U.S. credit rating dropped
- Thread starter Poorboy
- Start date
Another article from the WSJ giving a more thouough analysis of the downgrade:
S&P Downgrades U.S. Debt for First Time - WSJ.com
The United States of America has just reached a new level of global humiliation thanks to the insane economic policies of a radically liberal Democrat congress led by the most liberal, most inexperienced and least qualified president since the invention of the light bulb - Barack Hussein Obama. I haven't seen a TV yet today, but it seems like the MSM is downplaying the downgrade and emphasizing the supposed "$2 Trillion error" the Obama minions claim to have discovered. Needless to say, if this had happened during the presidency of GW Bush there would be unprecedented media hysteria declaring the arrival of the End Of Days.
Of course one could argue that the GOP shares the blame by not forcing a better debt reduction deal than the one recently approved by Congress. However, it was apparent that they simply didn't have the votes to impliment the $4 Trillion in cuts that S&P was asking for, and there was no way the Democrats or Obama would take anything even close. The pitiful deal that was finally signed was the best that could be expected considering the complete lack of leadership coming from the White House.
Now couple this latest economic malady with the other news from the past couple of days (emphasis mine):
"The latest jobless numbers showed just 117,000 jobs were created in July, a number that — like this year's GDP data — probably will be revised downward. Official unemployment, not including job seekers who have just given up, stands at 9.1%. The participation rate, which measures the percentage of people working or searching for jobs, fell to 63.9%, the lowest in 27 years."
But not to worry; as the article points out,
"No sackcloth and ashes, however, for the incumbent. As Lynn Sweet of the Chicago Sun-Times reported, President Obama celebrated his 50th birthday Thursday night with a celebrity-filled bash...
The day before, he celebrated in his hometown of Chicago, with three different campaign fundraising events. For a mere $38,500 you could actually sit close enough to have an audience."
Editorial: Happy Birthday, But Not So Happy Us - Investors.com
S&P Downgrades U.S. Debt for First Time - WSJ.com
The United States of America has just reached a new level of global humiliation thanks to the insane economic policies of a radically liberal Democrat congress led by the most liberal, most inexperienced and least qualified president since the invention of the light bulb - Barack Hussein Obama. I haven't seen a TV yet today, but it seems like the MSM is downplaying the downgrade and emphasizing the supposed "$2 Trillion error" the Obama minions claim to have discovered. Needless to say, if this had happened during the presidency of GW Bush there would be unprecedented media hysteria declaring the arrival of the End Of Days.
Of course one could argue that the GOP shares the blame by not forcing a better debt reduction deal than the one recently approved by Congress. However, it was apparent that they simply didn't have the votes to impliment the $4 Trillion in cuts that S&P was asking for, and there was no way the Democrats or Obama would take anything even close. The pitiful deal that was finally signed was the best that could be expected considering the complete lack of leadership coming from the White House.
Now couple this latest economic malady with the other news from the past couple of days (emphasis mine):
"The latest jobless numbers showed just 117,000 jobs were created in July, a number that — like this year's GDP data — probably will be revised downward. Official unemployment, not including job seekers who have just given up, stands at 9.1%. The participation rate, which measures the percentage of people working or searching for jobs, fell to 63.9%, the lowest in 27 years."
But not to worry; as the article points out,
"No sackcloth and ashes, however, for the incumbent. As Lynn Sweet of the Chicago Sun-Times reported, President Obama celebrated his 50th birthday Thursday night with a celebrity-filled bash...
The day before, he celebrated in his hometown of Chicago, with three different campaign fundraising events. For a mere $38,500 you could actually sit close enough to have an audience."
Editorial: Happy Birthday, But Not So Happy Us - Investors.com
Can you imagine the uproar over a party like that on the day the markets lost about 4% if a ReBumLiCan had been president? 
Fair and balanced.
Fair and balanced.
Can you imagine the uproar over a party like that on the day the markets lost about 4% if a ReBumLiCan had been president?
Fair and balanced.
Oyea, Sprinter parts are up 33%.