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Author Topic: United States loses AAA credit rating from S&P  (Read 4780 times)

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Offline BattleHymn

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United States loses AAA credit rating from S&P
« on: August 05, 2011, 09:05:43 PM »
http://news.yahoo.com/p-reconsidering-u-downgrade-cnbc-001207261.html

Quote
United States loses AAA credit rating from S&P

NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.


For some reason, I am having trouble linking the picture up properly.  Hopefully someone can fix it.
« Last Edit: August 05, 2011, 09:08:46 PM by BattleHymn »
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Offline Freeper

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Re: United States loses AAA credit rating from S&P
« Reply #1 on: August 05, 2011, 09:15:41 PM »
By the time the Washington DC spin machine is done with this, the Tea Party will be to blame and the dems will take all 3 houses by storm in 2012.
Or not.  :-)
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Offline compaqxp

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Re: United States loses AAA credit rating from S&P
« Reply #2 on: August 05, 2011, 09:29:44 PM »
I'm not surprised in the least. I'd expect big drops in the market on Monday too.

In my opinion the US is screwed, unless you can get some competent leadership. I'm may still be hoping for the best, but I sure as heck expect the worst.
« Last Edit: August 05, 2011, 09:33:06 PM by compaqxp »
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Offline Freeper

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Re: United States loses AAA credit rating from S&P
« Reply #3 on: August 05, 2011, 09:37:51 PM »
Quote from: compaqxp on August 05, 2011, 09:29:44 PM
I'm not surprised in the least. I'd expect big drops in the market on Monday too.

In my opinion the US is screwed, unless you can get some competent leadership. I'm may still be hoping for the best, but I sure as heck expect the worst.

We are beyond screwed, it's been a long time coming, and anyone who said that we needed to do something to fix the problem was labeled a nutjob.
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I may not lock my doors while sitting at a red light and a black man is near, but I sure as hell grab on tight to my wallet when any democrats are close by.

Offline WinOne4TheGipper

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Re: United States loses AAA credit rating from S&P
« Reply #4 on: August 05, 2011, 10:05:35 PM »
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Offline DumbAss Tanker

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Re: United States loses AAA credit rating from S&P
« Reply #5 on: August 05, 2011, 10:36:01 PM »
There were rumors about it early in the morning today, I expect it was already discounted into today's trading.  More likely to mostly affect the bond market than stocks on Monday, I think.
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Offline longview

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Re: United States loses AAA credit rating from S&P
« Reply #6 on: August 05, 2011, 10:52:39 PM »
It finally came to this.  I fear worse to come.

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Offline declineofanation

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Re: United States loses AAA credit rating from S&P
« Reply #7 on: August 05, 2011, 11:38:20 PM »
The worst is yet to come...Now is the time for a re-evaluation of who we are as a country and which direction we are headed.
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Offline Rugnuts

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Re: United States loses AAA credit rating from S&P
« Reply #8 on: August 06, 2011, 12:01:35 AM »
just got done reading 200 comments in my local newspaper's online article.
some people are just really stubbornly stupid! wish some of you guys were in there helping me with the rebuttal  :banghead:
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Offline formerlurker

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Re: United States loses AAA credit rating from S&P
« Reply #9 on: August 06, 2011, 06:28:50 AM »
Haven't read the report yet, but just saw on Fox that S&P referred to Republicans unwillingness to negotiate, and their refusal to increase taxes as the reason.

