U.S. credit rating dropped
- Thread starter Poorboy
- Start date
NEW YORK - The S&P Index fell a bazillion points in this week's trading.
In a, like, totally unrelated development, Standard & Poor reduced the credit rating of the United States from AAA to AA-Plus. "That'll learn 'em," S&P said in a statement issued late Friday.
In a, like, totally unrelated development, Standard & Poor reduced the credit rating of the United States from AAA to AA-Plus. "That'll learn 'em," S&P said in a statement issued late Friday.
There is just no way we can continue with the run away spending. It has to stop.
CTSS: Cut The Spending Stupid!!! The time has come. We must cut back. Entire programs and agencies must go.
We should only spend 6 dollars out of every 10 we take in. 4 of the "saved" dollars should go to pay down the debt and the rest set aside.
No new taxes until massive cuts are made first, then see if new revenue is needed. The idea is to keep money out of the hands of the government. They just waste it.
CTSS: Cut The Spending Stupid!!! The time has come. We must cut back. Entire programs and agencies must go.
We should only spend 6 dollars out of every 10 we take in. 4 of the "saved" dollars should go to pay down the debt and the rest set aside.
No new taxes until massive cuts are made first, then see if new revenue is needed. The idea is to keep money out of the hands of the government. They just waste it.
EnglishLady
Veteran Expediter
I found this particularly interesting .... from the BBC
"Officials in Washington told US media that the agency's sums were deeply flawed.
Unnamed sources were quoted as saying that a treasury official had spotted a $2 trillion [£1.2 trillion] mistake in the agency's analysis.
"A judgment flawed by a $2tn error speaks for itself," a US treasury department spokesman said of the S&P analysis"
"Officials in Washington told US media that the agency's sums were deeply flawed.
Unnamed sources were quoted as saying that a treasury official had spotted a $2 trillion [£1.2 trillion] mistake in the agency's analysis.
"A judgment flawed by a $2tn error speaks for itself," a US treasury department spokesman said of the S&P analysis"
Great...really great....glad they did it....hope the other 2 agencies do the same.....maybe some world embarassment will finally smarten up the bums in DC....Now they are CYA and coming with with things to burn the ratings people...what a bunch of baloney...we deserve to be down rated...DC blew the deal....
Most of the stock sell off has already happened this week...so it won't be so bad....everyone and anybody with any money sense knew this was coming....
Most of the stock sell off has already happened this week...so it won't be so bad....everyone and anybody with any money sense knew this was coming....
EnglishLady
Veteran Expediter
According to the BBC the other credit agencies are not considering anything at the moment
"The other two major credit rating agencies, Moody's and Fitch, said on Friday night they had no immediate plans to follow S&P in taking the US off their lists of risk-free borrowers"
BBC News - US loses AAA credit rating after S&P downgrade
"The other two major credit rating agencies, Moody's and Fitch, said on Friday night they had no immediate plans to follow S&P in taking the US off their lists of risk-free borrowers"
BBC News - US loses AAA credit rating after S&P downgrade
They need to downgrade us. Congress is spending money like it grows on trees and is showing NO signs of slowing down.
EnglishLady
Veteran Expediter
On the flipside - Just heard on the local MI news that gas prices are expected to drop by .35c within the next month.
Yep, demand is dropping as the economy fails. The slide is starting.
I would be willing to bet that things get MUCH worse as the year goes on. Far too much money is now controlled by the government. All this socialism has got Europe in a mess and we are right behind them. Even trying to catch up with them.
The "Obama legacy" in action. All the waste for brains Obama supporters should be so happy. What a bunch of FOOLS! I'm sure our koolaid filled Obama cheerleaders will be quick to defend him and explain why his 30+ months in charge are not to blame and he's still the lily white perfect boy of politics.
They are already saying that they did not spend ENOUGH and need to INCREASE spending to get the economy moving. Stupid beyond belief. Every thing they get their hands on either dies or the prices jump. Anyone who believes that the cost of health is going to go down as the government takes over is crazier than Obama.
I just DROPPED my health insurance to make sure I could still afford it for my wife. That is the FIRST time in my entire adult life that I have not be able to afford to cover us both. The new law is driving up those costs even faster than prior to it's passing. It can only get worse.
There is no one of value running for President, AGAIN. I have not seen yet in Michigan who is running for what. I don't even know for sure what district I am in since they are changing.
What about your top secret candidate? When is the announcement?
There is no one of value running for anything anywhere.
We need strong leaders to get us out of this mess. People who are not wimps and not afraid of losing the next election. People who will serve there time and represent the people who voted to send them there. And then go home to there regular jobs. As our founding fathers intended.
We need strong leaders to get us out of this mess. People who are not wimps and not afraid of losing the next election. People who will serve there time and represent the people who voted to send them there. And then go home to there regular jobs. As our founding fathers intended.
Sadly it seems we were not able to talk him into running. Can't say that I blame him. SO, I will vote AGAINST Obama and not FOR anyone, just as I always have. Too bad. I hate voting that way. Oh well, nothing changes in politics. The slide continues.
Camper
Not a Member
S&P is actually being a bit too generous by only going for a one notch downgrade.
The so-called deficit reduction plan only cuts a cumulative total of $2 trillion over ten years with respect to the budget deficits. It does nothing to address the $14 trillion plus in debt that's already been accumulated. In fact, it's likely to add another $10 trillion or so to the national debt.
However, S&P and the other two major credit rating agencies have little credibility given that they essentially aided and abetted the sub prime lending crises by affirming the then triple A rating of many of these now defunct lending institutions.
The so-called deficit reduction plan only cuts a cumulative total of $2 trillion over ten years with respect to the budget deficits. It does nothing to address the $14 trillion plus in debt that's already been accumulated. In fact, it's likely to add another $10 trillion or so to the national debt.
However, S&P and the other two major credit rating agencies have little credibility given that they essentially aided and abetted the sub prime lending crises by affirming the then triple A rating of many of these now defunct lending institutions.
Campers right. That these fraud credit rating services reports are even referred to is a joke.
chefdennis
Veteran Expediter
barry and the libs whined till they got the debt ceiling raised..and they proceeded to spend 60% of the increase in 1 DAY... taking our debt to 100% of our gdp.....
whatever these ratings companies say..it is the system we got and that is it....But that said S&P nailed this one...the other 2 are just dragging their feet...prolly more in bed with the WH then S&P....
further S&P noted it still needs to go down even further...they gave a window of 2 years or less....
further S&P noted it still needs to go down even further...they gave a window of 2 years or less....