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S&P downgrades U.S. credit rating for first time - 8/5/2011 6:02:25 PM

Sanity

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quote:

S&P downgrades U.S. credit rating for first time

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.

Full article here

The bad news just keeps coming.

At least they waited until the stock market closed, on a Friday night.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:06:25 PM

Dinnardin

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:06:26 PM

pahunkboy

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Pull the corporate charter. They are a threat to national security.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:07:37 PM

willbeurdaddy

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It will have zero impact economically. It is another black eye for the Obama adminstration that pleaded its case in a nearly 4 hour meeting and got nowhere.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:10:09 PM

pahunkboy

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quote:

ORIGINAL: willbeurdaddy

It will have zero impact economically. It is another black eye for the Obama adminstration that pleaded its case in a nearly 4 hour meeting and got nowhere.

Then it is legal for funds to hold bonds that are not AAA? You tell me.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:19:48 PM

MasterSlaveLA

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quote:

ORIGINAL: willbeurdaddy

It will have zero impact economically.

I heard it will cause an increase in interest rates?

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:21:52 PM

Sanity

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The article I cited listed that among the concerns, so yes.

quote:

ORIGINAL: MasterSlaveLA

I heard it will cause an increase in interest rates?

< Message edited by Sanity -- 8/5/2011 6:22:04 PM >

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:22:49 PM

ThatDaveGuy69

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Congratulations to the freshman Teabaggers who know jack/shit about how Congress works but have to fuck with things anyway.

Someone needs to take those fucktards out behind the wood shed and beat some sense into them.

Raising the (unconstitutional) debt limit was a simple procedure - like lancing a boil on your toe. But these asswipes applied a tournequet until the limb had to be amputated and even then they weren't happy.

Will someone in what's left of the GOP PLEASE stand up to these idiots before they do any more damage?!

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:23:18 PM

Jeffff

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Wilbeur is never wrong, therefore Sanity must be. Or perhaps........

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:27:52 PM

pahunkboy

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Restore Glass-Steagall!

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:29:39 PM

Sanity

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Our spending is unsustainable

There arent enough of "the rich" to tax enough to keep us afloat at this rate of spending

But such basic facts, no matter how clearly and precisely they are presented, remain far above certain peoples comprehension levels

quote:

ORIGINAL: ThatDaveGuy69

Congratulations to the freshman Teabaggers who know jack/shit about how Congress works but have to fuck with things anyway.

Someone needs to take those fucktards out behind the wood shed and beat some sense into them.

Raising the (unconstitutional) debt limit was a simple procedure - like lancing a boil on your toe. But these asswipes applied a tournequet until the limb had to be amputated and even then they weren't happy.

Will someone in what's left of the GOP PLEASE stand up to these idiots before they do any more damage?!

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:30:42 PM

Lucylastic

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Jeffff dont even go there
oh check your mail in about five mins

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:30:50 PM

willbeurdaddy

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quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: willbeurdaddy

It will have zero impact economically. It is another black eye for the Obama adminstration that pleaded its case in a nearly 4 hour meeting and got nowhere.

Then it is legal for funds to hold bonds that are not AAA? You tell me.

Of course it is. Its legal to hold bonds of any rating. Ever hear of junk bonds?

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:30:53 PM

Jeffff

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We don't need to do anything. This will have no impact on the economy.

I know because I read it here.

The only thing that negatively impacts the economy are taxes and spending. Any taxes and all spending.

I hope this helps.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:33:43 PM

willbeurdaddy

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quote:

ORIGINAL: MasterSlaveLA

quote:

ORIGINAL: willbeurdaddy

It will have zero impact economically.

I heard it will cause an increase in interest rates?

Its possible but unlikely. Japan Ireland and a third country I dont recall right now had their credit ratings downgraded with no impact on interest rates. The Treasury market was extremely stable leading up the deficit agreement, indicating that its still the go to investment for safety.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:35:07 PM

willbeurdaddy

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quote:

ORIGINAL: ThatDaveGuy69

Congratulations to the freshman Teabaggers who know jack/shit about how Congress works but have to fuck with things anyway.

Someone needs to take those fucktards out behind the wood shed and beat some sense into them.

Raising the (unconstitutional) debt limit was a simple procedure - like lancing a boil on your toe. But these asswipes applied a tournequet until the limb had to be amputated and even then they weren't happy.

Will someone in what's left of the GOP PLEASE stand up to these idiots before they do any more damage?!

Would someone teach you something about economics please. The Tea Party is the best thing that has happened for the US economy since Clinton cut capital gains rates.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:36:14 PM

willbeurdaddy

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quote:

ORIGINAL: Jeffff

Wilbeur is never wrong, therefore Sanity must be. Or perhaps........

Or perhaps we're both right and the article is wrong or overcautious.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:38:28 PM

pahunkboy

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quote:

ORIGINAL: willbeurdaddy

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: willbeurdaddy

It will have zero impact economically. It is another black eye for the Obama adminstration that pleaded its case in a nearly 4 hour meeting and got nowhere.

Then it is legal for funds to hold bonds that are not AAA? You tell me.

Of course it is. Its legal to hold bonds of any rating. Ever hear of junk bonds?

No. Lets suppose your town- hold bonds.. most likely by law they MUST be AAA rated- no junk bonds. I am talking institutional holders/buyers- not individuals. There are rules and guidelines as to what they can hold in their asset portfolio.

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RE: S&P downgrades U.S. credit rating for first time - 8/5/2011 6:41:20 PM

Sanity

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Of course nobodys perfect, either of us could be mistaken, or it could be somewhere in the middle

Its only a big deal to the leftards who can never post on topic, and who have never had a clue in their whole lives

quote:

ORIGINAL: willbeurdaddy

quote:

ORIGINAL: Jeffff

Wilbeur is never wrong, therefore Sanity must be. Or perhaps........

Or perhaps we're both right and the article is wrong or overcautious.