Satire)

    09/11/2011 11:21:07 AM PDT · by John Semmens · 3 replies
    News that this year’s projected federal fiscal deficit is $30 billion lower than last year’s ($1.23 trillion vs. $1.26 trillion) was cited by Treasury Secretary Timothy Geithner as “a sign we’re on the right track.” “I know it’s only a small one-year improvement, but if we can maintain this pace, the budget will reach equilibrium in only 40 years,” Geither asserted. “Of course, maintaining this pace will require both a full team effort and a little luck.” Geithner brushed off the criticism that maintaining the current pace would add at least $25 trillion more to the nation’s debt. “Look, $25...
  • Total US Debt Hits All Time Record $14,615,567,348,203.71, $28 Billion Higher Overnight

    08/16/2011 4:32:17 PM PDT · by mojito · 4 replies
    ZeroHedge ^ | 8/16/2011 | Tyler Durden
    Good thing the whole debt ceiling fiasco taught Tim Geithner a thing or two about being frugal, or else today's $28 billion increase in total debt to a new all time high of $14,615,567,348,203.71 may have been far, far worse. At least congress still has $127 billion in dry powder before it has to authorize the extension of the interim debt ceiling cap of $14.694 trillion.
  • BofA chief meets top US officials - WSJ

    08/11/2011 9:51:05 PM PDT · by Nachum · 19 replies
    Reuters ^ | 8/12/11 | Sakthi Prasad in Bangalore
    Aug 12 (Reuters) - Bank of America Chief Executive Brian Moynihan met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the campaign to calm investors and employees about the bank's share price fall, the Wall Street Journal reported. The separate meetings took place on Wednesday in Washington, the WSJ said, citing people familiar with the situation. The intent of the meetings with the two top federal officials was for Moynihan to discuss issues related to housing, consumer spending and the U.S. economy, two people familiar with the meetings told the Journal.
  • General Motors to Remain Government Motors?

    08/10/2011 9:08:59 AM PDT · by jazusamo · 35 replies
    National Legal & Policy Center ^ | August 10, 2011 | Mark Modica
    According to a WSJ report, "people familiar with the situation" said on Tuesday that the Obama Administration has put on hold its decision to sell the taxpayers' stake in General Motors. The article also states that "Treasury officials had anticipated GM's share price would increase following its public stock offering last November at $33 a share." It would seem that Treasury anticipated wrong.Once again, the Obama Administration is arrogantly assuming that GM share price will recover to above $33 a share in the near future. Or perhaps the administration is not as averse to continuing its intrusion in private...
  • Sen. Paul pushes for vote of no confidence in Geithner

    08/10/2011 6:29:59 AM PDT · by caroline2005nc · 17 replies
    The Daily Caller ^ | August 10, 2012 | Matthew Boyle
    Kentucky Republican Sen. Rand Paul announced early Wednesday morning that he plans to push the Senate to hold a vote of no confidence in Treasury Secretary Tim Geithner. Unlike in the United Kingdom’s Parliament, where a no confidence vote would remove him, a U.S. Senate vote of no confidence would be a symbolic measure that sends a signal to the president. “The stock market gave a vote of no confidence to Timothy Geithner yesterday and for the past 11 days,” Paul said in a statement. “Geithner has shown no acumen in predicting, diagnosing, or treating America’s economic woes. The time...
  • Those Colossal, Recklessly Irresponsible $2 Trillion Errors

    08/08/2011 5:31:50 PM PDT · by Qbert · 7 replies
    National Review ^ | August 8, 2011 | Andrew C. McCarthy
    It’s laugh-out-loud funny to hear the Obama administration’s all out assault on S&P’s math skills. According to the administration, if the downgrade in America’s credit rating is not the fault of the Tea Party (apparently for demanding the very spending cuts the political class’s refusal to make prompted the downgrade), it must be due to what the administration calls S&P’s “colossal” $2 trillion error — indicative, Treasury’s Turbo Tim Geithner told NBC News, of the rating agency’s “stunning lack of knowledge about basic U.S. fiscal budget math.” It couldn’t possibly be President Obama’s outer-worldly spending spree, right? It couldn’t possibly...
  • The 2 trillion 'error' - Turns out Turbo Tax Timmy lied again

