U.S. Loses AAA Credit Rating from S&P

[Flesh Thorn]

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

Read more: http://www.foxbusiness.com/markets/2011 ... z1UDBUWOMx" onclick="window.open(this.href);return false;

[deleon275]

Hopefully this is a wake up call on how fucking incompetent democrats and republicans are. Thank you guys and extra thanks to the Tea Baggers.

[C-MAC]

I really need a new line of work and location. These jerks in our government are killing this countries economy. They blame Wall Street? At least those companies don't spend more than they make.

Who was it that posted the pictures of horse and cow pastures some time ago? I think it was somewhere in a Colorado town of about 50 people.

Yeah, that sounds about right. I wonder if there is some land for sale...

[mortar_guy78]

They blame Wall Street? At least those companies don't spend more than they make.

Nah. They just fail and then require my tax dollars to bail them out.

[C-MAC]

They blame Wall Street? At least those companies don't spend more than they make.

Nah. They just fail and then require my tax dollars to bail them out.

Just so you know, the attitude of most guys on the Street was "let um' smoke and burn to the ground".

Guys like AIG and Citi should have been memories. Forever the game has been played that if you play with fire you pay the price. Call it dog eat dog or survival of the fittest, either way history is littered with these guys. That is until someone thought bailing them out was a good political move.

Look at some of the big banks who "took" a bailout. They didn't "take" it, they were forced by the FED or told they would be put put of business by Obama and Geithner. Good men like the CEO of BOA lost there jobs because they leaked that they were being forced to take the money. It was like the Mafia, an offer they could not refuse.

[mortar_guy78]

They blame Wall Street? At least those companies don't spend more than they make.

Nah. They just fail and then require my tax dollars to bail them out.

Just so you know, the attitude of most guys on the Street was "let um' smoke and burn to the ground".

Guys like AIG and Citi should have been memories. Forever the game has been played that if you play with fire you pay the price.

I was under the impression that this was called laissez-faire capitalism and I agree...the gov't should have allowed the market to crush them. That's supposed to be how shit works.

Unfortunately it's not.

[Flesh Thorn]

US Banks are setting on piles of money and US companies are earning record profits. I can't lose the feeling that we are watching a carefully orchestrated train wreck to achieve an agenda of some kind.

[rgrokelley]

Hopefully this is a wake up call on how fucking incompetent democrats and republicans are. Thank you guys and extra thanks to the Tea Baggers.

So... if there was not Tea Party folks... which really is not a party, but citizens who actually participate in the whole process of monitoring government .... then what you are telling me is that everything would be dandy and we would all be rolling in dough right now?

I think the wake up call was several years ago... oh, about 2007.. and the large push by regular citizens to regain some semblance of our former Republic has been going on since that time. The idea that those in charge are incompetent is not exactly a new idea. Heck, read this forum over the last five years and you'll see that.

[deleon275]

Hopefully this is a wake up call on how fucking incompetent democrats and republicans are. Thank you guys and extra thanks to the Tea Baggers.

So... if there was not Tea Party folks... which really is not a party, but citizens who actually participate in the whole process of monitoring government .... then what you are telling me is that everything would be dandy and we would all be rolling in dough right now?

I think the wake up call was several years ago... oh, about 2007.. and the large push by regular citizens to regain some semblance of our former Republic has been going on since that time. The idea that those in charge are incompetent is not exactly a new idea. Heck, read this forum over the last five years and you'll see that.

Yes I do minus dough. They're a fucking leech sucking on the republican party's brain.

[C-MAC]

Without the "Tea Party" pushing Republicans in the right direction, that is, towards fiscal sanity, we would not even be this far. It is the old-time "establishment" Republicans comfortable with the status-quo, which really lost the mantel of fiscal responsibility.

That is not to say some Tea Party elements haven't been short-sighted in their endeavors- they have. They need to learn that no one group has the keys to unlocking all of our problems. They also need to learn that you win a war one battle at a time- scorched earth strategies burn everyone.

Net-net, I would say they have overall made a positive difference in these extraordinary times.

