US Credit Rating Downgraded To AA+
 

Ouch! That's all I got.

S&P apparently didn't think the debt ceiling agreement was enough and criticized the government for not allowing increase tax revenues among other things. This government (both parties) likes to spend money that they don't have and not increase tax revenue. Well both sides f*ck up royally.

Sent from my Samsung Epic 4G.

Re: US Credit Rating Downgraded To AA+
 

That god damned George W. Bush!

Re: US Credit Rating Downgraded To AA+
 

[quote=Ruhskins;820635]S&P apparently didn't think the debt ceiling agreement was enough and criticized the government for not allowing increase tax revenues among other things. This government (both parties) likes to spend money that they don't have and not increase tax revenue. Well both sides f*ck up royally.

Sent from my Samsung Epic 4G.[/quote]

Apparently the bipartisan bickering that took place led to a big loss in confidence at the S&P as well.

Re: US Credit Rating Downgraded To AA+
 

The S&P called out both parties in this release. They said that the US failed to do what the Democrats wanted and the Republicans blocked - raise tax revenue; and failed to do what the Republicans wanted and the Democrats blocked - hack away at entitlements.

We deserve this downgrade.

HUGE hit to Obama's re-election bid here. Regardless of who you like to point the finger at, the public by and large is going to view this as having happened on Obama's watch. He gets to go down as the president who presided over America's first downgrade in credit. He's as good as gone.

Re: US Credit Rating Downgraded To AA+
 

Wow. This really is big. Think of the economic ripple effects.

When your credit score goes down, the interest rate on your credit card goes up. Same thing here. The US will have to start paying higher interest rates on its debt. So that eats up even more of our federal budget, which will require even more spending cuts and tax increases than were required before.

Unemployment will trickle back up. The higher interest rates may require the US to increase the money supply leading to inflation.

Hope you're all really good at your jobs.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820654]The S&P called out both parties in this release. They said that the US failed to do what the Democrats wanted and the Republicans blocked - raise tax revenue; and failed to do what the Republicans wanted and the Democrats blocked - hack away at entitlements.

We deserve this downgrade.

HUGE hit to Obama's re-election bid here. Regardless of who you like to point the finger at, the public by and large is going to view this as having happened on Obama's watch. He gets to go down as the president who presided over America's first downgrade in credit. He's as good as gone.[/quote]

Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.

Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes.

Re: US Credit Rating Downgraded To AA+
 

Everyone is at fault at this moment. I've had with stupid partisan politics. Both parties have f*ck the economy to gain political leverage and in the end the everyday person gets the shaft.

Re: US Credit Rating Downgraded To AA+
 

I come from money so I'm good :D

Re: US Credit Rating Downgraded To AA+
 

[quote=Dirtbag59;820664]I come from money so I'm good :D[/quote]

I need to get rich so I don't have to pay taxes. LOL.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820658]Wow. This really is big. Think of the economic ripple effects.

When your credit score goes down, the interest rate on your credit card goes up. Same thing here. The US will have to start paying higher interest rates on its debt. So that eats up even more of our federal budget, which will require even more spending cuts and tax increases than were required before.

Unemployment will trickle back up. The higher interest rates may require the US to increase the money supply leading to inflation.

Hope you're all really good at your jobs.[/quote]

This is big but hardly surprising. The question is which country currently has a better rating and worthy of large investment?

You have made a lot of assumptions and predictions. Care to put your money where your mouth is? I got $100 ready to go.

Re: US Credit Rating Downgraded To AA+
 

[quote=Dirtbag59;820659]Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.
[B]
Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes[/B].[/quote]

Fantastic stuff.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820666]This is big but hardly surprising. The question is which country currently has a better rating and worthy of large investment?

You have made a lot of assumptions and predictions. Care to put your money where your mouth is? I got $100 ready to go.[/quote]

I'm not clear about what we'd be betting on?

Re: US Credit Rating Downgraded To AA+
 

[quote=Dirtbag59;820659]Perception is everything. Not that I'm partisan, but I think businesses are trying to set the stage for a republican president. "We're unsure about Obamacare, we don't like the Presidents plan, etc etc etc." Make the public think that maybe if they elect a Republican president thats in favor of big business they'll start hiring again and then maybe they will in hopes of keeping someone in office who will give them breaks on taxes.