    08/08/2011 1:44:29 PM PDT · by JosephSmithNAW · 12 replies
    NRO ^ | Andrew C. McCarthy
    .....Yet, as S&P has explained, unlike the administration and the CBO, it focuses on a three-to-five year window. S&P finds that this timeframe, which is more in the control of the current Congress and president, is a more reliable predictor of financial health than illusory ten-year forecasts....
  • Reagan took the Soviet Union down to its knees but it took Barack Obama to bring the US to its knees

    08/08/2011 2:37:11 PM PDT · by Starman417 · 5 replies
    Flopping Aces ^ | 08-08-11 | DrJohn
    Back in April Timmy Geithner said there was no chance that the US credit rating would take a hit. Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative." Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt. There is no chance that the U.S....
  • Geithner agrees to stay at Treasury, continue Obama's amazing economic policies

    08/08/2011 7:17:36 AM PDT · by opentalk · 33 replies
    Los Angeles Times ^ | Andrew Malcolm
    Finally, some promising economic news in what has been a steady recent stream of dismal data and developments: Secretary of the Treasury Tim Geithner has agreed to stay in the Obama administration.The master of finance who has so successfully assisted President Obama in boosting the national debt by more than $3 trillion, driving unemployment back north of 9% by spending only $787 billion in stimulus funds, corroding consumer confidence and presiding over the first federal credit downgrading in history has agreed to stick around to continue his impressive work for this Democratic administration.Geithner is the sole survivor of President Obama's...
  • Geithner: S&P showed terrible judgment

    08/07/2011 6:57:45 PM PDT · by Justaham · 65 replies
    Associated Press ^ | 8-8-11 | MARTIN CRUTSINGER
    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...
  • Major world markets set to open after U.S. credit downgradeBy

    08/07/2011 5:07:01 PM PDT · by Presbyterian Reporter · 16 replies
    CNN ^ | August 7, 2011 | Tom Cohen
    Markets react to ratings cuts in the U.S.STORY HIGHLIGHTS NEW: Investors are weighing both the downgrade and the Investors are waiting anxiously for major world markets to open for Monday trading, following the U.S. credit rating downgrade to AA+ from the top rank of AAA. Stock futures tumbled more than 2% at the start of electronic trading Sunday, signaling a nasty investor reaction According to data from the Chicago Mercantile Exchange, S&P 500 futures fell 30 points, or 2.7%. Nasdaq-100 futures contracts slipped 54 points, or 2.5%. Dow Jones industrial average futures were 292 points, or 2.6%, lower. The futures...
  • Geithner-U.S. Treasuries still safe after downgrade (Administration in complete denial)

    08/07/2011 5:17:05 PM PDT · by tobyhill · 44 replies
    reuters ^ | 8/7/2011 | reuters
    U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday. Geithner, in an interview with NBC/CNBC television, also called on European leaders to ensure that there is an "unequivocal financial backstop" for euro zone governments facing fiscal and debt problems. He added that a double-dip recession was unlikely if governments and central banks made good decisions. Asked whether Treasuries were as safe now as they were last week, Geithner replied: "Absolutely. And the...
  • Rep. Ryan’s warning

    08/07/2011 12:14:05 PM PDT · by americanophile · 61 replies · 1+ views
    Boston Herald ^ | August 7, 2011 | Boston Herald Editorial Staff
    Standard & Poor’s downgrade of the nation’s credit rating gives House Budget Committee Chairman Paul Ryan every right to say “I told you so.” Even earlier this week when President Obama was taking his victory lap for the debt-ceiling compromise, Ryan was disclosing the cold, hard truths of the economic troubles that lie ahead — truths that a jittery Wall Street has been more than aware of. In an oped column in Wednesday’s Wall Street Journal, the Wisconsin Republican reiterated, of course, that the president really has no budget plan. “The president’s February budget,” he wrote, “deliberately dodged the tough...
  • Dollar to Be 'Discarded' by World: China Rating Agency

    08/07/2011 9:08:35 AM PDT · by barmag25 · 166 replies
    CNBC ^ | 7 Aug 2011 | Ee Sing Wong
    The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating. In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.” Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers...
  • Kerry Blames The Tea Party For Credit Downgrade

