.
That’s as irresponsible as S&P, and it also does not compute if S&P is the one that screwed up.
* By the way, to lend further credence to the idea that maybe the White House economic team is right and S&P screwed up, where did investor cash flee to during the market collapse of Friday and now, it seems, again today? Why U.S. Treasuries of course. ======================================================================================
Does put things (somewhat) in perspective (in reference to my previous post.)
FR:August 9, 2011-
Richard Koo: The Ratings Agencies May Destroy The Global Economy Once Again
http://www.freerepublic.com/focus/f-news/2761409/posts
...
They’ve been warning for months that it was coming if the US government didn’t do something about the deficit spending.
Mistake or not, we’ve been at the edge for some time now.
Given we create our own money to prop up the stock market, what is the basis for claiming the US wont be able to pay it’s debts, some of which is to the Federal Reserve? I am sure S+P doesnt have a clue.
In all seriousness, we know he is wrong.
I don’t believe anything that comes out of the mouth of zero. After all, everytime he moves his lips, he lies.
I’m just sayin.....
They said that it would require cuts of $4 trillion to maintain the credit rating. The $2 trillion “mistake” is the government’s: counting a promise to reduce the rate of increase sometime during someone elses term as real cuts.
A two trillion dollar accounting error? Yeah, ok..
*rolls eyes*
It’s the spending, stupid!
The reason I think this story is nonsense:
S&P is now downgrading muni’s.
I doubt they would do that without a better reason than there is a split of opinion in DC.
S&P Motives?
The owner of S&P is McGraw Hill.
Note this:
—
Pre-Marketing: S&P for sale?
http://www.businessbrokerjournal.com/blog/pre-marketing-sp-for-sale
“Big breakup? Activists put pressure on S&P owner McGraw Hill “
Why is Axelrod blaming the tea party? Because that was the plan when this October surprise landed and the S&P downgraded US debt. Because if you shift us over just a bit, like 15 months, we're right before the November elections. And the last defense of this White House as ALWAYS been to blame someone else for their mess. It's Bush's fault, it's the Tea Party's fault, it's martians who did it...
I sure hope that Obama is making sure his people know the birthdays of every senior analyst at S&P and buying them really really nice birthday presents (like a DVD collection from Europe?) for this very generous gift. Because the downgrade’s not happening right before the November elections, it's happening well over a year before, and gosh, no where near when people are heading to the ballot boxes.
What a present the S&P gave Obama by spilling the beans a little early.
In All Seriousness, what if Erik Erikson bought a spin?
Pardon my naivete but wouldn’t divulging a not yet public rating change, and more importantly, trading on that knowledge be a violation of securities laws?
In other words, there is no 'two trillion dollars'. It's a projection, based off of rainbow-and-sunshine flavored unicorn flatulence from the White House. That money doesn't exist, and it's money that we have no reason to believe will exist. It's a lie. They can pout and whine and demand we believe them, but they can't produce any numbers to prove it.
It's fantasy math. It's like arguing with your bank that you're really a billionaire, but they lose your last deposit of 1 billion dollars and they're the ones being unfair for not changing their accounting practices. You can wave your crayon scribbled napkin and call it a deposit slip, but no one will believe you.
Ask yourself...do we deserve to be downgraded, given our current condition & no plan to fix it? Common sense is so uncommon these days that folks never stop to see what’s obviously right before their very eyes.
Sigh....it’s all part of the strong delusion.
Well Obama is right about S&P, but in the wrong way.
The downgrade of US debt should have come much earlier, and been much more severe.
And further still, prescient rating services would have downgraded the US immediately after the Marxist was elected in November of 2008
Marvel Comics used to do this every month. My favorite was, “What if Uncle Ben didn’t die?”
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..
.