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US Credit Rating Cut by Egan-Jones ... Again

LowDown

LowDown

Curmudgeon
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US Credit Rating Cut by Egan-Jones ... Again - US* Business News - CNBC

Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.
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The new round of quantitative easing is widely regarded as an effort on the part of Bernanke and the Fed to help Obama .

The degradation of credit worthiness of a nation can speed up exponentially as debt rises especially if there is no plan to deal with the problem.
 
Hare said:
Actually, it's widely regarded as a move aimed at aiding financial institutions. That is, after all, part of the Federal Reserve's responsibilities. Do you expect them to postpone measures that they feel aid the economy as a whole to suit your chosen fancy?
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One problem with that. This is already caused the dollar's value to fall. Immediately, stocks and commodities have jumped. One vital commodity necessary for economic growth is oil. This move is causing oil prices to go up. Any stimulus this move creates will get eaten up by the increase in oil which will subsequently cause EVERYTHING to rise in price, especially food.
 
Not surprising. Dems think it will help Obama, GOP thinks it will hurt Romney. Too bad is just screws the rest of us.
 
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