    08/07/2011 10:17:45 AM PDT · by Steelfish · 64 replies
    Washington Times ^ | August 07, 2011 | Ben Wolfgang
    Kerry Blames The Tea Party For Credit Downgrade By Ben Wolfgang-The Washington Times1 Sen. John Kerry on Sunday laid the blame for the recent downgrade of the nation’s credit rating at the feet of conservative House Republicans. “I believe this is, without question, the tea party downgrade,” Mr. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press.” Standard & Poor’s rating agency on Friday dropped the U.S. credit rating from AAA to “AA+, questioning the ability of leaders in Washington to deal seriously with the nation’s debt crisis. The Obama administration’s debt-ceiling proposal, which included more spending cuts than the...
  • White House adviser blames tea party for downgrade (Axelrod)

    08/07/2011 10:08:27 AM PDT · by NormsRevenge · 153 replies
    Yahoo ^ | 8/7/11 | AP
    WASHINGTON (AP) — A top White House adviser is blaming the downgrade of the U.S. credit rating on tea party Republicans, whom he says were unwilling to compromise on how to reduce the federal debt. The adviser to President Barack Obama, David Axelrod, tells CBS' "Face the Nation" on Sunday .. ... .. also criticized GOP presidential candidates for not speaking up in favor of compromise.
  • MoveOn.org drives new liberal catch phrase: ‘Tea party downgrade’

    08/07/2011 1:13:08 PM PDT · by Sub-Driver · 146 replies · 1+ views
    MoveOn.org drives new liberal catch phrase: ‘Tea party downgrade’ Matthew Boyle - The Daily Caller 43 mins ago The left-wing activist group MoveOn.org picked up the new liberal slogan bashing conservatives for Standard & Poor’s U.S. credit rating downgrade: “Tea Party downgrade.” President Obama’s chief campaign strategist David Axelrod and Massachusetts Democratic Sen. John Kerry both used the phrase on Sunday talk shows. In a Sunday afternoon email to supporters, MoveOn.org accused tea partiers of being responsible for the first-ever credit downgrade in U.S. history. “This ‘tea party downgrade’ is a shameful blow to our nation’s honor and risks throwing...
  • Geithner to stay on as Treasury chief

    08/07/2011 12:08:36 PM PDT · by truthandlife · 84 replies
    Reuters ^ | 8/7/11
    Treasury Secretary Timothy Geithner has told President Barack Obama that he intends to stay on the job, Treasury said in a statement on Sunday afternoon. "Secretary Geithner has let the president know that he plans to stay on in his position at Treasury," Assistant Treasury Secretary Jenni LeCompte said. "He looks forward to the important work ahead on the challenges facing our great country." Geithner had indicated he might leave after a debt-limit increase was approved, but administration officials indicated that both Obama and the White House chief of staff had urged Geithner not to leave now.
  • DeMint: Geithner must go

    08/07/2011 7:46:25 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 31 replies
    thehill.com ^ | 08/05/11 10:39 PM ET | Peter Schroeder
    Sen. Jim DeMint (R-S.C.) responded to the nation's downgrade at the hands of Standard & Poor's by calling for the resignation of Treasury Secretary Timothy Geithner. Saying "enough is enough," the Tea Party favorite pressured President Obama to remove his top economic official and adopt a new perspective. "The President should demand that Secretary Geithner resign and immediately replace him with someone who will help Washington focus on balancing our budget and allowing the private sector to create jobs," he said in a statement. "For months he opposed all efforts to reduce the debt in return for a debt ceiling...
  • Republicans Want Geithner to Walk The Plank After Credit Downgrade

    08/06/2011 3:45:05 PM PDT · by bobk333 · 36 replies
    Foxnews ^ | August 6, 2011 | Stephen Clark
    “No risk,” Geithner told Fox Business at the time. When asked whether S&P was wrong and that the U.S. would keep its top credit rating, Geithner said, “Absolutely”... Sen. Jim DeMint, R-S.C. said the president should “demand” that Geithner resign “and immediately replace him with someone who will help Washington focus on balancing our budget and allowing the private sector to create jobs.” “For months he opposed all efforts to reduce the debt in return for a debt ceiling increase,” DeMint said. “His opposition to serious spending and debt reforms has been reckless and now the American people will pay...
  • Mike Huckabee: Obama Should Replace Timothy Geithner With Donald Trump

    08/06/2011 6:19:28 PM PDT · by PROCON · 29 replies
    mediaite.com ^ | Aug. 6, 2011 | Frances Martel
    How’s this for thinking outside the box? Mike Huckabee visited the cast of Fox & Friends this morning to talk about the disastrous economic downturn the nation took yesterday as its credit rating sank, and had a suggestion or two for replacing one of those upon whose shoulders lay the most blame: Treasury Secretary Timothy Geithner. Paramount among those? Donald Trump, who he suggested should be given 90 days to turn the economy around.
  • S&P warns of a second downgrade

    08/06/2011 2:11:26 PM PDT · by Clairity · 158 replies
    Politico ^ | August 6, 2011 | Josh Boak
    One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement. The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
  • America's debt downgrade is a damning indictment of President Obama's Big Government disaster

    08/06/2011 2:16:45 PM PDT · by Clairity · 94 replies · 1+ views
    The Telegraph ^ | Aug 6, 2011 | Nile Gardiner
    The decision by credit agency Standard and Poor’s to downgrade America’s AAA credit rating for the first time in 70 years is a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy. No doubt the White House will pathetically try to blame the Bush Administration, Republicans in Congress, and of course its favourite target, the Tea Party, for the move by S&P. But without a shadow of a doubt, responsibility for the country’s financial mess and staggering levels of debt lie with the current US president and his administration. They...
  • After S&P downgrade, WH says 'we must do better'

    08/06/2011 2:42:35 PM PDT · by Justaham · 29 replies
    Associated Press ^ | Mark S. Smith
    WASHINGTON (AP) - President Barack Obama sought to distance himself Saturday from the bad news of the nation's first-ever credit-rating downgrade, but lawmakers and presidential candidates showed no such reticence—trading salvos over who's at fault and why. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes. A statement from Carney said talks that produced Tuesday's $2 trillion compromise on raising the U.S. borrowing limit had been too drawn-out and "divisive." But the statement didn't directly address Friday's move...
  • U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal

    08/06/2011 7:57:29 AM PDT · by KeyLargo · 68 replies · 1+ views
    Daily Mail UK ^ | Aug 6, 2011
    U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit By Daily Mail Reporter Last updated at 1:08 PM on 6th August 2011 The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's...
  • Time For Real Fiscal Leadership

    08/06/2011 1:08:44 PM PDT · by CaroleL · 11 replies
    TalkingSides.com ^ | 08/06/11 | CaroleL
    After yesterday's downgrade of the US government's credit rating by Standard & Poor's, an immediate and already tedious blame game has begun over who caused what and when. There's no surprise that Democrats are blaming Republicans and Republicans are blaming Democrats. The White House is even blaming Standard & Poor's. But regardless of where the fingers are pointing on the cause of the problem, the country needs strong leadership to find the solution and, like it or not, for the next 17 months that responsibility lies with President Barack Obama.
  • JUSTICE DEPARTMENT RAIDS S&P WALL STREET OFFICES

    08/06/2011 6:55:25 AM PDT · by Lonesome in Massachussets · 34 replies
    MyDiseasedBrain ^ | 6 AUGUST 2011 | SHAMELESS VANITY
    In a series of dramatic midnight raids, Treasury Department SWAT teams, assisted by New York City Police Department’s Thought Crimes Squad, staged daring late night raids on the offices of bond rating agency Standard and Poors’ New York offices, as well as the homes of the firm’s executives in Larchmont, New York and Greenwich, Connecticut and other tony New York suburban settings. The agents were looking for signs that S&P’s recent downgrade of U.S. Debt was influenced by executives membership in the Tea Party, the Republican Party, membership in country clubs, conservative Christian or Jewish congregations, or other subversive and...
  • In Wake of Historical US Credit Downgrade, Bachmann Calls for Geithner to Resign

    08/06/2011 5:59:54 AM PDT · by Reaganite Republican · 26 replies
    Reaganite Republican ^ | August 6, 2011 | Reaganite Republican
    'Barack Obama is destroying foundation of  our economy one beam at a time...'_____________________________________________________________________ “This president has destroyed the credit rating of the United States through failed economic policies and his inability to control government spending... President Obama is destroying the foundation’s of our economy one beam at a time.  I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and to submit a plan with his list of cuts to balance the budget this year, turn the economy around and put our people back to work.” _____________________________________________________________________ Blogger/columnist RS McCain is actually on the road...
  • Obama officials attack S&P's credibility after downgrade

