Posted on 08/05/2011 11:00:44 PM PDT by NoLibZone
The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off."
U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+.
"This is a facts-be-damned decision," the official said. "Their analysis was way off, but they wouldn't budge."
The White House is now in wait-and-see mode - hoping the decision and the S&P analysis face outside scrutiny, the official said.
"A judgment flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said.
In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.
(Excerpt) Read more at news.blogs.cnn.com ...
The only thing flawed is the Keynesian Economics they have been trying for 3 years now and expecting you to pay for it’s failures.
The USA lost it's AAA rating because of Barak H Obama.
Nothing more need be said.
0bama is one evil and wicked bastard and bad things should be expected. It’s a no brainer.
Everyone knows S&P are just a bunch of terrorists that the media shouldn’t give equal time to.....
Tea Party’s fault.
You are correct!!! The guy is a crumb bum!
The Obama crew are very annoying and immature sniveling bitches; nothing is ever the very predictable result of their destructive actions, it is always somebody else at fault.
“A judgment flawed by a $2 trillion error speaks for itself,”
Is this over the government calling a reduced increase in spending a cut?
Mister Obama's response is even scarier.
.
.
Exactly, Just like Rush said (paraphrasing "there will be another crises within a week or so" , although he gave it 10 days and its only been 3 or 4.
Big-ears Dumbo can only lead by crises - its the only way of the community organizer.
I have had relatives that live this exact same way. Through their depraved, unfortunate lives I have learned that if you show up to help them once - they will show up time and time again (read into that us taxpayers).
This guy is folding to the tune of his steak and caviar meals contaminated by popular foul-mouthed ghetto music.
Screw him and his - I'm done.
I don't know where it goes from here but God Bless FR and my many FRiends!
Stay Safe and God Bless you all, The real shit is hitting the fan!
P.S. I sincerely hope I am wrong and over-reacting. I am young enough to be guilty of that and hope that's the case - but I'm also old enough to recognize what is happening around me and I'm not pleased.
Yep, I can’t wait to see how this flows through the news cycle, talking head shows on Sunday, actions taken by the administration next week, etc.
I am sometimes shocked at what comes out of this administration. I am shocked now, that the official reaction to the downgrade is to criticize S & P, saying that their methods are flawed and all that.
S & P are a professional financial rating agency. Yet to listen to the Obamabots, they don’t know what the heck they are talking about in downgrading our government’s credit rating????
So who knows more about the ratings of government and corporate bonds? The Obamabots or a professional ratings agency????
I can give you 2.4 trillion reasons why this happened. This sharp increase in the debt ceiling will be filled by early 2013. We’re taking on much more additional debt, with no plan to repay our debt. This is part of what the ratings agencies look at. They look at the income vs. outgo, ability to repay, prospects of a government or corporation for increasing revenues to pay for bond issues, and forecasts for financial performance.
But of course, the Obamabots must know much more than professionals in this field. After all, Obama is a good liberal. Liberals know more about any technical field than the experts in that field.
The Obamabots must be concerned because they had said that without an increase in the debt ceiling, we faced a default or downgrade of our credit. Well, we got the downgrade of our credit anyway.
And why was this news released after the markets closed on Friday? I will hold my breath when the Asian markets open on Sunday, and when the markets in this country open on Monday.
That's how most deadbeats act when the creditors start calling.
May God Bless Us All
Of course they will blame it on the Tea Party but most the Tea Party actually voted against the debt ceiling plan.
“I sincerely hope I am wrong and over-reacting.”
I agree. It is hard for me to tell if we are over reacting or not. I have never seen the things happening that are happening now. I remember the Carter years and things were bad but the Carter administration was nowhere near as mendacious, lawless or as anti-American as the Obama hope and change crew.
It's a simple statement of fact, politically devastating.
I didn’t see where he said it was not the Tea Partys fault.
Have they actually stated the specific error in the report ? All I have seen up till now is the typical DC Huff and Puff.
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.