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Title: S&P downgrades U.S. credit rating for first time
Source:
Washington (com)Post
URL Source: http://www.washingtonpost.com/busin ... 11/08/05/gIQAqKeIxI_print.html
Published: Aug 5, 2011
Author: Zachary A. Goldfarb
Post Date: 2011-08-05 20:54:22 by Get Outta Dodge!
Keywords: None
Views: 12133
Comments: 27
Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time. The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter. S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending. Analysts have said a downgrade could increase the cost of borrowing for the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too. A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks. But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks. Standard & Poor’s has warned Washington several times this year that, unless the federal government took steps to tame its debt, its credit rating could be lowered. Some analysts are worried about the impact of a downgrade on markets where Treasurys are held as collateral and the AAA rating is required. But most analysts don’t expect this issue to pose a major problem. S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction. The downgrade is likely to be used as a weapon by both Republicans and Democrats as they argue the other side has not taken deficit reduction seriously. Poster Comment: Wheeeeeeeeeeeee . . . .
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#1. To: Get Outta Dodge! (#0)
SUUUUUUUUUUUUCCCCCCCCCCCCKKKKKKKKEEEEEEERRRRRRRRRRRRRRRRRSSSSSSSSSSSSSSSSSS ..................................................................................................................................................
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
Damn Turbo Tax!
(((PING>>>
Never swear "allegiance" to anything other than the 'right to change your mind'!
Man, we are so screwed. I don't borrow any more, but I worry about inflation, especially after visiting the grocery store today.
A racist in the wood pile!
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
It wouldn't be quite so spooky if this wasn't a world wide unraveling.
Never swear "allegiance" to anything other than the 'right to change your mind'!
You would think the Treasury Department would leave it to the experts, wouldn't ya? Funny comment on your part. +2
Obama, Boehner and Reid are officers on the Starship USS Enterprise Due to being surrounded by a fleet of battlestarships of the Evil Emprire of 60 SECONDS TO SELF DESTRUCT. The evil tea-party ships are still in place - not moving 50 SECONDS TO SELF DESTRUCT. The evil tea-party ships are blinking, but not moving 40 SECONDS TO SELF DESTRUCT. Evil tea party ships - still there 30 SECONDS TO SELF DESTRUCT. Evil tea party ships starting to move away 20 SECONDS TO SELF DESTRUCT. Queen Bachmann of the Evil Tea Party says "These mofos are CRAZY" 10 SECONDS TO SELF DESTRUCT. Reid and Boehner quickly run to their respective 1 SECOND TO SELF DESTRUCT. After fiddling with his key, Obama finally inserts the key. IN HIS ASS!! KABOOM!!!!!!!!!!!!!
Where were you when Admiral GWBush was the commander or even his predecessors? Asleep?
I was temporarily assigned embassy duty in the Klingon Empire
Obama Administration Official: S&P Analysis 'Way Off' (2 Trillion) (CNN) -- The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off." U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+. "This is a facts-be-damned decision," the official said. "Their analysis was way off, but they wouldn't budge." The White House is now in wait-and-see mode -- hoping the decision and the S&P analysis face outside scrutiny, the official said. "A judgment flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said. In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering. To avoid a downgrade, S&P said the United States needed to not only raise the debt ceiling, but also develop a "credible" plan to tackle the nation's long-term debt. In announcing the downgrade, S&P cited "political risks, rising debt burden; outlook negative." "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," the agency said. Former Utah Gov. Jon Huntsman, who is among a field of Republican contenders for the 2012 presidential nomination, attributed the downgrade to "out-of-control spending and a lack of leadership in Washington." "For far too long we have let reckless government spending go unchecked and the cancerous debt afflicting our nation has spread," he said in a statement. "We need new leadership in Washington committed to fiscal responsibility, a balanced budget, and job-friendly policies to get America working again."
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
The Hopey-Changer-in-Chief strikes again. Think Dear Leader tanked the market on Thursday? Just wait until Monday, you ain't seen nothin' yet.
That news item is entirely BS, but thanks for posting it.
You had me worried for a bit, there. Your duty is a lot better than what I was actually thinking. The truth is, I thought you ingested a massive quantity of dilithium crystals while enjoying a flux capacitor during beaming up to the moon.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Is this the end of "hope" and "change".....
Hell no, the neocons have two supertankers full of hope&change Kool-Aid in from China. Your choice of Mitts Romney mexican mormon underwear flavor, or Perry reconquista boot flavor.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
S&P smacks down the tea party: ------ Tagline for sale - inquire within
What happened to Jeb Bush? BY GOD, there is a dynasty to run here.
Like eliminating the EPA, HUD, or any of the other economy killing bureaucracies.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Sorry - I quit believing in boogey-men when I was 6. Any rational person would quit demonizing people who simply want the gov't to QUIT SPENDING SPENDING SPENDING and begin to CUT. How about living within its means like the rest of us have to do? The fact that you can't seem to do that suggests you are: 1. A paid democrat campaign worker Which is it?