No politics involved there right?
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Offline namvet

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Re: United States loses AAA credit rating from S&P
« Reply #10 on: August 06, 2011, 08:33:06 AM »
Don't believe for a second that the WH and the rest of the left is not ecstatic about the credit rating downgrade. The show "fight" with S&P was just a way to make it sound like the USA should not have been downgraded. For the left, it is merely another step towards the destruction of the middle class.
Add the credit rating decrease to the dog pile:
 
Obamacare
Frank Dodd
EPA and other middle class business stifling regulations
The continuing decline of education standards and results.
The perpetuation of the Global Warming and variations fraud
The curbs on energy exploitation
a nearly $15 trillion debt
the unending expansion of political correctness.
The stupidity of the American people who still think that Obama should be re-elected.
The decline of ethics and morality
Continuing high unemployment with only obstacles to private sector job creation (see above list)
The stupidity of Americans who think the Tea Parties are "extremist".
The ignorance and crass stupidity of the so called 'intellectual elite'.
The awarding of academic and other tenures for incompetence.
The ignorance of the free market and the meaning of individual freedom.
The failure to get rid of public service unions...completely.
These are only the visible factors.  New regulations are still being written for Obamacare that will further erode freedom and lead America down the road to economic and political slavery. 




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Offline NHSparky

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Re: United States loses AAA credit rating from S&P
« Reply #11 on: August 06, 2011, 08:45:42 AM »
"Unwillingness to negotiate?"  WTF is that supposed to mean?  You mean like when the Republicans refused to allow debate on Cut/Cap/Balance in the Senate?

Oh wait--that was Reid.  Nevermind.
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Offline ReaganForRushmore

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Re: United States loses AAA credit rating from S&P
« Reply #12 on: August 06, 2011, 09:03:38 AM »
The main problem I have with the S&P report is the aspect that this is the same reporting firm that willingly gave AAA status to the the sub prime mortgage packages from Fannie and Freddie and was an un indicted co-conspirator with the likes of Goldman Sachs, Bear Sterns, Citibank, Morgan Stanley et al, in
giving AAA status to underwritings from these firms when they should have known better. The Republicans
offered plan after plan to help solve this problem. The Senate, under Reid's control still has failed to produce a budget. 2012 decides if the US is going to survive.
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Offline namvet

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Re: United States loses AAA credit rating from S&P
« Reply #13 on: August 06, 2011, 09:13:50 AM »
a budget?? WTF is that???

[youtube=425,350]http://www.youtube.com/watch?v=_68GjR6V6zI[/youtube]
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Offline DLR Pyro

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Re: United States loses AAA credit rating from S&P
« Reply #14 on: August 06, 2011, 11:07:45 AM »
Quote from: NHSparky on August 06, 2011, 08:45:42 AM
"Unwillingness to negotiate?"  WTF is that supposed to mean? 
to the DUmocrats, it means "their way or the highway".  They are not interested in listening to anything put forward that doesn't match precisely with their agenda (keep spending on social programs, union jobs, and tax, tax, tax). 

Regardless of who is actually at fault for this downgrade, the media will set in people's mind who is to "blame".
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Offline zeitgeist

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Re: United States loses AAA credit rating from S&P
« Reply #15 on: August 06, 2011, 11:40:50 AM »
Quote from: ReaganForRushmore on August 06, 2011, 09:03:38 AM
The main problem I have with the S&P report is the aspect that this is the same reporting firm that willingly gave AAA status to the the sub prime mortgage packages from Fannie and Freddie and was an un indicted co-conspirator with the likes of Goldman Sachs, Bear Sterns, Citibank, Morgan Stanley et al, in
giving AAA status to underwritings from these firms when they should have known better. [/color] The Republicans
offered plan after plan to help solve this problem. The Senate, under Reid's control still has failed to produce a budget. 2012 decides if the US is going to survive.

^5

Monumental truth identified.  

Really, who ya goin ta believe?  Me or yer own lying eyes?? :rotf:
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Offline rich_t

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Re: United States loses AAA credit rating from S&P
« Reply #16 on: August 06, 2011, 03:39:07 PM »
The Republicans were gonna get blamed no matter what.  They should have stuck to their guns and insisted on a real debt reduction plan, not that POS that was "negotiated".

I mean COME ON, 2 trillion over 10 years?  Hell, the DC idiots have been spending that much every few months.