Still I don't care what happens. As much as I want basic liberties like gay marriage and the like it still doesn't mean much if a large part of the nation is either unemployed or underemployed. The economy has to be priority number 1, after that we can worry about everything else.

Hopefully this is history repeating itself and it'll be Carter-Regan all over again and we'll have a decade doing nothing but snorting cocaine and wearing ridiculous clothes.[/quote]

Well businesses have to do what's in the best interest of their shareholders. They won't withold hiring to influence the political climate. If they see an opportunity to increase shareholder value they'll hire and take advantage of it.

The problem is there aren't a ton of opportunities right now.

I'm totally with you though, economy is priority one, one A, and one B in my book.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820681]I'm not clear about what we'd be betting on?[/quote]

Probably the fact that in your eyes (mine too, btw) Obama is done. He's saden's golden boy, for some odd reason.

Re: US Credit Rating Downgraded To AA+
 

[quote=GMScud;820683]Probably the fact that in your eyes (mine too, btw) Obama is done. He's saden's golden boy, for some odd reason.[/quote]

Funny thing is I've generally liked just about everything Obama has done so far in his first term. He's recognized the need to move toward the center - because liberal politics don't work in economically tough times. He has shown himself to be flexible and reasonable.

But our country will not see it that way. Our populace is not bright enough to see beyond the fact that he is the man presiding over our first downgrade.

I'd wait to see who the GOP nominates to run against him before I placed any bets. But this definitely hits Obama and boosts the Tea Party's appeal. What happens when you don't control spending? Your credit gets downgraded. Pretty easy message for the Tea Party to sell, love 'em or hate 'em.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820685]Funny thing is I've generally liked just about everything Obama has done so far in his first term. He's recognized the need to move toward the center - because liberal politics don't work in economically tough times. He has shown himself to be flexible and reasonable.

[B]But our country will not see it that way. Our populace is not bright enough to see beyond the fact that he is the man presiding over our first downgrade.[/B]

I'd wait to see who the GOP nominates to run against him before I placed any bets. But this definitely hits Obama and boosts the Tea Party's appeal. What happens when you don't control spending? Your credit gets downgraded. Pretty easy message for the Tea Party to sell, love 'em or hate 'em.[/quote]

Agreed. But I'm fine with that in this president's case.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820681]I'm not clear about what we'd be betting on?[/quote]

Obama getting the blame for this and getting the shaft.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820685]Funny thing is I've generally liked just about everything Obama has done so far in his first term. He's recognized the need to move toward the center - because liberal politics don't work in economically tough times. He has shown himself to be flexible and reasonable.

But our country will not see it that way. Our populace is not bright enough to see beyond the fact that he is the man presiding over our first downgrade.

I'd wait to see who the GOP nominates to run against him before I placed any bets. But this definitely hits Obama and boosts the Tea Party's appeal. What happens when you don't control spending? Your credit gets downgraded. Pretty easy message for the Tea Party to sell, love 'em or hate 'em.[/quote]

We went from he's definitely a gonner to maybe a gonner depending who?

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820666]The question is which country currently has a better rating and worthy of large investment?[/quote]

[url=http://www.foxbusiness.com/markets/2011/08/05/last-countries-with-triple-ratings-and-those-at-risk-losing-them/]The Last Countries With Triple-A Ratings (and Those at Risk of Losing Them) - FoxBusiness.com[/url]

Never been to Austrailia, maybe booking a trip over the next year or so to check it out.

Re: US Credit Rating Downgraded To AA+
 

[quote=Slingin Sammy 33;820709][url=http://www.foxbusiness.com/markets/2011/08/05/last-countries-with-triple-ratings-and-those-at-risk-losing-them/]The Last Countries With Triple-A Ratings (and Those at Risk of Losing Them) - FoxBusiness.com[/url]

Never been to Austrailia, maybe booking a trip over the next year or so to check it out.[/quote]

Australia? Where will growth come from? Thier service sector industry or thier penal correction industry. Or perhaps thier mega defense industry? Now I get it, from News Corp course. Australia is where my grandfather has his money not investors. I bet they ae tapped out too.

How is our CR from other agencies? I mean, not that it really matters cause they will all go down eventually. The question is what will we do to get it back up as quickly as possible? Here is an idea, pull out of the wars.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820712]Australia? Where will growth come from? Thier service sector industry or thier penal correction industry. Or perhaps thier mega defense industry? Now I get it, from News Corp course. Australia is where my grandfather has his money not investors. I bet they ae tapped out too.

