U.S. loses AAA credit rating from S&P

Yahoo.com via Reuters ^ | 8/5/11 | Walter Brandimarte

[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

[tcrlaf]

In late 2009, Vaclev Havel, a man who freed MILLIONS from the Socialist Slavery of the Soviet Union at great risk to his own life, said this:

“The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the Presidency.

It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president.

The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America . Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince.

The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools such as those who made him their president.”

[katykelly]

LOL! 313

[Sequoyah101]

Same here, it has been a week of negative superlatives in investments, work, people, weather and even politics. Imagine that.

If you’ve got an extra I’ll share a drink with you and wish us both all the best.

Getting pretty close to that point of just saying to heck with it all, draw some cash out of the bank, pack the truck and go on a road trip. No destination and just keep going until half the money runs out. If I’ve got work by then I may just not come back.

[right way right]

FTP127 was banned.

[Praxeologue]

This is BS. We can print enough money to cover anything.

There is the rationale for QE3: now no one other than the Fed will buy our paper.

[bigheadfred]

Stupendous. Katy HAS THE BIGGEST BALLS OF US ALL. (She’s got big balls)

[Lmo56]

Can't wait for Ric Edelman's show on radio tomorrow. He just lost about a trillion for his listeners' retirements.

I've met Ric - he is no nonsense [notwithstanding his sarcastic comments on the radio].

I would not be surprised if he preemptively advised his clients to move their assets to "safe harbor" investments last week when the debt limit deal was brokered ...

[ding_dong_daddy_from_dumas]

It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president.

Indeed! But although I will do my damndest to defeat Obama, merely electing someone with a R after his name will not necessarily solve all our problems either.

[tcrlaf]

The Media will be BREATHLESSLY defending Obama all weekend, and the narratives are already being written on the Media’s Favorite Blog, DAILY KOS.

This is the headline, and expect to see it repeated the entire weekend, and be the accepted CURRENT TRUTH by Monday.

“S&P to downgrade US BECAUSE of GOP refusal to raise taxes”

[b4its2late]

Unexpected!

[Mariner]

Nobody should underestimate how serious this is.

It's the end of the world as we know it. It's the end of fiat money.

It's the end of the current USA regime. Not just Obama. The regime that has stood for over 200 years.

When the money fails, the regime fails. It's axiomatic.

Hurry to buy guns, ammo and food. You have 6 months or less.

[comebacknewt]

If the Administration truly believed they could pawn this all off on Republicans, the news would never have been released late on a Friday.

They are trying to mitigate damage, but they have taken a direct hit.

[Mariner]

"This lowering of our credit bond rating can be dropped at the feet of Beohner, McConnell and every other GOP member who voted for it! "

Amen

And everyone who had anything to do with it should be tried, and hanged, at the Capitol steps.

This is a very, very big deal.

It portends the total collapse of fiat money and our current way of life.

Hell. it could be bigger than that.

Every pension fund has a minimum requirement of AAA bonds...and most banks rely on AAA bonds for capital reserves. Insurance companies too. The ENTIRE financial infrastructure is reliant upon AAA bonds for it's bedrock.

US Treasuries were once 75% of all AAA bonds in the world.

And, now, 75% of the bedrock has been destroyed.

[NoRedTape]

This is NO surprise.

[Vendome]

Yeah!!!

We’re no longer sacrosanct #1!

Feel the burn, baby!

/S

Party like it’s Barry’s birthday....

[bigheadfred]

No road trip for me. Did that last month in the big getting the daughter moved to Portland (Oregon) thing finding an apartment, oh shit, why explain except for the money invested in my daughter's (just turned 21) attempt to get out there and be someone, in the meantime our son's wife (DIL) decided to be a full time junkie instead of wife and mother so we have the babies 24/7 (custody hearing next Tuesday) except for the wife and me working full time and our son who is working 6 days a week and is tired on his one day off, but granddad has the time to mow the lawns, watch the kids, replace the water heater , oven element , paint the house, pay for the lawyer, credit cards, do a brake job on his truck, can't get to the shot out front wheel bearings on the son's truck, who doesn't have the time, sleeping on his one day off, to fix his truck, (dad got a cheap used car to get him to work) mow his lawns, watch his kids, but who can blame him when his soon to be ex calls whining she hasn't eaten in 3 weeks even tho she reupped on the food stamp card ($650/month) and her grandma can get her an attorney TO FIGHT MY EVIL SON but can't buy her a fu$$ing cheeseburger at McDonald's. And that was just yesterday. So now instead of marking time with my investments I just went to the store with my wife and we got a shitload of babyfood and 2 cans of beaneeweenees and then I rented the DVD Sucker Punch and really wanted to watch it but decided to just drink Coors Light instead. Want One?

OH OH OH. Don't forget your brother called to talk about Evan, over HERE. And the MIL called did you go see the BIL before they haul his ass to the big house?

And don't forget the wife had to lose time at work to testify HERE. And if you think we are the type of people who think killing babies is ok and putting men in prison who volunteered to defend you is ok then I just need to have another Coors Light.

HAS ANYONE SEEN MY CAT SINCE THE LAST RAPTURE???

[Freedom56v2]

Unprecedented!

---

Unprecedented? Yes. Sadly, not unexpected :(

[Scott from the Left Coast]

BOEHNER, you F***ing A**h**e. So why did you let fools like Obama and Reid game you and make you look like the biggest F***ing idiot the world has ever seen?

Even Chamberlain had more upstairs than Boehner.

You F***ing RINO Ass****, you imbecile, how do you feel tonight?

Sorry for the rant, but I'm sick to death of complete idiots in Congress and in Republican "leadership".

[Absolutely Nobama]

Dear God....

[Carry_Okie]

There is the rationale for QE3: now no one other than the Fed will buy our paper.

They could simply print new numbers on old bills to save money, you know, "Reduce, reuse, recycle."

Heck, they could even have a look-up table for the current worth of the denomination affiliated with the number on the bill. Or, how about a futures market on what denomination will be assigned to an existing note?

The possibilities are endless...