Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.This country is headed down the tubes--and I am beginning to doubt that it will recover in my lifetime. So many people are still enamored of Obama and his spend, spend, spend policies.
Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.
Saturday, August 6, 2011
S&P Downgrades U.S. Bond Rating
All those liberal Wall Street sorts that put money into Obama's campaign in 2008? I bet they sure feel stupid today. From the August 5, 2011 Washington Post:
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I felt the same way in the 70's. That the situation was hopeless.
ReplyDeleteTurned out that it was not. It took a while to get back to normal but we eventually did.
I will be curious to see if US bond interest rises above (effectively) zero on Monday.
John Henry
Pessimists have it made. No matter how things turn out, they're pleased.
ReplyDeleteAs for me, there's nothing wrong with this nation that can't be fixed by one more good election.
I would like to think that people have woken up enough to elect a bunch of serious Tea Party type fiscal conservatives, but I think the best that we can hope for is more of those, but a Republican majority of the sort that couldn't behave responsibly when they were in charge 2000-2006.
ReplyDeleteWhile President Obama's spend, spend, spend policies are a real problem, they are not the big problem. His regulate, regulate, regulate policies are even worse.
ReplyDeleteThe Democrats and their tame media are doing their best to claim that it is the TEA Party people's fault. Mostly through intentional lying about the content of the S&P downgrade.
ReplyDeleteClayton,
ReplyDeleteI wouldn't be to worried about those guys in Wall Street that supported Obama as those guys find ways to make money no matter what happens and have probably already hedged for this current downturn.
Chin up Mr. Cramer.
ReplyDelete______
An Assyrian clay tablet dating to around 2800 B.C. bears the inscription: “Our Earth is degenerate in these later days; there are signs that the world is speedily coming to an end; bribery and corruption are common; children no longer obey their parents; every man wants to write a book and the end of the world is evidently approaching.”
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http://www.smithsonianmag.com/history-archaeology/Ten-Notable-Apocalypses-That-Obviously-Didnt-Happen.html
Comedian, you prove Clayton's point. Assyria is no more; Babylon is no more; Rome is no more; the British empire is no more.
ReplyDeleteWhere will we be? Indivisible under God?