Breaking- S&P downgrades US credit rating
 

S&P downgrades US credit rating
http://news.yahoo.com/p-reconsiderin...001207261.html

I wonder how the casino...er...stock market will look Monday...

really these credit rating bureaus can suck a bowl of dicks, Moodys proved themselves incompetent in 2008 so what the hell...

yay government, a well-deserved 5 week recess is in order.

Doesn't matter to me, not in market... holding real estate

1000 points down Monday?

Delicious.

:thumbsup

Frankly I hope it gets much worse, and for a long enough period of time to wake up some voters, and put Republican heads on the chopping block in another couple of months. That should be a nice little reward for the budget bullshit.

Im glad we didn't cut anything. Spend spend spend!

If you think about it the rating system itself is pre-school in nature.

"I give you 3 A's United States, but I only give you one A Spain. Now who wants a gold star?"

fuck these crooked rating agencies who party caused the financial meltdown.

time for the people to start to look at who is really enslaving every country on earth: the banks. :2 cents:

the market is extremely oversold if you read charts. Today could be interpreted as a blow off bottom, a huge down day but higher close with extreme volume. the bottom would be confirmed by a move to 11660 on the dow.

expect a rally next week. Good luck.

why? investors, the banks and the markets loved the great ratings they gave all the shit mortgage backed securities at the center of the financial crisis which they were initially giving "AAA" status. At this point its like Al Sharpton accusing people of racism just to stay relevant.


:1orglaugh:1orglaugh

Looks like the United States won't be able to open an AT&T account without putting down that $500 deposit.

A credit rating downgrade is deserved. What do you think the credit rating should be of a person who has a 150% mortgage on their house, 10 credit cards maxed out and then goes and gets another loan because they want to buy another Hummer rather than just get a normal car ?

The US Government and the US Business Community can't keep borrowing more than it earns and expect the world not to consider it a credit risk.

the libby lib libs on MSNBC are tearing up the S & P, declaring their statement a political document. Nevermind that rating agencies jobs are to assess debt risk in the face of a runaway budget deficit that neither party wants to address. This is why the tea party is going to takeover the repubs, who cannot cut spending.

worldwide impact?

How the tea party is destroying the U.S. Economy-
http://www.guardian.co.uk/commentisf...ial-us-economy

of note-
"Economically, the Tea Party argument is feeble. Countries' debts are not like individual households; they can be serviced over generations. In the aftermath of a credit crunch, a country that tries simultaneously to cut public and private debt will suffer prolonged economic stagnation or depression. The cost in lost opportunity, broken lives and bust businesses is too high to slash public debt; indeed, the right action may be to increase it.

Nor is tax in essence different from any other fee: it is the cost of services rendered, and some services such as defence, security, health care and investment in innovative technology are best rendered by society as a whole. Hence taxation.

All the US's great advances – in the internet, computers, aerospace, space, the internal combustion engine, drugs, optics – have had the federal government as their sponsor. A well-designed social security system offers people security while not removing their incentive to work; well-judged federal spending on innovation boosts the economy; a banking system needs federal deposit insurance and a central bank as a lender of last resort when banks are distressed.

But in the land inhabited by Michele Bachmann, these propositions are false; they undermine US self-reliance and individualism and obstruct America's road back to greatness."

The fact that Bachmann is a key player in this movement should be enough to convince anyone of it's lunacy.

Who gives a fuck it's someone's OPINION.

http://finance.yahoo.com/q?s=^IRX

13 week T-bills are discounted 0.01 and in effect paying almost 0%


Betting window at the stock market track closed a week ago ...

teabageers are morons. Anybody supporting their veiw is is a retard. fact is you can just cut spend without raising taxes and reduce the debt. It is IMPOSSIBLE.

come on. Just because michelle bachmann says she's tea party, & goes to their rallies & appears to teabag, she is really a carpetbag. Sarah palin too. theyre in it for the show.

teabaggers complain about governent spending and most get social security, medicare, unemployment.

Thanks Obama! What a douche we have for a president!

shit. didnt intend to steer the thread into a tea party debate. my bad.

i really dont care who hates on the tea party. they are going to get stronger, & its entertaining to read peoples lavish hatred of them.

i dont think the market has any near term downside left. The downgrade is not exactly a suprise. the media is just pumping it up right now like its apocalypse.

If rates go up real estate goes down

Did you fail math class??? Income - Expenses = Profit/Loss. If you cut expenses either your profit will grow or your debt will decrease.

The Tea Party is here to stay. I predict when they have enough elected officials they will split off from the Republican party and become America's third political party.

Not much of a douche to the globalists Doc.
Barry was installed to do exactly what he's doing :2 cents:

Credit rating agencies are part of the problem.

