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  1. #1 U.S. Credit Downgraded: S&P Reduces Rating To AA+ 
    SEAduced SuperMod Hawkgirl's Avatar
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    WASHINGTON ó Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating first time in the history of the ratings.
    The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
    snip

    S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.

    S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country's debt.
    the rest here..

    http://www.huffingtonpost.com/2011/0...1_lnk2%7C84094
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  2. #2  
    SEAduced SuperMod Hawkgirl's Avatar
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    Wall Street is fighting back....Dumbo is out in 012.
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  3. #3  
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    Quote Originally Posted by Hawkgirl View Post
    Wall Street is fighting back....Dumbo is out in 012.
    For dumbo and the Democraps, their next trick will be QE3 & 4. Wall Street will be happy, happy while main street gets crushed.
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    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by lacarnut View Post
    For dumbo and the Democraps, their next trick will be QE3 & 4. Wall Street will be happy, happy while main street gets crushed.

    Yes the fat cats are all going to be just fine. As long as they get the money from the tax payers pumped in to prop this crap up for the short term, these investors can stay in till the QE money comes rolling in and then get out of dodge. We (the average joe) will get the benefits of triple digit inflation in the aftermath. Quite sad really....watching the end of the American republic as an economic force.
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    Senior Member Madisonian's Avatar
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    Don't forget this is the same S&P that touted all the toxic assets before the housing bubble burst, so their credibility is about that of a snake oil salesman. They are as complicit in this economic disaster as Obama, the House and the Senate.
    How much are they now raking in since the downgrade and everyone selling stocks like there is no tomorrow?
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  6. #6  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Madisonian View Post
    Don't forget this is the same S&P that touted all the toxic assets before the housing bubble burst, so their credibility is about that of a snake oil salesman. They are as complicit in this economic disaster as Obama, the House and the Senate.
    How much are they now raking in since the downgrade and everyone selling stocks like there is no tomorrow?
    Don't forget how Bushy and Sir Schliek Meister Clinton helped set the stage for this too. This was a team effort.
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    Quote Originally Posted by Molon Labe View Post
    Yes the fat cats are all going to be just fine. As long as they get the money from the tax payers pumped in to prop this crap up for the short term, these investors can stay in till the QE money comes rolling in and then get out of dodge. We (the average joe) will get the benefits of triple digit inflation in the aftermath. Quite sad really....watching the end of the American republic as an economic force.
    I could see that this excessive spending by Obama and Congress was not going to end well. I hope with the S & P downgrade that will be a wake up call. However, Democrats have dug in their heels for more spending and tax cuts. I do think that this economy can be turned around if conservative take over the WH and the Congress.
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    LTC Member Odysseus's Avatar
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    Quote Originally Posted by Hawkgirl View Post
    Wall Street is fighting back....Dumbo is out in 012.
    Nope. That's what the DU types are trying to claim, but Wall Street is pretty much in Obama's pocket. This is apolitical, based solely on the numbers.
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    Quote Originally Posted by Odysseus View Post
    Nope. That's what the DU types are trying to claim, but Wall Street is pretty much in Obama's pocket. This is apolitical, based solely on the numbers.
    The political brinksmanship of recent months highlights what we see as Americaís governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this yearís wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.
    Sounds political to me.
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  10. #10  
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    Quote Originally Posted by Odysseus View Post
    Nope. That's what the DU types are trying to claim, but Wall Street is pretty much in Obama's pocket. This is apolitical, based solely on the numbers.
    This whole mess could have been avoided if the Dems had submitted a budget for FY 2011 instead of trying to mitigate the losses at the polls they saw coming.
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