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Posted on 08/09/2011 9:29:38 PM PDT by lbryce
Seriously. All you people on left and right, suspend your disbelief for one minute. Seriously.
What if Barack Obama was right and S&P just got it wrong.
Here’s what I’m hearing and it gives credence to this theory.
S&P, I’m told, began telling some of its clients about the downgrade on Friday morning. That’s why the market was so screwed up on Friday.
By Friday afternoon, the Treasury Department told S&P it had made a $2 trillion math mistake.
But S&P had already told its clients about the downgrade. So it couldn’t walk it back now without a major loss of confidence in its credibility. Could you imagine that conversation? “Hey . . . um . . . Joe. Yeah, Charlie here from S&P. So . . .um . . . we made a $2 trillion math mistake in our downgrade analysis. . . . What’s that? You just lost $500 million in the market because of it? Oh . . . um . . . sorry Joe. Better luck next time.”
So it had to come up with a different reason.
It’s reason? Acrimony in Washington — in other words, nothing to do with the U.S.A.’s ability to pay its debts or financial issues, just typical Washington politics. And it couched its statement in such a way that the tea party movement could say, “see, see, we told you Washington needed more cuts,” and the left could say, “see, see, we told you we needed tax increases.”
Acrimony in Washington is nothing new. Despite a lot of rhetoric about compromise this past week, it is a feature, not a bug, of the American system of government. And major debt and growing deficits are nothing new. And they are bipartisan, pre-existing, long term, and long existing problems.
(Excerpt) Read more at redstate.com ...
First time for everything umm my ears still ring. Chug-a-lug Chug-a-lug. Make u wanna holla hidy hoe, Burns your tummy don't you know. Chug-a-lug chug-a-lug
Actually S & P got it wrong.. America should be downgraded much lower..
Heck we have a Marxist President.. trying to dismantle our whole system..
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Yep, credit agencies or not, we are staring into the financial abyss. The downgrades are LONG overdue.
neither he, nor any one in his administration has been right about anything yet. This would be a long shot. I'm guessing Vegas odds makers would give it little hope.
Yes, it would be a felony.
Also, they were the third down grader.
Moody’s and Fitch have been warning also. Is that part of the conspiracy?
That’s demented. Thieving preverts cannot hide the depths to which the debt regime has sunk. The longer the delusional dependents of outrageously high government incomes and pensions cling to it, the more dangerous the environment will be for them after repudiation.
Thank you for taking a depressing situation and injecting some very much needed humor into it.
Crayon scribbled napkin....love it!
And you wonder why they are called RATs?
...Then again, I could be dead wrong...
Bingo! This is what I've been saying. The stock market is nothing but a parking place for money. Did you note how the DOW followed the Euro in this latest oscillation? I admit that it is not always proportional, but the DOW will not go up without a rise in the Euro against the dollar. The whole thing is so disconnected from any sort of quotidian idea of "economics" that it's downright scary.
In all seriousness, you must be joking.
The US should have been downgraded two years ago. The math in out years really doesn’t matter—the problem is so bad now that a 2 trillion dollar error doesn’t make a difference. Give Obama the 2 trillion. We still have a huge debt problem.
BTW, S&P downgraded a bunch of Muni’s today based on it’s downgrade of the Feds. This was after they knew about Zero’s two trillion dollar claim.
Fact is the US debt is about 94% of GDP. Therefore, by definition really, downgrade is a given. Case closed.
Here's an excerpt from what it stated.
In forecasting the collapse well in advance, Celente provided an accurate timeline and supported his conclusions with quantifiable data and in-depth analysis. However, now that the collapse is underway, history is already being brazenly reengineered, right in front of our eyes. Blaming the S&P downgrade for triggering the global sell-off/financial panic – as the majority of pundits are doing – is as bogus as blaming the onset of World War I on the assassination of Archduke Ferdinand. The downgrade was no more than the proverbial last straw that broke the nation’s financial back.
True to form, the economic propaganda mill is churning at full speed and the media coverage is mostly “bull.” Tune into any business show, pick up any newspaper and what you will get is the economic equivalent of the notorious 9/11 advice from the authorities as people fled the World Trade Center: “Go back to your offices, the fire in the North Tower is under control.”
So now, with some $8 trillion of equity destroyed in just a few days, the authoritative counsel is: “The market is oversold. Get back in. It’s a buying opportunity.”
I heard it wasn’t a math mistake. S&P used 5% for the inflation rate and the White House wanted them to use 2.5%. So the “mistake” amounted to S&P following their rules and not the White House rules.
Here’s a link to the article...
http://m.foxbusiness.com/quickPage.html?page=32811&content=54687209&pageNum=-1
Well, I’m sure if this downgrade had occurred when George W. Gush was in the White House, I’m sure NO Democrat would be saying that the S&P downgrade didn’t matter. ;o)
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