Breaking News : US fighting S&P downgrade threat

"Now the officials say S&P acknowledged some errors and agree to rethink the analysis," CNN added. Read more: www.news.com.au...

While there is a discrepancy in the S&P report, Obama is pushing back and will fight.

Also S&P are looking at the error and seem to be re-evaluating their announcement

[color=00FF00] So it is not a given that there will be a downgrade.

US fighting S&P downgrade threat

The downgrade was because of politics...

This is the Tea Party's Scarlet Letter.

You don't have to agree that it's the fault of the ultra conservative ideology, but you do have to realize this is a mark they will carry on their chests from this point on.

reply to post by TheOneElectric


[color=00FF00] The way I am reading it, the downgrade is not official.

Even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do," ABC said on its website. Read more: www.news.com.au...

what kind of world do we live where the U.S. becomes downgraded, and then become challenged and corrected? Even if the credit system is AAA, I will consider it to be a fake credit rating.
By the way, I would like to challenge my own credit rating and have it better myself. I thought this was america!

Originally posted by guessing
reply to post by TheOneElectric

 

The way I am reading it, the downgrade is not official.

Even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do," ABC said on its website. Read more: www.news.com.au...

edit on 5-8-2011 by guessing because: (no reason given)

Its been done and the damage has already been done now.

They are not reversing their decision.

HAHA so we are led to believe that the most reputable rating agency made amateurish mistakes whilst deciding the fate of the US......pull the other one...it has bells on!!

What a load of rubbish. I dont know whats going on, but this doesnt seem right. How could they make such a blatant mistake but miss it, then backtrack and admit it?? I seriously smell BS right here!

Originally posted by loves a conspiricy
HAHA so we are led to believe that the most reputable rating agency made amateurish mistakes whilst deciding the fate of the US......pull the other one...it has bells on!!

What a load of rubbish. I dont know whats going on, but this doesnt seem right. How could they make such a blatant mistake but miss it, then backtrack and admit it?? I seriously smell BS right here!

Yes that is odd that they could make that mistake but they already said it wouldn't matter anyways the downgrade was already set to happen since Aug 3.

Originally posted by loves a conspiricy
HAHA so we are led to believe that the most reputable rating agency made amateurish mistakes whilst deciding the fate of the US......pull the other one...it has bells on!!

What a load of rubbish. I dont know whats going on, but this doesnt seem right. How could they make such a blatant mistake but miss it, then backtrack and admit it?? I seriously smell BS right here!

Money talks, and George Soro and his NWO Bilder-buddies own the world. Bow to the 12!!!! TPTB

The BBC updated their page at 02:54am....its 03:36am now and it still the same....

The US has been downgraded by one notch to a AA+

www.bbc.co.uk...

reply to post by dreamfox1


"Unclear what they are going to do", is not the same as this is a done deal.

is it?

Typical idiotic response.

What the response was: "You guys goofed. Re-figure the math."

What the response should have been:

"Ok, Congress, get your asses back to Washington. No recess. We gotta fix this for real this time."

Pathetic on both the President's and Congress' part.

Originally posted by guessing
reply to post by TheOneElectric

 

[color=00FF00] The way I am reading it, the downgrade is not official.

Even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do," ABC said on its website. Read more: www.news.com.au...

edit on 5-8-2011 by guessing because: (no reason given)

This was reported before... it was before the downgrade. SP has officially downgraded the US.

Its all over cnn and foxnews that in past tense, we have been downgraded...

So yeah thats pretty scary that alot of companies require the triple A+ rating to operate... should be a very interesting next few days

Originally posted by guessing
reply to post by dreamfox1

 

"Unclear what they are going to do", is not the same as this is a done deal.

is it?

Its a done deal already there's no changing it back because it will do more damage if S&P retracts its warning they gave back in July. The budget deal didn't cut enough for the S&P to keep the US at its AAA rating. If it did then S&P would loose its reputation and all hell would break loose due to confusion on who to trust.

The error S&P did was intentional to get everyone attention on the problem at hand.

Originally posted by morder1
So yeah thats pretty scary that alot of companies require the triple A+ rating to operate... should be a very interesting next few days

Yep that means a lot of funds monday morning across the world will sell everything they've got in US treasuries because they are no more AAA.

Bye bye USA.

This is indeed a dark day for America.

It is a done deal. The article you are linking to is referencing what was happening when the White House earlier this week was fairly sure that the downgrade was going happen, and earlier today based upon the miscalculation - the downgrade went ahead.

Done deal:

U.S. loses AAA rating from S&P

U.S. loses AAA Credit Rating

From the Daily Beast:

The downgrade followed a dramatic back-and-forth Friday afternoon with the Treasury department after administration officials discovered S&P had miscalculated the federal deficit by $2 trillion. The administration hoped the error might stave off a downgrade, but the agency announced it anyway Friday night.

U.S. loses Triple-A Credit Rating

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. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilise the government's medium-term debt dynamics," S&P said in a statement. The decision follows a bitter political battle in Congress over cutting spending and raising taxes to reduce the government's debt burden and allow its statutory borrowing limit to be raised. On August 2 President Barack Obama signed legislation designed to reduce the fiscal deficit by $2.1 trillion (1.28 trillion pounds) over 10 years. But that was well short of the $4 trillion in savings S&P had called for as a good "down payment" on fixing America's finances.

source

Although income (i.e., taxes) was a factor in the decision, it's pretty apparent that the complete lack of the U.S. government to reign in it's out of control spending was the real clincher in S&P's decision. It sounds like their reasoning is significantly more in line with fiscal conservatives that not. Just sayin...

reply to post by Vitchilo



yep ok...

BYE BYE USA

Originally posted by guessing
reply to post by Vitchilo

 

yep ok...

BYE BYE USA

Don't be sad it will get things finally moving again the right direction just after the coming hardships......

nvm im now sad too

It is too late. The Damage is done. It is like shooting a cannon ball into the side of a galleon and then inspecting the hole to see if a mistake was made.