[C-MAC]

US Banks are setting on piles of money and US companies are earning record profits. I can't lose the feeling that we are watching a carefully orchestrated train wreck to achieve an agenda of some kind.

They are sitting on piles of cash for several reasons;

1- Regulatory uncertainty. There are mounds of regulations in Dodd-Frank which have a negative affect on the market and balance sheet. This feckless administration and Democrats who passed that piece of crap legislation didn't realize all the nonsense that was in it. As a result financial institutions cash-flows are frozen since they can't predict all the potential outcomes on capital investments. In addition, this administration is pushing higher capital reserves (along with all the other deleterious capital nonsense in Dodd-Frank), so FI's are holding onto higher capital cushions because they are uncertain of, or are preparing for, potential capital reserve targets.

2- Lending is way off due to both this administrations inability to recognized fundamental issues which require repair in the housing market and the fact that credit standards as a result are higher. That means many folks don't qualify for loans. Don't forget relaxed credit standards mandated by our wonderful government through the CRA and other attempts to provide mortgages to people that couldn't afford them is ground zero for our current crisis. So both the government and lenders are at a standoff. Nobody wants to go down that road again. As a result, you have to almost always now take a significant equity stake upon buying a home and require pretty outstanding credit. In this current environment that leaves a very small pool of people who qualify.

[rgrokelley]

Hopefully this is a wake up call on how fucking incompetent democrats and republicans are. Thank you guys and extra thanks to the Tea Baggers.

So... if there was not Tea Party folks... which really is not a party, but citizens who actually participate in the whole process of monitoring government .... then what you are telling me is that everything would be dandy and we would all be rolling in dough right now?

I think the wake up call was several years ago... oh, about 2007.. and the large push by regular citizens to regain some semblance of our former Republic has been going on since that time. The idea that those in charge are incompetent is not exactly a new idea. Heck, read this forum over the last five years and you'll see that.

Yes I do minus dough. They're a fucking leech sucking on the republican party's brain.

OK, lets roll this back. Pre "Tea Party"

Democrats take control of the house during Bush's second term. Prior to this the economy, though not the greatest, is one we wish we had now. OK, Democrats are in. Spending goes unchecked. Oil and coal production becomes a trickle. Food is now being used as an alternative to fuel, so food prices go up. The US has record spending and very few people wish to invest in the US anymore, except foreign investors (China). Government employment (ie Unions) increases dramatically. No budget is passed at all and the country lives on Continuing Resolutions (by the way we still have not passed a budget since then). Finally, the straw that pushes everyone over the edge, universal health care is not just passed, but ramrodded through, using weaker, non-conservative Republicans.

The average US citizen sees this as bad. What to do? Try to return America to its conservative... Republican ideals? This push by concerned, active, citizens, brings in new representatives to stop the constant spending.

OK, using your namecalling (I really haven't heard an argument from you, just names thrown out out here and there), lets say there is no mass movement by conservatives. They all decide to stay at home, and just call the liberals names instead.

No backlash. No accountability. The politicians have nothing to fear at all from the public (read James Harrington... or even Jefferson paraphrasing him to learn what happens when the government no longer fears the people).

Due to this, the Congress remains the same.

No checks, no balances... nada. Open house for spending.

There would be no debt ceiling argument.

How long would this last?

But, what you are telling us is that a movement of citizens, that wants to see some sort of limit on spending and some sort of accountability is a "leech" that would be sucking on a representatives brain?

OK, besides middle school name calling, can you explain why this is?

Curious.

Or if you wish, simply reply with a single sentence, using some derogatory slur to prove your point.

[Jim]

DJIA is off by 340+.
NASDAQ is off 90+.
S&P is off 40+.

I agree with O'Kelly.

[Jim]

And now something along the same lines. Seems the GAO audited the Federal Reserve:

http://www.unelected.org/audit-of-the-f ... t-bailouts" onclick="window.open(this.href);return false;

[Lefty]

DJIA is off by 340+.
NASDAQ is off 90+.
S&P is off 40+.

I agree with O'Kelly.

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