    08/05/2011 10:45:42 PM PDT · by tobyhill · 84 replies
    reuters ^ | 8/5/2011 | Glenn Somerville and Rachelle Younglai
    The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error. S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.
  • Obama administration official calls S&P analysis 'way off' [ Wh says its S&P not TP's fault ]

    08/05/2011 11:00:44 PM PDT · by NoLibZone · 46 replies
    CNN ^ | Aug 5 2011
    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...
  • Obama briefed on S&P downgrade before leaving W.House

    08/05/2011 11:59:20 PM PDT · by Berlin_Freeper · 23 replies
    reuters.com ^ | August 6, 2011 | Reuters
    Obama left the White House for the Camp David presidential retreat outside Washington in late afternoon just hours before S&P's announcement. "He was briefed before he left for Camp David and has been receiving updates through the night," the official said.
  • S&P statement on lowering US long-term debt to AA+

    08/05/2011 9:28:50 PM PDT · by freespirited · 33 replies
    Guardian ^ | 08/06/11 | Standard & Poor's
    • We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. • We have also removed both the short- and long-term ratings from CreditWatch negative. • The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. • More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time...
  • Former Obama Economic Adviser on Downgrade: We're 'Pretty Darn [expletive] [profanity in article]

    08/05/2011 10:14:54 PM PDT · by RatherBiased.com · 67 replies
    NewsBusters ^ | Noel Sheppard
    Christina Romer, the former chair of Obama's Council of Economic Advisers on Friday offered a rather strong opinion concerning the announcement by Standard & Poor's that the credit rating agency downgraded America's debt to AA+. Appearing on HBO's "Real Time," Romer said we're "pretty darn f--ked" (video follows with transcript and absolutely no commentary needed): ---- BILL MAHER, HOST: So, excuse my language, but we used to do a segment on this show called “How F—ked Are We?” (VIDEO CLIP) MAHER: I didn’t expect that there. This, just before we went on the air they said our rating got downgraded....
  • CBS: Dems, GOP react to debt downgrade [ copy it fast! ]

    08/05/2011 10:19:22 PM PDT · by NoLibZone · 22 replies
    cbsnews.com ^ | Aug 5 2011
    (CBS/AP) Following the news Friday of Standard and Poor's downgrade on the U.S. debt, several politicians from both sides of the aisle offered their reactions. Democratic Senate Majority Leader Harry Reid released a statement: "This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind -- instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding." Reid was referring to the special bipartisan congressional committee -- made up of six Democrats...
  • U.S. loses AAA credit rating from S&P [copy 2]

    08/05/2011 5:51:56 PM PDT · by NormsRevenge · 70 replies
    Yahoo ^ | 8/5/11 | Walter Brandimarte - Reuters
    NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.
  • S&P Downgrades U.S. Debt Rating — Press Release (Boehner-McConnell FAILURE)

    08/05/2011 5:58:18 PM PDT · by jimbo123 · 55 replies
    Wall Street Journal ^ | 8/5/11 | S&P
    Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s: – We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating. – We have also removed both the short- and long-term ratings from CreditWatch negative. – The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in...
  • US government loses triple-A credit rating [downgraded sans a credible reduction package ]

    08/05/2011 6:08:51 PM PDT · by NoLibZone · 30 replies
    MSNBC ^ | August 5 2011 | MSNBC
    S&P cut the long-term U.S. credit rating by one notch to AA-plus. The credit agency said late Friday that it was making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the United Kingdom, Germany, France or Canada. The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next...
  • United States loses AAA credit rating from S&P

    08/05/2011 6:16:35 PM PDT · by Iam1ru1-2 · 29 replies · 1+ views
    BuenosAiresHerald.com ^ | August 5, 2011 | BuenosAiresHerald.com
    The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the US government, companies and consumers. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics,"...
  • U.S. loses AAA credit rating from S&P

    08/05/2011 5:51:21 PM PDT · by GQuagmire · 409 replies
    Yahoo.com via Reuters ^ | 8/5/11 | Walter Brandimarte
    NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada
  • Govt officials: US expecting S&P downgrade -- based on "serious mistake" in analysis*

    08/05/2011 5:04:57 PM PDT · by mandaladon · 77 replies
    ABC News ^ | 5 Aug 2011
    Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value. Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if...