Skip to comments.
Obama officials attack S&P's credibility after downgrade
reuters ^
| 8/5/2011
| Glenn Somerville and Rachelle Younglai
Posted on 08/05/2011 10:45:42 PM PDT by tobyhill
The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error.
S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.
(Excerpt) Read more at reuters.com ...
TOPICS: Extended News; News/Current Events
KEYWORDS: aa; aaa; aaplus; creditrating; cutcapbalance; downgrade; geithner; obama; obamanomics; rating; sandpfault; spfault; standardpoors; treasury; usa2aa
Navigation: use the links below to view more comments.
first 1-20, 21-40, 41-60, 61-80, 81-85 next last
1
posted on
08/05/2011 10:45:45 PM PDT
by
tobyhill
To: tobyhill
With a $14 Trillion deficit and a $200+ Trillion funding deficit in SS, SSI and Medicare, $2 Trillion is a rounding error.
2
posted on
08/05/2011 10:47:27 PM PDT
by
freedumb2003
(Herman Cain 2012)
To: tobyhill
3
posted on
08/05/2011 10:48:50 PM PDT
by
stephenjohnbanker
(God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
To: tobyhill
S&P is about to find out that you don’t screw with der Fuhrer and his Chicago Gestapo. They are about to be skewered by Barry’s toadies in his state run “media”.
4
posted on
08/05/2011 10:49:43 PM PDT
by
FlingWingFlyer
(Americans need to wean their government off of its dependence on foreign money.)
To: tobyhill
brocko should not whine about this.
Any community organizer worth a damn would already have rented a mob to go to S&P headquarters and demonstrate every day until they said “shazzam!”.
5
posted on
08/05/2011 10:50:39 PM PDT
by
Migraine
(Diversity is great... ...until it happens to YOU.)
To: tobyhill
Time to restore my standard tagline.
6
posted on
08/05/2011 10:50:57 PM PDT
by
Slings and Arrows
(You can't have Ingsoc without an Emmanuel Goldstein.)
To: stephenjohnbanker
They even took the questionable $2 trillion out of the equation and they still found reason enough to downgrade.
7
posted on
08/05/2011 10:51:20 PM PDT
by
tobyhill
(Real Spending Cuts Don't Require Increasing The Debt)
To: tobyhill
They probably said the same thing in Kenya when the whites left...and the trains haven’t moved since.
Reality has set in; it doesn’t matter what “they” say.
To: tobyhill
Wasn’t S&P’s offices raided by the fed prior to this downgrade???
Seems like I saw a story on this yesterday.
Maybe Obama expected... errr... WANTED the downgrade to be lower than AA+.
Maybe this is his way of getting what he really wanted.
9
posted on
08/05/2011 10:55:00 PM PDT
by
Safrguns
To: tobyhill
Yep....you and I knew this would happen.
10
posted on
08/05/2011 10:55:07 PM PDT
by
stephenjohnbanker
(God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
To: tobyhill
11
posted on
08/05/2011 10:55:40 PM PDT
by
Jim Robinson
(Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
To: tobyhill
WH says its S & P’s fault not the Tea Partys or GOPS.
12
posted on
08/05/2011 10:55:49 PM PDT
by
NoLibZone
(Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
To: Migraine
Obama will send in a few union thugs to bust some knee caps. Problem solved. Make them an offer they can’t refuse.
13
posted on
08/05/2011 10:57:30 PM PDT
by
Jim Robinson
(Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
To: Jim Robinson
Apparently when the international bankers funded his election, they were OK; now when nature reacts, they’re not.
God bless General Franco.
To: tobyhill
Maybe the people who run S&P are simply racist will be the talking point by Sunday.
15
posted on
08/05/2011 10:59:41 PM PDT
by
Trueblackman
(Posting on FR since 1998 and 100% teleprompter free post as well.)
To: stephenjohnbanker
They did Obama a favor and waited till the markets closed of a Friday evening.
I'm really tired of the MSM claiming this isn't a partisan issue but it really is. The Rats want to tax more so they can spend more and Conservatives want to cut spending and live within our means.
16
posted on
08/05/2011 10:59:57 PM PDT
by
tobyhill
(Real Spending Cuts Don't Require Increasing The Debt)
To: tobyhill
This is what democrats do. That evil S&P.
17
posted on
08/05/2011 11:00:00 PM PDT
by
Williams
(Honey Badger Don't Care)
To: tobyhill
Maybe the S&P’s execs were teed off because they weren’t invited to the Obama hip hop BBQ thing?
18
posted on
08/05/2011 11:01:54 PM PDT
by
zbogwan2
To: Jim Robinson
The downgrade would have never happened if they passed the Balanced Budget Amendment. We have been running without even a fiscal budget for going on 3 years now.
19
posted on
08/05/2011 11:04:51 PM PDT
by
tobyhill
(Real Spending Cuts Don't Require Increasing The Debt)
To: tobyhill
Not to pick nits here, but any '2 trillion dollar error' the Obama administration found was made from fiscal projections spun completely of unicorn flavored sunshine.
That sort of thing might make good copy, but it's not going to convince investors who want to see real numbers. Our debt to income ration is preposterous. You can't blame anyone for downgrading our credit-worthiness, nor can you expect the Administration to have any credibility by asserting we have 2 trillion dollars in the penumbra or in the seat cushions of the couch.
20
posted on
08/05/2011 11:04:55 PM PDT
by
Steel Wolf
("Few men desire liberty; most men wish only for a just master." - Gaius Sallustius Crispus)
Navigation: use the links below to view more comments.
first 1-20, 21-40, 41-60, 61-80, 81-85 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson