U.S. loses AAA credit rating from S&P

S&P Report

United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden;
Outlook Negative

"The political brinksmanship of recent months highlights what we see as
America's governance and policymaking becoming less stable, less effective,
and less predictable than what we previously believed. The statutory debt
ceiling and the threat of default have become political bargaining chips in
the debate over fiscal policy. Despite this year's wide-ranging debate, in our
view, the differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the resulting
agreement fell well short of the comprehensive fiscal consolidation program
that some proponents had envisaged until quite recently."...

"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S. public debt
burden in a manner consistent with a 'AAA' rating and with 'AAA' rated
sovereign peers"...

"A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by
then, the government debt burden will likely be higher, the needed medium-term
fiscal adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at
hand."

So, basically, the children are more concerned with being reelected than they are with the fiscal future of their country. And, the idiots in the media hyping all this stupidity and fearmongering just added to the mess.

(posted on other S&P thread as well)

Originally posted by Wrath5639
Everything that has a beginning has an end. And apparently the end for the US has really started.

Does anyone else smell that? Smells ripe for a false flag. Gotta keep the sheeple distracted.

I think we all can agree some form of major disaster is at hand...Not only that I hear the distant beat of war drums.

If you haven't yet been preparing a "Just in Case" store of real assets (gold, silver, foodstuffs/supplies, etc.) then you may be too late now.

Monday morning will be very interesting to watch come 0930 Eastern time. I'm going to have my coffee brewed and my car tanked up and packed with by BOB to be frugal.

I have to admit this news, while not shocking... kind of is.

Another first for Obama, has anyone told him being first isn't always a good thing?

No worries though, I hear Greece is working on a bailout for us.

This might be as good a time as any to post this forum thread. Some of you may want to give it a quick glance, when you have the time. The ATS survival forum is chock full of down to earth insights, advice, and practical information. This subject/bad economy, has been discussed at length.

Enjoy

www.abovetopsecret.com...

Des

reply to post by Destinyone



a light at a time when darkness prevails.

thank you for reaching out

Are we dead yet?



I stil have the internets and the cables

reply to post by liejunkie01


No...this will be a death in slow-mo. You'll get to savor every single minute of it.

Sorry, wish I had a better up-beat reply...

Des

Some on this thread sound surprised? I kind of knew that our credit rating would be lowered as a result of the fear mongering and tomfoolery displayed by the politicians leading up to the debt ceiling compromise. They were were playing chicken with the freight train, and unfortunately for all of us and the country's credit worthiness we are all going to take a massive hit. This was bound to happen, and now it finally has. Can't spend money like drunken sailors forever, and expect the well not to run dry. Deficit spending is the death warrant to the US or any country for that matter.

It looks like Congress is going to be ending their holiday early, because now they have a real problem to deal with it. Hopefully, they take this as a cue to get their act together? No more games, empty promises, toothless legislation, or any other gimmicks or political posturing? This is a serious blow, and a humbling experience for all.

Is the US going to sit back and not try to make lemonade out of the lemons? Or are they going to tighten their bootstraps and wade through the muck? People should not panic over this, and should consider this as another shot over the bow. Hopefully, the markets don't panic over this when they open on Monday? It made gains today which was surprising, but with the volatility from today; we could be in for some more bloodletting before things settle down?

We have to keep in mind that these same rating agencies lost a lot of credibility when they failed to properly rate the mortgage back securities which brought down the housing market and led to the meltdown in 2008. In addition, they sat on their hands for years as this nation and others took on substantial debt with no means or method to pay it back. The worm has turned! Now, hopefully this leads to shrinkage of government, true fiscal responsibility, necessary austerity measures, and other crucial endeavors to turn this country around before going over the cliff? There is some serious house cleaning to be done going forward. Still, I don't see this as the end of the world just yet. Just another shock to the system. If the US goes down? Others will follower. Isn't globalism grand?

Pay off your credit cards ASAP. Interest rates are going to shoot up fast.

If you need any advice on getting out of debt try tuning into Dave Ramsey's Show

Originally posted by Destinyone
reply to post by liejunkie01

 

No...this will be a death in slow-mo. You'll get to savor every single minute of it.

Sorry, wish I had a better up-beat reply...

Des

There is a live cam for everything on this planet.

Where is the live cam for this?

I truly feel sorry for all those hard working Americans whose IRAs and 401K's and retirement accounts will be gone by the end of next week. A lifetime of work, destroyed by Obama. But he got what he wanted, didn't he? -- a cool $2.4 trillion to buy votes and putting more discussion off till after the elections.

Damn I wish we could fire his narrow ass tomorrow. And Geithner also.

Your gold and silver is cankered

Originally posted by guessing

Originally posted by Destinyone
reply to post by liejunkie01

 

No...this will be a death in slow-mo. You'll get to savor every single minute of it.

Sorry, wish I had a better up-beat reply...

Des

There is a live cam for everything on this planet.

Where is the live cam for this?

Unfortunately, in most middle class American living rooms....24/7 with no end in sight.

And sadly this is what you get when you have a corporately run(owned) government or governments. Corporations are constantly run and managed by some of the most obtuse egotistical people that care about nothing but their own interest. I fear there will be Revolution in the air come next year.

I just hope everyone remembers who caused this mess when it comes time to vote next year..

Fiscal responsibility should be a mandate of the government. It's not just our current administration's reputation, but that of the entire country.

I'm so tired of the politicians bickering so much that they'd rather let the bus go off the cliff rather than just take responsible action. Even worse, some of them are actually holding the wheel so that no one else can turn the bus...

reply to post by Destinyone



So maybe a cosmic event that wipes out 3/4 of the population would be a more humane outcome.

I used to be able to see the future. I can't anymore. I just get fog

Originally posted by mishigas
I truly feel sorry for all those hard working Americans whose IRAs and 401K's and retirement accounts will be gone by the end of next week. A lifetime of work, destroyed by Obama. But he got what he wanted, didn't he? -- a cool $2.4 trillion to buy votes and putting more discussion off till after the elections.

Damn I wish we could fire his narrow ass tomorrow. And Geithner also.

Yeah... Totally Obama's fault... Not the people who prevented any kind of plan until the last minute... But hey, John Boehner got 98% of what he wanted for his party, so yay for the GOP!

I wish we could fire his ass too and get someone in the White House who could REALLY do some damage. Maybe Bachmann or Palin? It'd sure make you appreciate the good times...

www.cbsnews.com...

youtu.be...

E-Trade Baby Loses Everything.

reply to post by Stormdancer777


That baby is so cute!
But he has a potty mouth.

On Topic,

[atsimg]http://files.abovetopsecret.com/images/member/9ebb7447b61f.jpg[/atsimg]

If folks did not see this coming...they must have been dreaming.