S&P CUTS US CREDIT RATING

[david86440]

I knew they should, but didn't think they would actually do it.

Will this wake up DC?

NEW YORK (Dow Jones)--Standard & Poor's took the unprecedented step of downgrading the U.S. government's "AAA" sovereign credit rating Friday in a move that could send shock waves through global financial markets and potentially undermine world economic growth.

In a press release, S&P, cut its top-notch long-term credit rating for the U.S. Treasury's debt to AA+ with a negative outlook. It is the first time in modern history that one of the three main ratings firms has stripped the U.S. of its coveted AAA rating.

S&P warned last month that if the U.S. government didn't approve a credible medium-term plan to shrink its fiscal shortfall, it would downgrade the rating even if Congress approved a debt deal that raised the Treasury's borrowing limit. On Tuesday, just in time for a deadline to avoid default, U.S. lawmakers passed a bill increasing the U.S. debt ceiling by $2.1 trillion. However, the amount of planned quid-pro-quo deficit cuts ran to $2.4 trillion, well short of the $4 trillion that S&P had suggested was needed to put the nation's fiscal house in order.

http://online.wsj.com/article/BT-CO-20110805-718118.html

[tombogan03884]

http://www.downrange.tv/forum/index.php?topic=17160.msg220173#msg220173

Beat you by 19 minutes 

[david86440]

http://www.downrange.tv/forum/index.php?topic=17160.msg220173#msg220173

Beat you by 19 minutes 

Go to bed Tom, it's past your bed time.... 

[Rastus]

Of course they were going to do it.  How else to drain value out of the currency at this point?

This is a massive transfer of wealth away from U.S.  

[twyacht]

Here's the thing,..S&P, Moody's,...never cut our credit rating when in 2008-9 we were screwed than. Fannie Mae, Housing, Debt, never mattered than,...it's just now they have swallowed the hard pill, that BHO really does suck, and has no interest in fixing a damn thing.

It goes against their own interests.

Even though he could,,, he won't.

By design.

[Sponsor]

[Solus]

Here's the thing,..S&P, Moody's,...never cut our credit rating when in 2008-9 we were screwed than. Fannie Mae, Housing, Debt, never mattered than,...it's just now they have swallowed the hard pill, that BHO really does suck, and has no interest in fixing a damn thing.

It goes against their own interests.

Even though he could,,, he won't.

By design.

There is proof that it is by design.

BHO's actions at this time show he is either incredibly stupid or doing exactly what he intends:  destroying the country.

Being that stupid can be eliminated because if anyone were THAT stupid they'd have killed themselves by now.