Posted on 08/06/2011 2:11:26 PM PDT by Clairity
One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.
The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
(Excerpt) Read more at politico.com ...
Once upon a time, associating with Communists would have been sufficient to disqualify a Presidential candidate. That was when the press and the FBI were serious about the nation’s security....
“For the short-term, the S&P might be the Tea Party’s best friend.”
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I agree—I think it always was. I logged on tonight after hearing threats from China. The you-know-what is about to hit the fan.
I have experience with rating agencies and I told my family and significant other to expect a series of downgrades perpetuating who-knows-what.
They get on this downgrade cycle and it can’t be stopped. What people don’t realize is that this sort of downgrade constitutes a downgrade to all financial institutions and corporations holding U.S. Treasury debt.
Everybody had better take a deep seat and hope that our leaders don’t decide to disrupt communications, energy, food supplies and travel.
Uncharted waters here.
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Very interesting post—I’m very concerned, especially in light of China’s threat, although I’m late to this thread.
Things are going to get ugly.
All this has its origins with the Democrats.
Thanks, both of you, for your pings (”The List” and Sarah Palin).
I don’t think anyone knows what to expect, but it seems like it will be very bad, and probably sooner than anyone expects.
Julie
“Likely won’t be back until after Labor Day. If I am mistaken, they will come back next week for just some pro forma business before beating it out of town. “
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As far as I’m concerned, that’s a dereliction of duty, in such a crisis. They need to get their act together and focus on the country, not on party politics or their vacation, since the president is apparently unable to do so.
Ubama despises traditional America so much that he not only campaigned to “change” America, he has, since taking office, sodomized the US military, signed crippling communist health care into law, and pushed hard to further devolve America into a European-style welfare state. Ubama steadfastly refuses to deregulate, cut taxes, and just get out of the way so America’s businesses can be unleashed to turn the economy around and provide jobs, because he is happy to see the economy implode.
Never forget that Ubama and the Democrats wring their hands in glee when the economy tanks and people lose their jobs, their homes, their health care, and their savings, because Ubama and the Democrats fully expect those people to go running to big government for the handouts they, the Democrat politicians, will cheerfully provide in exchange for votes.
Ubama is clearly less interested in doing what’s best for the entire country than he is in doing what’s best for his Democrat party’s long-range electoral goal of creating as many government addicts (parasites) as possible in order to grow the party’s “base”. Ubama is “President of the Democrat Party of America” rather than “President of United States of America”.
Pray for America.
Now they’re going in for the kill.
They mentioned that in the other press release too.
Destroy the middle class...
A republic goes to democracy, and end in tyranny. The cycle is around 200 years.
Republics decay with the expansion of the franchise. Democracy falls when people start voting themselves money, and stop working. In the end, the mob will scream for a leader to save them.
We are nearing that point.
Libs are now blaming Reagan for the current debt.
I`m waiting for the libs to start blaming Nixon and Eisenhower for the current debt.
You may e right. I hope for the sake of our children and grandchildren you are not.
The slow devolution of private business and personal choices to all levels of government will not easily nor painlessly be undone.
Vote buying comes in all forms, the most effective being stealing from the pockets of the ones who won’t vote for you and doling it out to those who will. The pot of money to be played with is astronomical. As it dwindles, the career politicians are like jackals protecting their stash and fighting over the remnants. They’ll fight to the death.
Yeah, that’s an effective strategy considering most Americans can’t remember earlier than Clinton’s years.
Yes it is plangent.
Go here and read this George Will Editorial on GM before they went belly up, it is from 2005, and it was a warning shot across the bow of the nation and no one saw it, I did....
http://www.washingtonpost.com/wp-dyn/content/article/2005/04/29/AR2005042901385.html
He was the 1st to warn people about GM, other than the Detroit Print and Radio media. Why did they go belly up? Many reasons, but revenues, at one point weren't all that bad, but one quarter they had revenues of 300 billion, with a profit of 6 billion but after all "liability" expenses ( health care / pensions ) they made something like 2 billion in profits on the 300 billion in revenues.. At the point I knew it was over for GM.
If you look @ SSI, Medicare and Medicade and HHS, we as a nation are now GM and the Dem's are in denial about it, they can finagle a Gov't take over restructure of GM, but they can't do it to themselves.
The Tea Party has put the brakes on it, we made people think about how broke we are, and what are liabilities are. We are the Intervention for the dysfunctional spendaholics in Washington. The problem is they won't go into recovery so we may have to cut all ties with them and find new people to interact with in 2012....
Viable candidates saw what Sarah Palin’s family had to go through. Not just the candidate who is always fair game, but her entire family. Who’d want to put their family through that?
S&P is holding America hostage... /sarc
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