How is our CR from other agencies? I mean, not that it really matters cause they will all go down eventually. The question is what will we do to get it back up as quickly as possible? [B]Here is an idea, pull out of the wars[/B].[/quote]

This. A million times, this.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820707]We went from he's definitely a gonner to maybe a gonner depending who?[/quote]

Yes. In my first post I failed to consider how dumb the GOP can be at times.

If it's Romney, he rolls over Obama easily. If it's Bachmann or Palin, all bets are off.

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820784]Yes. In my first post I failed to consider how dumb the GOP can be at times.

If it's Romney, he rolls over Obama easily. If it's Bachmann or Palin, all bets are off.[/quote]

I'll take $100 on Obama vs Romney. You down? If Romney isn't nominated no bet.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820712]Australia? Where will growth come from? Thier service sector industry or thier penal correction industry. Or perhaps thier mega defense industry? Now I get it, from News Corp course. Australia is where my grandfather has his money not investors. I bet they ae tapped out too.

How is our CR from other agencies? I mean, not that it really matters cause they will all go down eventually. The question is what will we do to get it back up as quickly as possible? [B]Here is an idea, pull out of the wars.[/B][/quote]

Now here's something we can agree on.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820809]I'll take $100 on Obama vs Romney. You down? If Romney isn't nominated no bet.[/quote]I'm down.

Re: US Credit Rating Downgraded To AA+
 

[quote=Slingin Sammy 33;820818]I'm down.[/quote]

Done! I take paypal.

Re: US Credit Rating Downgraded To AA+
 

Romney... lol

Re: US Credit Rating Downgraded To AA+
 

[quote=Schneed10;820685]Funny thing is I've generally liked just about everything Obama has done so far in his first term. [/quote]


[YT]UErR7i2onW0[/YT]


When he's President, the same old same old will continue.

Re: US Credit Rating Downgraded To AA+
 

Romney might win vs Obama, but he would just be another establishment candidate. Look at the big guns donating to his campaign. Think he is going to look after Main Street's interests if elected? I highly doubt it. The guy came from money and made more money flipping companies, like folks flipped houses back in the mid to late 90's. Money always looks out for money. The only guys that would make a difference are always either ignored, made out to be kooks or racists, or are maligned as being unelectable. Think of guys like Dennis Kucinich, Mike Gavel, Ron Paul, and Pat Buchanan. Gary Hart would have made a good president if it weren't for his "Monkey Business". Of course people that vote GOP could go nuts and vote in Bachmann as their candidate. She would be George Bush, just with a vagina. The two party system needs to be dismantled!!!

Re: US Credit Rating Downgraded To AA+
 

[quote=NC_Skins;820825][YT]UErR7i2onW0[/YT]


When he's President, the same old same old will continue.[/quote]


Do you really think things will get better under Romney?

Re: US Credit Rating Downgraded To AA+
 

[quote=GusFrerotte;820839]Do you really think things will get better under Romney?[/quote]

Apparently you haven't seen my thoughts on politicians. I don't think it's going to get better with any party. Injected a X or Y person into a corrupt system is still going to yield corrupt results.

Re: US Credit Rating Downgraded To AA+
 

[quote=NC_Skins;820825][YT]UErR7i2onW0[/YT]


When he's President, the same old same old will continue.[/quote]

Yeah I mean he's completely full of ish. It's no secret at this point. He's damn near pathological. But so are all of them, on both sides of the aisle. Picking on any one candidate or any one party is silly. They're all broken.

[url=http://www.washingtontimes.com/news/2011/jul/24/curl-is-obama-a-pathological-liar/?page=all]CURL: Is Obama a pathological liar? - Washington Times[/url]

Re: US Credit Rating Downgraded To AA+
 

[quote=GMScud;820861]Yeah I mean he's completely full of ish. It's no secret at this point. He's damn near pathological. But so are all of them, on both sides of the aisle. Picking on any one candidate or any one party is silly. They're all broken.

[url=http://www.washingtontimes.com/news/2011/jul/24/curl-is-obama-a-pathological-liar/?page=all]CURL: Is Obama a pathological liar? - Washington Times[/url][/quote]

This is what qualifies one for a psychological liar these days? Our insider contradicts Obama and he changed the terms after pressure? Do you people not understand how dynamic negotiating is?

