Downgraded.

[mav]

Guess the deal wasn't as good as what they portrayed it to be. It is the first time our credit rating has been downgraded.

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

What do you think will come of this? Anything?

[Daniel]

No it's not. We have had a lower rating for months from a different house.

[mav]

No it's not. We have had a lower rating for months from a different house.

Let me clarify. Downgraded by S&P.

By the way, which other agency downgraded our credit rating? The only other main credit agencies are Moody's and Fitch, and they haven't downgraded us.

Edited August 6, 2011 by mav

[Guest Lester Weevils]

It is simply shocking. Am so surprised!

I personally rated em "bad risk" quite awhile ago and cashed out my few fed bonds.

Keep wondering maybe I've got it all wrong because big-money investors keep dumping billions into the silly things. They can't have got that rich if they all are completely stoopid? Maybe it is even more alarming if US Bonds still remain the least risky option. What does that say about other "less safe" investments?

[Glenn]

Let me clarify. Downgraded by S&P.

By the way, which other agency downgraded our credit rating? The only other main credit agencies are Moody's and Fitch, and they haven't downgraded us.

I believe it is a Chinese agency

Glenn

[enfield]

I love it when reality kicks in.

[MacGyver]

I find it kind of ironic that anyone still pays attention to anything they say.

[mav]

I believe it is a Chinese agency

Glenn

Yeah, I looked it up. Thanks.

I don't think some obscure credit rating agency that the vast majority of people have never heard of carries anyway near the weight or significance as the main three.

I find it kind of ironic that anyone still pays attention to anything they say.

I have heard a few people talk about that over the last couple of days.

Edited August 6, 2011 by mav

[Guest nicemac]

It was inevitable.

[mikegideon]

I downgraded them when they pissed away all the money I gave them for Social security. It will be interesting to see the impact, just to give us a taste of what a full blown default would have done.

[Guest Lester Weevils]

I downgraded them when they pissed away all the money I gave them for Social security. It will be interesting to see the impact, just to give us a taste of what a full blown default would have done.

That is a great point Mike

Given that it is almost a forgone conclusion that they will at least partially default on the social security bonds, then why would any sane citizen buy more bonds and give em a chance to steal even more of our money?

[mikegideon]

So... If they default, can we sue their sorry asses?

[Daniel]

Let me clarify. Downgraded by S&P.

By the way, which other agency downgraded our credit rating? The only other main credit agencies are Moody's and Fitch, and they haven't downgraded us.

I cant find it, it was being discussed on NPR one afternoon earlier in the week. The day after it was announced that a deal was going to go through.

I just read through. The one they mentioned wasnt chinese.

[Raoul]

I find it kind of ironic that anyone still pays attention to anything they say.

Keep in mind that these are same guys that rated all those junk securitized mortgages AAA. It's all a joke anyway.

[DaveTN]

A Triple A rating for 70 years; gone with Obama. I guess that’s what he meant by change.

[MacGyver]

Keep in mind that these are same guys that rated all those junk securitized mortgages AAA. It's all a joke anyway.

Yep. You can't really blame them for starting it, but they certainly greased the slippery slope.

[wjh2657]

The Agency is American, a Division of McGraw Hill. However it sets its own criteria and is very nebulous in how it spreads out those criteria.

Obama didn't do it and neither did George W. This has come about because of the American business groups, piss poor management and too much influence by banks and business on members of Congress. The recent childishness by both parties in the debt ceiling mess didn't help either, but it didn't cause it. Both parties need to sit down to make a realistic long term spending and income plan. Then American business needs to quit outsourcing and skimming off the profits so they can reinvest some capital and create some American jobs. Revenues will come up and we'll get back on our feet.

Presidents, of either party, can only sign what is brought to them by Congress.

It doesn't matter whether we have a Republican or a Democratic President next term if we don't clean up the Congress.

[mikegideon]

A Triple A rating for 70 years; gone with Obama. I guess that’s what he meant by change.

I think you give Obama more credit than he deserves. We were hosed when he walked in the door. We would be hosed with a Republican president, just because of the politics around the whole thing. The downgrade happened AFTER congress voted on a 'plan" to fix things. In that "plan", the Republicans got more of what they wanted than the Democrats.