Never swear "allegiance" to anything other than the 'right to change your mind'!
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Goldman Sachs or Jay-Z?
Good News....;} With this, like the 3 Month Treasuries I was talkin' about a couple days ago... Money just got way more expensive. In other words, debt will be harder to pay back and to get into. The Economy contracts... Deflation.
On what basis do you argue that the tea party simply wants to QUIT SPENDING SPENDING SPENDING? Did you miss the recent increase in defense spending that happened without nary a whisper? Did you miss that most tea party members voted for the recent budget bill? Did you miss that ALL tea party members, including Michelle Bachmann, voted to add $6 trillion in debt by 2019 via the Paul Ryan budget framework?
Tagline for sale - inquire within
When I write "tea party", I mean THIS one. Which one do you mean? While noting that "defending our shores" is one of the few things that the FEDGOV does that is actually Constitutional, I agree that we spend too much on that, too. Let's cut by bringing troops home. I can't help it if politicians become infected with "DC-itis". They'll just have to be voted out, next time. So tell me, does the Paul Ryan budget add more or less debt than the Obama budget? Oh wait - his was rejected 97-0. Never mind.
S&P downgrades U.S. credit rating for first time
#2. To: Get Outta Dodge! (#0)
the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections
#3. To: *TeaParty Economics on Parade* (#0)
#4. To: Brian S (#3)
#5. To: Get Outta Dodge! (#0)
the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#6. To: Fred Mertz (#4)
#7. To: socalv8 (#2)
Damn Turbo Tax!
#8. To: All (#0)
(Edited)
the Tea Party Pods, these officers have initiated a Starship SelfDestruct
Sequence - which will occur in 60 seconds. The only thing that will stop it
now is all three officers inserting their special keys into the auxillary super- secret slot.
- and gets her fleet the hell out of there
control panels and insert their keys
in the Auxiliary Supersecret Slot. WHERE THE HELL'S OBAMA
(the fool mistook the initials of Auxiliary Supersecret Slot)
#9. To: Get Outta Dodge! (#8)
Obama, Boehner and Reid are officers on the Starship USS Enterprise
#10. To: buckeroo (#9)
Where were you when Admiral GWBush was the commander or even his predecessors? Asleep?
#11. To: Get Outta Dodge! (#0)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#12. To: Get Outta Dodge! (#0)
#13. To: hondo68 (#11)
#14. To: Get Outta Dodge! (#10)
I was temporarily assigned embassy duty in the Klingon Empire
#15. To: Fred Mertz (#13)
administration official, who was not authorized to speak for attribution
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#16. To: hondo68 (#15)
#17. To: buckeroo (#16)
Is this the end of "hope" and "change".....
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#18. To: Get Outta Dodge!, Fred Mertz, Brian S, War, Lucysmom, Skip Intro (#0)
(Edited)
S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed."
However, one of S&P's explicit criticisms of the compromise was that it didn't address the biggest drivers of the nation's debt -- Social Security and Medicare -- and didn't allow for additional tax revenue.
John Chambers, Head of Sovereign Ratings for S&P, told CNN that though S&P didn't have a specific target in mind, the total debt reduction package was not sufficient. Chambers also noted that the plan did not take steps in the near term to boost economic growth.
#19. To: hondo68 (#17)
Your choice of Mitts Romney mexican mormon underwear flavor, or Perry reconquista boot flavor.
#20. To: go65, *The Two Parties ARE the Same* (#18)
the plan did not take steps in the near term to boost economic growth.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#21. To: go65 (#18)
S&P smacks down the tea party:
2. A paid Obama campaign worker
3. A Union worker/boss
4. A Shill, hack, statist or drone
5. Ed Shultz
#22. To: go65 (#18)
S&P smacks down the tea party:
#23. To: Brian S (#22)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#24. To: buckeroo (#7)
You would think the Treasury Department would leave it to the experts, wouldn't ya?
#25. To: Fred Mertz (#4)
Man, we are so screwed. I don't borrow any more, but I worry about inflation, especially after visiting the grocery store today.
#26. To: Get Outta Dodge! (#21)
Any rational person would quit demonizing people who simply want the gov't to QUIT SPENDING SPENDING SPENDING and begin to CUT. How about living within its means like the rest of us have to do?
#27. To: go65 (#26)
On what basis do you argue that the tea party simply wants to QUIT SPENDING SPENDING SPENDING?
Did you miss the recent increase in defense spending that happened without nary a whisper?
Did you miss that most tea party members voted for the recent budget bill?
Did you miss that ALL tea party members, including Michelle Bachmann, voted to add $6 trillion in debt by 2019 via the Paul Ryan budget framework?
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