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

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.

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market.

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.' gross domestic product but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

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

bernanke's a bonehead, he's obamite

bernanke backfired

he's already done 2.7T---if it worked in the first place, why do it again?

if it didn't work, why do it again?

romney is stumping on it---no more pump

Romney: QE3 Shows Obama's Economic Policies Are Wrong | RealClearPolitics

all the more reason not to vote for obama

moody's announced this week that unless a major budget resolution is reached presently between executive and legislature, a further downgrade would result there as well

Moody’s Text: To Downgrade US If No Deal To Cut Debt/GDP Ratio | ForexLive

bob woodward, the greatest journalist (according to them) alive and maybe ever, has his new book out, the price of politics

it tells the story of a president temperamentally unsuited to lead consensus

at the most crucial juncture of the debt ceiling debate, july, 2011, with the full faith and credit, et al, at stake, the president was "voted off the island" by the congressional big 4, led by harry reid and his courageous chief of staff david krone

that is, in order to avoid default, reid, mcconnell, boehner and pelosi felt they had to "ask the president to leave the meeting he called in his own house," july 24, 2011

"that was it, congress was taking over"

A president sidelined - The Washington Post

america needs a president who conceives a politics more expansive, one that appreciates that political success derives not from day-to-day election tactics, in-the-moment maneuvering, kick and counter kick

real and lasting presidential success, instead, comes from the large achievement of solution to large problems---and the problems we face these troubling days, at home and abroad, are immense

bernanke's gotta go

there's only way that can happen

Romney Reiterates He Would Replace Bernanke - Washington Wire - WSJ

read woodward, wapo's watergate wonderboy---you will find it very hard to justify a vote for barack obama

Marc Faber: If I Were Bernanke, I Would Resign- Business News - CNBC

Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.

He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.

“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.

Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed "Dr Doom" for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.

A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.

“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.

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cnbc is always so doom and gloom, really

it's hard not to be these days, all the news is horrendous

obama depends on uninformed americans outvoting their more tuned in neighbors in november, an impossibility

too many of our friends and neighbors are living it