S&P Downgrades U.S. Credit Rating

[SlamJack]

Well the US went into default in the 1830s/40s. But that's a fact that might as well be on Mars to most Americans.

I thought you may have meant the downgrade of BRK-B that many had questioned.

 

[Hot Mega]

The democrats haven't passed a budget in almost 3 years... blame whomever you want but Obama and the Congressional dems had two years to do ANYTHING they wanted and after ripping Bush for spending too much money for 8 years, all they did was expand it at a faster pace.

I agree. It should have never gotten to this point as Demos could have and should have done what was right instead of fretting over election year politics. They ceded control of the House anyway.

That fact doesn't absolve GOPers of being wholly irresponsible for not paying a dime toward the Iraq war while 'cutting' taxes (read: passing the buck onto our children...the same thing they decry now) then flailing all over the place about debt now.

Now the US debt is almost 100% of GDP and it's time to pay the fucking piper.... jeez, like no one saw this coming??

Again, US debt was nearly 90% of GDP in 1950 but was gotten under control and only 30% by 1980.

Guess what? Over that course of time guess what taxes on the 'rich' were...as high as 90%...:eek::eek::eek:

So make of that what you will......

 

[eye_am_the_stig]

Just read a very interesting article that states that Warren Buffett believes we should get rid of the debt limit.



Billionaire investor Warren Buffett says the debt ceiling should be done away with, arguing it is nothing more than an “artificial limit” that ends up wasting time in Congress.

“All it does is slow down a process and divert people’s energy, causes people to posture. It doesn’t really make any sense,” the Berkshire Hathaway CEO said in an interview with NBC News on Monday afternoon at the White House. The interview followed a meeting Buffett and Bill and Melinda Gates had with President Barack Obama about charitable giving.


Here is the rest of the article.

http://www.politico.com/news/stories/0711/59335.html

 

[~~whimsy~~]

War stimulates the economy. You just wait. America is gonna have its raging boner again and when it does its gonna fuck the world!








Big time!

USA! Giving out the big dickings!

 

[Cpt.Obvious]

We only went down to AA status? the same government that periodically votes itself pay raise after pay raise until the government has to shut down, lets bad loan scammers get away with tanking the world economy and has a debt so large it will never be paid off.
How the Hell did we ever obtain AAA status in the first place?

 

[Rey C.]

Goodness me, could this be Industrial Disease??? :eek:

:sing:

I go down to Speaker's Corner I'm thunderstruck
they got free speech, tourists, police in trucks
two men say they're Jesus one of them must be wrong
there's a protest singer singing a protest song - he says
'they wanna have a war to keep us on our knees
they wanna have a war to keep their factories
they wanna have a war to stop us buying Japanese
they wanna have a war to stop Industrial Disease
they're pointing out the enemy to keep you deaf and blind
they wanna sap your energy incarcerate your mind
they give you Rule Brittania, gassy beer, page three
two weeks in Espana and Sunday striptease'
meanwhile the first Jesus says 'I'd cure it soon
abolish monday mornings and friday afternoons'
the other one's on a hunger strike he's dying by degrees
how come Jesus gets Industrial Disease

 

[Cpt.Obvious]

[/QUOTE]

 

[Hot Mega]

Relax this isn't a big deal. Those that did the rating are a joke as they're hands are dirty in the housing crash. Who else is going to take our bonds?

This isn't the first time that such an event has happened.

Yeah..nothing to see here...meanwhile back in reality-ville...

(If lack of credibility were certifiable, you'd have a AAA rating.:2 cents: <<btw, :2 cents: is as much as some people have in their 401Ks this evening. Thanks Tea Baggers...:hatsoff

Dow plunges more than 634 points after downgrade

NEW YORK (AP) -- Fear has taken over on Wall Street.

The Dow Jones industrials fell 634.76 points, the first trading day since Standard & Poor's downgraded American debt. . It was the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the Standard & Poor's 500 index declined Monday.

But the S&P downgrade wasn't the only catalyst Monday. Investors worried about the slowing U.S. economy, escalating debt problems threatening Europe and the prospect that fear in the markets would reinforce itself, as it did during the financial crisis in the fall of 2008.

Nothing to see a link...:bang:
http://finance.yahoo.com/news/Wall-St-takes-a-dive-on-first-apf-1960115615.html?x=0&.v=15