Posted on 08/08/2011 11:51:19 AM PDT by Sub-Driver
Obama says U.S. is still a AAA country Photo 2:12pm EDT
WASHINGTON (Reuters) - President Barack Obama on Monday blamed a downgrade in the United States' credit rating on political gridlock in Washington and said he would offer some recommendations on how to reduce federal deficits.
Obama said in a White House appearance that he hopes the Standard and Poor's downgrade of U.S. debt to AA-plus from AAA will give lawmakers a new sense of urgency to tackle deficit spending and said he did not believe the reductions could be carried out with spending cuts alone.
(Excerpt) Read more at reuters.com ...
“Heck, you think the Greeks can screw up an economy? They’re nothing but pikers! We’re Number One! We’re Number One! We’re Number One!!!”
That would be a great bumper sticker. Of course, I would have to carry a gun to protect myself from the mindless Zombies.
He has absolutely no idea what the downgrade means. None whatsoever.
This is the one rare instance in which I agree with the guy. The real problem with the downgrade is that it kicks into gear a lot of mechanical issues in regard to what bond funds have to do in order to get the average rating of their portfolios back up. Bottom line is that if Uncle Sam is AA, US corporate bonds are all one notch down from where they were before, meaning that to get the average ratings back up, they need to sell a lot of corporate bonds and buy Treasuries. Bottom line is we could see short term turbulence in the bond and equity markets because of these purely mechanical type portfolio rebalancings. And in the short term, Treasury bond yields will go down, whereas corporate bond yields will spike.
Amen there are only two ways to create wealth manufacturing & mining.
He said both of those faked birth certificates were real, too.
Tweet from RedEye’s Andy Levy:
BREAKING: Nigerians announce they will no longer ask Americans to help them recover their money
I have a AAA card it is good for flats and towing. :)
That’s because he’s a triple A AAAss.
The party of denial.
American gov is spending too much money....
Government spending and debt is a serious problem (not brush it off)
The WWII generation sacrificed, fought and won WWII.
The baby boom generation is going to have to work 5 more years to preserve freedom....(they are going to have to anyways whether or not a politician is man enough to say it)
we need to seriously cut spending, tax increases will restrict economic activity etc.
I venture to say, the market would not have dropped like a rock during his lame speech......brushing off the issue and not handling it was exactly what the market didn't want to hear
I am really really ticked. The Obama Poloisi Reid Porkulus was spending money my kids money they haven't even earned yet. The The Obama Poloisi Reid Porkulus is ruining freedom for the next generation.....
This proposal will add several hundred billion dollars to the deficit. It is a continuation of Obama policies in 2011, which have not worked.
In a time when the deficit caused the US to be downgraded, it is the height of insanity to continue failed policies that add to the deficit.
Frankly, this proposal is nothing more than a poorly disguised attempt to borrow more money from our children to buy votes for democrats in 2012.
Just say no.
The teleprompter of the affirmative action scholar doesn't seem to understand the difference between imminently and eminently.
Fixed it for ya.
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