And now our debt is 100% of our GDP?
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Offline BlueStateSaint

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Re: United States loses AAA credit rating from S&P
« Reply #17 on: August 07, 2011, 06:02:06 AM »
Fox & Friends is now saying that S&P may downgrade our debt further if "substantial" cuts aren't in place by February of 2012.
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Offline DumbAss Tanker

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Re: United States loses AAA credit rating from S&P
« Reply #18 on: August 07, 2011, 08:09:12 AM »
Quote from: BlueStateSaint on August 07, 2011, 06:02:06 AM
Fox & Friends is now saying that S&P may downgrade our debt further if "substantial" cuts aren't in place by February of 2012.

Yeah, however:

* It's still the same S&P with damaged credibility from the derivatives scandal,

* It's the S&P that decided to try to make a political statement with this downgrade, further eroding any appearance of objectivity,

* It's still the only major rating agency that did a current downgrade,

*  Downgrade to what, AA from AA+?  At this point, the milk is already spilt, there's a certain 'Meh" factor to that, and

* So now people will be buying soevereign debt bonds in Yen at .1 to .5 % interest with low risk, or in Euros at a decent return but with the risk level involved when only one or two of all the Eurozone countries are keeping all the rest afloat, and the strong ones are looking like they're getting damned tired of it?  I don't think so.
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Offline JohnnyReb

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Re: United States loses AAA credit rating from S&P
« Reply #19 on: August 07, 2011, 08:41:00 AM »
....and the donkies did it in just 4 1/2 years.

Donkey-shame....at that German for "Thank You Obama"? :-)
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Offline NHSparky

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Re: United States loses AAA credit rating from S&P
« Reply #20 on: August 08, 2011, 07:05:33 AM »
So the over/under on America's credit rating by November 2012 stands at AA- (two steps below where it currently stands.)
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Offline Erasmus

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Re: United States loses AAA credit rating from S&P
« Reply #21 on: August 08, 2011, 08:57:24 AM »
Blaming the Tea Party for this, as John Kerry did, only proves beyond a shadow of a doubt what Kerry thinks of his fan base.  I.E. that to believe that the Tea Party is responsible for the downgrades, one would have to be devoid of common sense, historical facts, of a low IQ, have failed high school civics and economics, been in a coma for the past 20 years, and quite literally must have fallen off the turnip truck just yesterday, hitting their head on the way down.  I actually agree with Kerry here.  His constituents are indeed that moronic.

But nobody will remember who the Speaker of the House is or who the majority whip is, or any of these other minor roles.  They will remember that the historic first: the downgrade of US debt; was acheived under the "leadership" of Barry Hussein "AhmNottaMuslim" Obama in 2011.
« Last Edit: August 08, 2011, 08:59:35 AM by Erasmus »
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Offline DumbAss Tanker

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Re: United States loses AAA credit rating from S&P
« Reply #22 on: August 08, 2011, 09:07:03 AM »
Quote from: Erasmus on August 08, 2011, 08:57:24 AM
But nobody will remember who the Speaker of the House is or who the majority whip is, or any of these other minor roles.  They will remember that the historic first: the downgrade of US debt; was acheived under the "leadership" of Barry Hussein "AhmNottaMuslim" Obama in 2011.

Exactly correct.  Justly or not, earned or unearned, the blame or credit for economic outcomes is the President's to own.  Failing to take it like a man and articulate a way ahead only makes him look worse.  And it's obvious from everything he's done and said so far that Barry isn't the kind to take any kind of adversity like a man. 
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Offline thundley4

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Re: United States loses AAA credit rating from S&P
« Reply #23 on: August 08, 2011, 09:09:58 AM »
Still no comment from Teh Won about this.  However, he does have two fundraisers scheduled for tonight.
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Offline Chris_

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Re: United States loses AAA credit rating from S&P
« Reply #24 on: August 08, 2011, 09:20:18 AM »
Quote from: thundley4 on August 08, 2011, 09:09:58 AM
Still no comment from Teh Won about this.  However, he does have two fundraisers scheduled for tonight.
It's above his pay grade.
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