Blaming it on one guy is just buying into the BS. Those folks are ALL working for votes, and are will to destroy the country to get them.

[Guest 6.8 AR]

He could have done a lot of different things, though. Instead he went full

bore Keynseian(sp?) and I wonder why those kinds are ever allowed into decision

making positions. The ideology is killing us and, yes, it is in both of the gangs

right now. They protected their own and said the hell with the American tax

payer.

Tea Party! The real thing, not necessarily just a party, will happen soon.

[mikegideon]

He could have done a lot of different things, though. Instead he went full

bore Keynseian(sp?) and I wonder why those kinds are ever allowed into decision

making positions. The ideology is killing us and, yes, it is in both of the gangs

right now. They protected their own and said the hell with the American tax

payer.

Tea Party! The real thing, not necessarily just a party, will happen soon.

Not saying he's blameless at all. Just saying that we would be in the same shape without him. They are going to have to make unpopular decisions to fix it, and everybody has their choice of who's gonna get screwed the most. If they don't raise taxes, they are going to have to slash past the bone. A lot of people will scream, and a lot of scumbag politicians will lose their jobs to brand new scumbags.

[Guest 6.8 AR]

As they should lose their jobs, both sides. I imagine right now there will be

primary challenges in the Republican Party by a bunch of conservatives from

Tea Party roots.

There are a lot of the political class who need to be rounded up and sent to

Europe, if not some other place like Venezuela. But the messiah cannot be

allowed to continue at any cost. The man wants this country to fall.

[DaveTN]

As they should lose their jobs, both sides. I imagine right now there will be

primary challenges in the Republican Party by a bunch of conservatives from

Tea Party roots.

There are a lot of the political class who need to be rounded up and sent to

Europe, if not some other place like Venezuela. But the messiah cannot be

allowed to continue at any cost. The man wants this country to fall.

What do you want the government to do? What’s the Tea Party going to do? Because unless the Tea Party is going to cause you to quit buying ricer cars or foreign made guns; I don’t see how they can help. If they are going to do or say something that will cause you not to turn your back on your country…. Sign me up now.

The American people can cause the economy to recover tomorrow…. Or not.

[Guest Lester Weevils]

It is a delicate balancing act. As Mike says, if they cut too much it will only elect worse commies than the current bunch. We could easily get politicians so far left that Reid, Pelosi and Obama look like right-wingers.

As much as I hate taxes (I really hate taxes), an across the board tax hike may be necessary. It would have to go down to at least the $30,000 income level to make a practical diff. There ain't enough rich folks to make a difference. I did some studying on the IRS statistics and am pretty sure it would have to hit just about everybody to make a difference.

If the working poor get their taxes raised they will be just as mad as the middles and the rich, so that would elect whoever would promise to cut the taxes again, whether it be left-wingers or right-wingers.

My heart bleeds peanut butter. Back in the 1970's when I was near working poor they were taxing hell out of me. That was when I started hating taxes.

Mike is right. It does not look fixable long-term.

[mikegideon]

What do you want the government to do? What’s the Tea Party going to do? Because unless the Tea Party is going to cause you to quit buying ricer cars or foreign made guns; I don’t see how they can help. If they are going to do or say something that will cause you not to turn your back on your country…. Sign me up now.

The American people can cause the economy to recover tomorrow…. Or not.

Lots of truth here.

[Guest 6.8 AR]

I only reference the Tea Party here because they

appear to be a common sense approach to a difficult

situation. Raising taxes is a non starter. You can tax

until the cows come home and all you will do is take

otherwise productive money out of the market and

put it in the hands of time proven crooks, until more

honorable people are put in charge of utilizing our

tax dollars.

This whole problem would have had a better outcome

if the Republicans had stuck to their original bill and forced Obama's and Reid's hand.

Those people who believe giving the government

more money to fix the problem forget so quick how

our politicians love to spend it. There is a different

standard applied with government compared to

the family's budget. Limit government, don't just

give them more money.

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