I guess Boner et al didn't have all the cards after afterall.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820892]This is what qualifies one for a psychological liar these days? Our insider contradicts Obama and he changed the terms after pressure? [B]Do you people not understand how dynamic negotiating is?
[/B]
I guess Boner et al didn't have all the cards after afterall.[/quote]

Seriously.

Re: US Credit Rating Downgraded To AA+
 

[quote=saden1;820892]This is what qualifies one for a [B]psychological liar[/B] these days? Our insider contradicts Obama and he changed the terms after pressure? [B]Do you people not understand how dynamic negotiating is?[/B]

I guess Boner et al didn't have all the cards after afterall.[/quote]

I don't know what a psychological liar is.

Funny you mention that about negotiating... I recently finished reading [I]Negotiating Rationally [/I]by Max Bazerman and Margaret Neale. Good read.

Mine was a statement that the Obama thing is just an example of... I was speaking in general about politics in this country. Obama is full of ish up to his ears, but he's certainly not the only one.

Re: US Credit Rating Downgraded To AA+
 

I guess if there's any silver lining in this shitty picture, and there really isn't, the other two major rating agencies, Fitch and Moody's, reaffirmed their credit rating for the U.S. It's worth noting that S&P did miss the boat horribly during the financial meltdown of 2008 and constantly miscalculated the severity of the pending bubble. I'm not smarter than the folks at S&P, but I think it's safe to say that investors still believe the United States still have the most transparent, stable, and trustworthy Treasuries in the world, bar none.

I haven't read their downgrade in it's entirety, but it appears to be more of a political analysis than a mathematical and economic one. They referenced both parties by name and the political gridlock as one of their chief concerns going forward. I find that a bit disturbing for a rating agency with so much global clout to inject itself into our national conversation in that manner. They should just stick to what they do and let the voters continue to send people to Washington deal with the politics. Just my 2 cents.

Re: US Credit Rating Downgraded To AA+
 

Good points, 12th. Especially the second paragraph.

Re: US Credit Rating Downgraded To AA+
 

This country has a financial structure problem. One side doesn't want entitlement cuts and wants to raise social spending, the other doesn't want to cut defense spending or raise taxes. Our political system is straight out of The Wire.

S&P is doing this country a favor over the long run by downgrading its rating.

Re: US Credit Rating Downgraded To AA+
 

[quote=12thMan;820912]I guess if there's any silver lining in this shitty picture, and there really isn't, the other two major rating agencies, Fitch and Moody's, reaffirmed their credit rating for the U.S. It's worth noting that S&P did miss the boat horribly during the financial meltdown of 2008 and constantly miscalculated the severity of the pending bubble. I'm not smarter than the folks at S&P, but I think it's safe to say that investors still believe the United States still have the most transparent, stable, and trustworthy Treasuries in the world, bar none.

I haven't read their downgrade in it's entirety, but it appears to be more of a political analysis than a mathematical and economic one. They referenced both parties by name and the political gridlock as one of their chief concerns going forward. I find that a bit disturbing for a rating agency with so much global clout to inject itself into our national conversation in that manner. They should just stick to what they do and let the voters continue to send people to Washington deal with the politics. Just my 2 cents.[/quote]


Why are we in the mess that we are in then? Who votes to spend the money like water? How could we not be downgraded when we are the worst nation on the planet in terms of total debt(rank 191 out of 191 nation states). Do you really think that our credit staying AAA wasn't due to politics? This nation should have been downgraded in 2008 or even before that. Do you really think this debt ceiling being raised is going to cure our ills? WE are going to default eventually, that is inevitable. Do you want to default down $14 trillion or say $20-24 trillion? Both parties are playing politics and are more concerned about getting reelected and pushing back financial armageddon til after the elections of 2012. S&P has every right to complain about our nations dysfunctional political system, for it is the main reason we are in this mess to begin with. Both parties are just two wings of the mega party that runs things in the US. Both wings are commanded by the same NE elites that run the banks and multinational corporations. Our Supreme Court also is dysfunctional, as it is on the take, along with the members of the House and Senate. Obama's cabinet is mostly Goldman Sach's flunkies. Everyone on Capitol Hill is owned by the Wall St banks. Do ou think re electing Obama is going to make things better? Romney? It will be business as usual whoever wins in 2012, as they are owned by the same people.