I dont think so iits astro turf , dont you think its odd the guy yells on cnbc we need a teaparty and the site is up before he finishes the last sentence. Its the koch bros and dick armey. They tapped into a bunch that wasNt happy with the election and wrapped it in a flag.

A lot of those damned "Socialist" european countries like Norway, United Kingdom, France, etc... still have AAA ratings.
http://en.wikipedia.org/wiki/List_of..._credit_rating

The tea party started in 2007 try to get some facts right. They were started to protest the neo cons and bush.

Time will tell. If we keep going like we have been there will be a lot of new politicians elected in 2012.

NO I didn't fail math. Why don't you get numbers from the actual budget and show me REALISTIC cuts you can make and come up with a balanced budget. Take the 2010 budget for example.

Total revenue $2.381 trillion

$664 billion - Military
$695 billion ? Social Security
$453 billion ? Medicare
$290 billion ? Medicaid
$164 billion ? Interest on National Debt

TOTAL $2.266 trillion

Amount left over $115 billion.

All other expenses $1.171 trillion.

So everything else needed to get by 90% just to give you a balanced budget without touching Military, SS, Medicare, Medicaid. Now how is a 90% cut even remotely realistic?

Even if you decided to be "fair" and cut everything equally you'd have to cut everything by 30%. Is that realistic? I'm sure granny is going to love getting her $1000 SS check cut down to $700. I'm sure our fighting men and women will love their 30% pay cuts too.

And that just balances the budget it doesn't even reduce the deficit it just prevents it from getting larger. There was no way to get the 2010 budget balanced without increased taxes.

See I use actual DATA instead of spouting nonsensical crap that's not backed up by anything.

On February 19, 2009,[47] in a broadcast from the floor of the Chicago Mercantile Exchange, CNBC Business News editor Rick Santelli criticized the government plan to refinance mortgages, which had just been announced the day before. He said that those plans were "promoting bad behavior"[48] by "subsidizing losers' mortgages". He suggested holding a tea party for traders to gather and dump the derivatives in the Chicago River on July 1.[49][50][51] A number of the floor traders around him cheered on his proposal, to the amusement of the hosts in the studio. Santelli's "rant" became a viral video after being featured on the Drudge Report.[52]

In response to Santelli, websites such as ChicagoTeaParty.com (registered in August 2008 by Chicago radio producer Zack Christenson) were live within 12 hours.[53] About 10 hours after Santelli's remarks, reTeaParty.com was bought to coordinate Tea Parties scheduled for Independence Day and, as of March 4, was reported to be receiving 11,000 visitors a day.[53]

Started with Ron Paul's campaign back in 2007.

https://youtube.com/watch?v=RGB8BeUWtwA

Yep most them really have no idea and they pay close to no taxes but. They arent happy about the blackman in the white house. Also fyi about the people screaming debt after ww2 the debt was 120 percent of gdp but the difference they didnt low low taxes for the rich and corporations. But i hope they win it all and it all goes hard right the middle class needs a cold slap of reality and then maybe iwe can get a true progessive.

sure the original tea party people were patriot, goldbug ron paul types but in eventually got jacked but wall street and turned into the monstrosity it is today.

would like to see proof of any tea party rallies from 2007 though ...

see a couple posts up and click the youtube link

you know i thought the ron paul tea party shit went down around that time. someone should correct wikipedia. they mention ron paul as the origin but put it at 2009.

He called them tea parties but its not the samething that was touted on fox constantly.

even with your facts 100% corrrect...raising taxes, either a little or a lot, wont make a bit of difference. because the pols will find some other entitlement, benefit or urgent need that requires taxpayer money, like free birth control.

You said it.

Free birtncontrol is bad? You rather pay for lots of kids and raising taxes would make a difference. You need to cut spending and raise revenue. Like clinton did

S&P cited the unwillingnhaess of Congress to address the tax issue, as far as increasing revenues, and therefore were not serious about reducing the debt. The S&P did not believe cuts only was an answer.

So thanks Tea Party!

everything the government spends on is good. it could spend so much more to help the poor, provide health coverage for the whole population. where is the ceiling, where is the limit to what the government spends to do good. the government has no concept of cost control in any capacity. This whole crisis culminated in cuts of a piss ass 2.4 tril over 10 years, barely a dent in the spending. You can tax the rich at 90% & these clowns will still run a trillion/year hole.

S&P's statement ;
 

http://www.theatlantic.com/business/...ut-why/243192/

S&P made the announcement late Friday. It applies to the U.S. long-term sovereign debt rating. The agency also leaves intact the debt rating's negative outlook. Its statement says:

is there a way to reduce debt on a interest based money system?

Well u got wars and they cost alot of money and taxes were cut at the same time.

free birth control now means less kids getting foodstamps and welfare or being put in state run foster care in the future. Nohting wrong with spending $1 now to save $10 in the future. Do you not incure business expenses BEFORE you make money? Of course.