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S&P downgrades U.S. credit rating for first time

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American

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S&P downgrades U.S. credit rating for first time - Washington Post

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.
“It’s always possible the rating will come back, but we don’t think it’s coming back anytime soon,” said David Beers, head of S&P’s government debt rating unit.
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So much for the agreement between Obama and Congress. Looks like S&P saw through the lameness of not reducing the deficit and debt (i.e., budget cuts). Too bad S&P can downgrade our leftwing elected officials to unelected status. These guys are fighting off budget cuts tooth and nail. What we need is a $10T cut over 10 years.
 
Reports are that tea partiers cheered the downgrade and prayed for industrial collapse.

But why are you dredging up this old, tea bagger induced news story. You do realize this happened over a year ago, right?
 
American said:
S&P downgrades U.S. credit rating for first time - Washington Post



So much for the agreement between Obama and Congress. Looks like S&P saw through the lameness of not reducing the deficit and debt (i.e., budget cuts). Too bad S&P can downgrade our leftwing elected officials to unelected status. These guys are fighting off budget cuts tooth and nail. What we need is a $10T cut over 10 years.
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Year and a half late I'm afraid. Also your proposition of 10 trillion worth of cuts alone would damage our status in the global economy by a far greater margin than the downgrade itself.
 
...and now it looks like the butthurt D.O.J. is going to sue S&P. Just like a woman who sues McDonald's because her hot coffee is "hot." Don't like something? Sue. Freakin' crybabies.

Typical of the Jerk-in-Chief and his administration of doofuses. Mountains of debt in a miniscule amount of time, and they pretend nothing's wrong.

Pretty soon Greece is going to be laughing at our debt.
 
Velvet Elvis said:
...and now it looks like the butthurt D.O.J. is going to sue S&P. Just like a woman who sues McDonald's because her hot coffee is "hot." Don't like something? Sue. Freakin' crybabies.

Typical of the Jerk-in-Chief and his administration of doofuses. Mountains of debt in a miniscule amount of time, and they pretend nothing's wrong.

Pretty soon Greece is going to be laughing at our debt.
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You'd be best advised to actually give your own source a once over. S&P is the target of a DOJ probe in regards to it's role in the Financial crisis, particularly it's questionable ratings of CDOs. The article and the lawsuit appears to have precisely zero relevance to the '11 downgrade.
 
There are rumors floating about that they may be getting ready to do it again.....
 
In all seriousness, this is really a non-story since American currency as well as American bonds and other debt vehicles are now and for the foreseeable future the primary and most secure investment out there. Money will still pour in from around the world to buy American dollars and American debt and it will continue to cost your country no more than it does now. No matter what the credit rating, America will always pay the lowest finance rates of any country.

That doesn't mean you don't have a very serious debt problem and you cannot sustain $1 trillion plus deficits through the first quarter of this century as seems planned.
 
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