Posted on 09/14/2012 12:49:25 PM PDT by RobinMasters
SAN FRANCISCO (MarketWatch) -- Egan-Jones Ratings Co. said Friday it downgraded its U.S. sovereign rating to AA- from AA on concerns that the Fed's new round of quantitative easing, or QE3, will hurt the U.S. economy.
The ratings agency said the Fed's plan of buying $40 billion in mortgage-backed securities a month and keeping interest rates near zero does little to raise GDP, reduces the value of the dollar, and raises the price of commodities. "From 2006 to present, the US's debt to GDP rose from 66% to 104% and will probably rise to 110% a year from today under current circumstances; the annual budget deficit is 8%," Egan-Jones said in a note. "In comparison, Spain has a debt to GDP of 68.5% and an annual budget deficit of 8.5%."
(Excerpt) Read more at marketwatch.com ...
AA- is still overrated, IMHO.
There’s such a feeling of dread with everything Obama’s ideas touch... It’s like things are starting to spin out of control...
There aren’t many modern Presidents who have had a worse week than this President is having.
And yet the Media is still campaigning for him. It’s a crazy world.
--- Presidente B. Obamboozla
Obama’s Change® is starting to make me feel like my Consulate is being attacked and I’m some animal’s boyfriend.
Does anyone smell smoke?
This President is the culmination of everything my Liberal friends wanted in regards to Domestic and Foreign policy.
I think of that - and tell them that - often.
" Obama takes the greatest country in the world and turns it into a rape victim for its enemies "
Ouch.
We, middle America are screwed.
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