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  • US government loses triple-A credit rating

    http://www.msnbc.msn.com/id/44040574.../#.TjyQL2F0p3A

    The United States lost its top-notch AAA credit rating from Standard & Poor's Friday, in a dramatic 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. The credit agency said late Friday that it was making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

  • #2
    Oh crap!!

    I deserve a ribbon for Mortar Specialist

    Artillery conquers and infantry occupies.
    J.F.C. Fuller

    Proud to have been a member of the 5th, 71st and my beloved 19th

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    • #3
      Re: US government loses triple-A credit rating

      Isn't this the same rating agency that rated sub-prime mortgages AAA? It's gonna be a blood bath in the markets regardless on Monday I bet.
      Like the server? Become a regular! TGNS Required Reading
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      • #4
        Re: US government loses triple-A credit rating

        I though they said that this would happen if the U.S didnt pass the bill?

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        • #5
          Re: US government loses triple-A credit rating

          The same S & P who were complicent in the housing crisis by giving better safety ratings to bankers and their complex mortage backed securities? Hard to believe that the very same group of banks, ratings agenices, certain politicans and political parties who caused this mess are now the one's lecturing about fiscal responability. What a joke!
          |TG-9th| TheFatKidDeath
          "Born to Party, Forced to Work."
          - Check me out on The Onion
          - I'm on the local news!

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          • #6
            Re: US government loses triple-A credit rating

            Originally posted by Kwalc View Post
            I though they said that this would happen if the U.S didnt pass the bill?
            they did, they just left off the part that it was going to happen regardless of what the government did.



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            • #7
              This is going to hurt the economy a hell of a lot more than a rational tax code ever would. This is what happens when you put an idiotic ideology above the good of the country.
              sigpic

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              • #8
                Re: US government loses triple-A credit rating

                Sucks bad for the little guy. Gonna need to start burying cash or buying gold.
                sigpic

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                • #9
                  Re: US government loses triple-A credit rating

                  Originally posted by TheFatKidDeath View Post
                  The same S & P who were complicent in the housing crisis by giving better safety ratings to bankers and their complex mortage backed securities? Hard to believe that the very same group of banks, ratings agenices, certain politicans and political parties who caused this mess are now the one's lecturing about fiscal responability. What a joke!
                  I thought most people already regarded them as a joke? Do they even have any creditability left?
                  |TG-18th| Acreo Aeneas
                  TG World of Tanks Clan Executive Officer
                  Former 9th & 13th

                  Pronounciation: Eh-Cree-Oh Ah-Nay-Ess
                  Still can't say it? Call me Acorn then. -.-





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                  • #10
                    Re: US government loses triple-A credit rating

                    Sucks bad for the little guy. Gonna need to start burying cash or buying gold.
                    Doesn't help to bury cash much if the currency is fiat and depreciating as ours is. Gold on the other hand...
                    Like the server? Become a regular! TGNS Required Reading
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                    • #11
                      Re: US government loses triple-A credit rating

                      I say bury because it is worth more that way than the risk of banks failing or investments crashing. Always good to have some cash available :)
                      sigpic

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                      • #12
                        Re: US government loses triple-A credit rating

                        Actually our dollar is still worth while. Europeans and outside investors will always invest in the dollar since it is still the nationally accepted currency.

                        Also pick a reputable bank or better yet a Credit Union. investing in banks such as Chase, Bank of America, etc. probably aren't the best bet. But people still do it and they suffer because of it. When the banks collapsed everyone else and their mother was worried. Not me because I had chosen a local credit union that does not make crappy loans and is very very safe.

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                        • #13
                          Re: US government loses triple-A credit rating

                          It definitely has all put a hurting on my stocks of late! I see now that everyone is questioning the decision due to a 2 trillion dollar "error" by S&P, which they admitted.

                          Either way, there is definitely some blame to be passed on this one..
                          "The chief foundations of all states, new as well as old or composite, are good laws and good arms; and as there cannot be good laws where the state is not well armed, it follows that where they are well armed they have good laws." -Machiavelli

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                          • #14
                            Re: US government loses triple-A credit rating

                            Originally posted by Sirusblk View Post
                            Actually our dollar is still worth while. Europeans and outside investors will always invest in the dollar since it is still the nationally accepted currency.

                            Also pick a reputable bank or better yet a Credit Union. investing in banks such as Chase, Bank of America, etc. probably aren't the best bet. But people still do it and they suffer because of it. When the banks collapsed everyone else and their mother was worried. Not me because I had chosen a local credit union that does not make crappy loans and is very very safe.
                            What he said :) I use the credit union for that reason.
                            sigpic

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                            • #15
                              Re: US government loses triple-A credit rating

                              This is all political. The debt ceiling has been raised without even a mention in the news for the past 40 years. But for some odd reason this increase is somehow catastrophic. Never mind the increase is coming during the aftermath of the largest financial meltdown in history. Never mind that the major obstacle to the raising of the limit is coming from the teabaggers who seem to be simply anti-government and, not to mention, has a significant number of members that are simply racist and fundamentalist christian and desire Barack Hussein Obama to fail as well.

                              But with all that said it is interesting that S&P is becoming overtly political. This is the plot line of so many SciFi and Fantasy novels I have read. In that a seemingly a-political entity makes a political statement. They enter the political arena because they know that they are fundamentally week. And usually they have been weakened by their own recent failures. This has always been the beginning of the end for the "evil" forces of the super capitalist forces.

                              So. Is this the end of Americas embrace of hyper-capitalism? Is S&P trying to, possibly falsely, make up for their failure of rating during the latest financial crisis? Is the S&P the false Champion of the evil forces? Will America finally embrace a moderate position.

                              That is fantasy, of course.

                              But there is weakness in the powers that represent Capitalism as a religion. They have to fight back some way.
                              Iím not racists, I have republican friends. Radio show host.
                              - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
                              - "A foolish consistency is the hobgoblin of little minds" - Emerson
                              - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
                              - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
                              - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
                              - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

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