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View Full Version : S&P Downgrades U.S. Credit Rating



Frostbite
Saturday, August 6th, 2011, 02:09 AM
http://money.cnn.com/2011/08/05/news/economy/downgrade_rumors/index.htm?iref=BN1


NEW YORK (CNNMoney) -- Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status.

Balders gate
Saturday, August 6th, 2011, 02:37 AM
It deserves the bastards right. I am an american and I am sick and tired of the nanny state this sorry excuse of a president we have always seems to think we need to spend money and more money and more. These people are insane. Sometimes I wonder if they are not doing this on purpose to destroy the american economy or what is left of it. The only problem is ours along with europes massive debt problem will plunge the world into a global depression. I am sick of obama's excuses blaming bush for everything even though he did a number with those stupid wars and entitlement programs and now this idiot decides to spend 3 times what bush did. I hope the people who voted for this president are happy. Yea, we got the change allright no nothing economy. I am sure the fat,lazy wal-mart white trash must have got there welfare checks recently and spent it fast. Also the yo mommas, yobama loving black bling bling wearing rappas and there hos are loving all this free money. I am sure inner city black america thinks Jesus himself just landed in harlem. Thank you very much you sorry excuse of a president for stealing people's money who broke there backs to earn it and distributing it to worthless grown adults. How else do you explain this madness. What the wars in the middle east just got more expensive lately. I doubt it. Yea america just wait till the health care kicks in in a couple of years you will be feeling it then. Stupid idiot americans and there entitlement programs!!! Wow amazing news, boy I bet the asian markets when they open Sunday will be overjoyed over the news of this. Well maybe China will since they own us now. Oh what the hell I watch another reality show and pretend everything allright in the good ole USA.:-O

Schopenhauer
Saturday, August 6th, 2011, 03:03 AM
As bad as Obama is, it was Bush Jr., the NeoCon, who bankrupted the nation with his war in Iraq.

Ĉmeric
Saturday, August 6th, 2011, 03:41 AM
But Obama has done nothing to control spending, he has continued to expand the federal budget. It is now Obama's war & Obama's depression.

Gardisten
Saturday, August 6th, 2011, 03:57 AM
Significant blame should be placed on Alan Greenspan.

Neophyte
Saturday, August 6th, 2011, 04:13 AM
As bad as Obama is, it was Bush Jr., the NeoCon, who bankrupted the nation with his war in Iraq.

No, it was FDR and his Ponzi schemes. What S&P talks about is the unfunded Social Security and Medicare liabilities. Now, when they start to materialize, they have to be put on top of everything else and will thus begin to seep into the official deficit. Thus the US will have to borrow even more money in the future, and almost no amount of spending cuts will fix that.

The sad fact is that if you want a modern welfare state you must have the tax revenue to support it.

Schopenhauer
Saturday, August 6th, 2011, 04:19 AM
But Obama has done nothing to control spending, he has continued to expand the federal budget. It is now Obama's war & Obama's depression.

Well Obama, being a Marxist, isn't concerned about economics. All he wants to do is increase the power of the federal government and extinguish civil liberties.

Still, the country wouldn't be in the dire economic straights it's in today if it weren't for Bush having to borrow astronomic sums from China to fund his illegal war in Irag.

Of course I wouldn't be a bit surprised to learn the Israelis didn't broker the deal with China either.

Loyalist
Saturday, August 6th, 2011, 04:52 AM
There shouldn't be any serious placing of blame on Bush, for any reason, and that's something I expect out of Obama when he's trying to deflect blame for the crumbling economy, as well as the mainstream media when it's trying to defend Obama's economic record. We're approaching three years of Obama rule; sensible economic policies would have turned things around in that time. Instead, enough people jumped on the lunatic bandwagon in 2008 and elected a radical socialist who is taxing and spending the country into the ground. This is the inevitable result of those policies. The good thing is it's another blow to Obama's chances of re-relection next year, which were already quite dismal. He's looking desperate at this point, and that was particularly evidenty in a speech a couple days ago, heavy on the rhetoric as usual, where he went on at length about "I didn't promise change tomorrow, or even next week...". Somebody ought to remind him that "tomorrow" and "next weeK" were nearly three years ago.

Gardisten
Sunday, August 7th, 2011, 06:12 PM
Not sure why people are pointing fingers are specific Presidents. The problem here is much deeper and really has to do with now firmly entrenched economic theories that make such instability "normal" if not (by some) desired. Dare I say that many of the most "important" economists that have brought about this current economic state happen to be Jewish, and that the full realization of their goal occurred when the "Libertarian" Alan Greenspan and some of his cronies managed to slot themselves into powerful government offices during the Reagan era and after?