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SP : we'll drop US debt rating from AAA to D in august if debt ceiling ain't raised

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posted on Jul, 2 2011 @ 05:10 PM
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Like they gonna REALLY do that...
Way too corrupt.

S&P: We'll Drop U.S. Debt Rating From AAA to D in August

Standard & Poor's, the credit rating agency, will drop the United States' debt rating from a pristine triple-A to a pathetic D if Republicans and Democrats cannot agree on a deal by August 4. The Atlantic Wire has more:

S&P's managing director John Chambers explained, "If the U.S. government misses a payment, it goes to D. ... That would happen right after August 4, when the bills mature, because they don't have a grace period."

If they do, good, end the ponzi scheme already.

Anyway it doesn't matter since the republicans are gonna cave in and raise the debt ceiling anyway.




posted on Jul, 2 2011 @ 05:12 PM
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Not going to happen Wall Street are gonna crucify them if they really do have the BALLS to do it.



posted on Jul, 2 2011 @ 05:14 PM
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reply to post by Vitchilo
 


S&P is being used by the proponents to raise the debt ceiling. Funny, no real talk has come about concerning LOWERING SPENDING.

*facepalm^



posted on Jul, 2 2011 @ 05:28 PM
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Originally posted by Vitchilo
Anyway it doesn't matter since the republicans are gonna cave in and raise the debt ceiling anyway.


Completely. As so many have alluded to this is posturing to the extreme, all hat and no cowboy. From some of the readings (and probably from your posts Vitchilo
) they have to have something in place by 3rd week of July in order for the legislation to pass. They have no choice but to raise it anyone thinking otherwise is nuts. On the other hand Geithner's sudden move to leave what's left of obama's so called economic dream team speaks volumes. Perhaps the writings on the wall for him.

brill



posted on Jul, 2 2011 @ 05:45 PM
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The news story goes on to say that the House Dems might just decide that a debt limit is unconstitutional and ignore it....

Roughly 44% if the elected members can just decide something and make it so? Less if you factor in the oodles of Dems that actually see an issue with the debt (or just do in order to get re-elected). I thought the Congress operated based on a Democracy.



posted on Jul, 2 2011 @ 05:47 PM
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uh uh

fear mongering from the money people usually means get the lube



posted on Jul, 2 2011 @ 07:06 PM
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Originally posted by Vitchilo

If they do, good, end the ponzi scheme already.



Actually, the ensuing chaos of a total collapse of not only the US economy, but the interconnected world economy, would certainly serve the interests of the disaster capitalist corporations of the world. Why, we'd need all kinds of privatized security, Halliburton for logistics, oil companies could operate with zero regulations. It'd be a 'free market' utopia!



posted on Jul, 2 2011 @ 07:09 PM
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Originally posted by brill

Originally posted by Vitchilo
Anyway it doesn't matter since the republicans are gonna cave in and raise the debt ceiling anyway.


Completely. As so many have alluded to this is posturing to the extreme, all hat and no cowboy. From some of the readings (and probably from your posts Vitchilo
) they have to have something in place by 3rd week of July in order for the legislation to pass. They have no choice but to raise it anyone thinking otherwise is nuts.

brill


Exactly. But that is their job. Feign resistance to a plan they know they will go along with, just like the Dems who pretended to be against the Iraq war, but voted to give Bush all the authority he wanted, and then some!
edit on 2-7-2011 by incrediblelousminds because: (no reason given)



posted on Jul, 2 2011 @ 07:11 PM
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Originally posted by beezzer
reply to post by Vitchilo
 


S&P is being used by the proponents to raise the debt ceiling. Funny, no real talk has come about concerning LOWERING SPENDING.

*facepalm^


There has been TONS of TALK about lowering spending. You hear it every day. But usually its directed at domestic spending, and not our massive military operations that some still enjoy championing like a sports event.



posted on Jul, 2 2011 @ 07:21 PM
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reply to post by Vitchilo
 


What strange accounting..


If I was looking at credit ratings I'd say,

"We are going to lower your credit rating unless you can balance your budget "WITHOUT" raising the debt ceiling..

Maybe I'm just poor at math.



posted on Jul, 2 2011 @ 07:37 PM
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I remember reading a similar article to this the other day and thought, er, if a missed payment is made on or after Aug 4 and there is a default, the S&P will downgrade US credit rating from AAA to (whatever it was in the article, may not of been a D can't recall). Now... that's a bit like saying that if your house gets bombed, we'll downgrade your house rating from 'good house' to 'bombed house'. Well der!!! I thought these rating agencies were meant to rate according to risk in advance of an event?



posted on Jul, 2 2011 @ 07:40 PM
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Anyone should realize what crap these ratings are just from this statement. How can a raise of the debt limit by 2 trillion allow us to keep AAA, and trying to work out budget cuts which will ultimately make us better able to pay our existing debts result in a D?

Why would anyone pay attention to these ratings? They have proven time and time again to be total BS, and bare absolutely no relation to the truth. Anyone who takes ratings seriously after all the MBS total garbage they rated AAA is an idiot. They were either completely incompetent, or more likely paid off.

This is such an obvious threat to congress, that they hope will scare them due to their ignorance. It's just one more threat, added to the their will be martial law crap they used to get the bailout passed. The sad thing about this is D is probably exactly the rating we deserve, all they are really threatening to do is tell the truth.



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