Posted on 08/05/2011 5:51:21 PM PDT by GQuagmire
NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic 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 growing budget deficits.
U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada
(Excerpt) Read more at news.yahoo.com ...
In this case a highly abusive and inappropriate use of the word!! Do I need to call the mods??? Better yet. FUAB!!! LOL
They already started blaming the TEA Party and Bush tax cuts.
Blame Sarah Palin
Blame Bristol Palin coming second in Dancing with Stars.
Your racist if you don’t believe these things.
The Obama WH admitted they had been fighting this for months.
Probably why they picked a fight with the Republicans...so they could share or shift the blame.
Yea, but they are home on recess. Lets find them and tell them what for.
Playing politics and not doing the right thing last week was unacceptable. They have to pay a price.
Yeah. It's pretty bad when people look back at the Carter years and call them "The good 'ol days." Back then, all they had to worry about was less gas, less heating, and less food. They knew the next Republican president could actually do something to fix it.
S&P is anticipating QE3. It WILL happen next week.
They’ll find a way to blame either Bush, the Tea Party or Sarah Palin.
IT’S THE DEBT, STUPID.
All on Bloomberg TV are blaming Tea Party and Republicans, saying Dems offered 4T in cuts and Repubs would not agree.
[The media ignored it, but S&P made it clear that their real concern was the long term failure to balance the budget, not this summer’s debt ceiling BS.]
Which is exactly why we need a balanced budget amendment. GOP BETTER START SCREAMING IT FROM THE ROOFTOPS! I want them on every talking head show screaming it this weekend!
Unfortunately, I have to agree with you. My instincts tell me that there will be hyperinflation, the life savings of people who worked very hard and were frugal will be eaten up, and resentment for the welfare queens and other solid Obama voting block will rise to unprecedented levels. Our social fabric could melt in this.
Here is the part where S&P joins with Obama and blames the Tea Party:
Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.
http://blogs.wsj.com/marketbeat/2011/08/05/sp-downgrades-u-s-debt-rating-press-release/
Exactly. Both parties are spending addicts. Both love war and both love entitlements. Bush was a progressive spending addict, but that was then, this is now. Obama owns this, but they are ALL to blame. And of course for many years the American people demanded it from them too. Consequences happen. They are GOOD. They teach us about the path we’ve chosen. I realize many of us here haven’t chosen this, but the majority of Americans have chosen it and now it’s time to pay the piper.
Well, at least the important things, like repealing Don’t Ask Don’t Tell, and getting NASA to emphasize Islamic contributions to science have been taken care of..
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