S&P downgrades U.S. credit rating

Discussion in 'Free Speech Alley' started by Bengal Buddy, Aug 5, 2011.

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  1. Bengal Buddy

    Bengal Buddy Founding Member

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    Today Standard and Poor downgraded the U.S. credit rating from AAA to AA+. This is the first downgrade in American history. I was afraid this could happen when Congress failed to cut $4 trillion from the deficit, and failed to deal with deficit on a long-time basis. I understand they had to pass the compromise bill or all 3 credit rating companies would have downgraded our credit rating. Sitll, S&P is the biggest of the three and this will hurt interest rates for everyone. The much maligned Tea Party comes out looking good. They called for more substantial budget cuts and for a long-term plan to deal with the deficit, and now they can give Congress one big "I TOLD YOU SO."
     
    Bengal Buddy, Aug 5, 2011
    #1
  2. LSUpride123

    LSUpride123 PureBlood

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    The left will pass blame to the Tea Party even though only "22" are in office.

    Obama will not take blame.

    Washington will not change any-time soon.




    If the Tea Party got their way, bigger cuts would have been made.....

    Real cuts, not this chit that got passed.



    But, its a revenue problem right?:wave:
     
    LSUpride123, Aug 6, 2011
    #2
  3. joker

    joker Founding Member

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    Doesn't matter. The Democrats partners in crime in the media will do as they always do and demonize republicans and the TP.
     
    joker, Aug 6, 2011
    #3
  4. TBTrumpet

    TBTrumpet Founding Member

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    And all this affects me how? Why should I even care?
     
    TBTrumpet, Aug 6, 2011
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  5. TwistedTiger

    TwistedTiger Founding Member

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    What? Are you serious?
     
    TwistedTiger, Aug 6, 2011
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  6. HalloweenRun

    HalloweenRun Founding Member

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    An unbiased reading of the announcement, reveals, "the decision as a judgment about the nation’s leaders, writing that “the gulf between the political parties” had reduced its confidence in the government’s ability to manage its finances"

    That does not to me sound like a win for the TEA Party, the GOP, or the DEMS.

    I would also remind everyone that S&P placed very high ratings on many of the firms and their derivatives that ultimately failed, thus causing the financial crisis, meltdown, whatever.

    It all a bunch of BS...except the negative impact. That will be real!
     
    HalloweenRun, Aug 6, 2011
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  7. joker

    joker Founding Member

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    Because now the US government will have to pay higher interest rates, which means banks will have to pay higher interest rates which means businesses and you will have to pay higher interest rates.

    It's trickle down economics which liberals say doesn't exist.
     
    joker, Aug 6, 2011
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  8. red55

    red55 curmudgeon Staff Member

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    But the rest of the Republicans kiss their ass. They now drive the GOP recklessly.

    If the Tea Party got their way, bigger cuts would have been made.....

    Real cuts, not this chit that got passed.

    But, its a revenue problem right?:wave:[/QUOTE]Right. Obama offered a plan that would have amounted to the $4 Trillion in cuts that were needed, but the Tea Party shot it down because it contained $1.2 Trillion in revenue increases.

    We cannot cut our way out of this crisis. We are paying the lowest taxes in 60 years and it is hampering our ability to address problems like this.
     
    red55, Aug 6, 2011
    #8
  9. red55

    red55 curmudgeon Staff Member

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    You shouldn't. :insane:
     
    red55, Aug 6, 2011
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  10. Rex_B

    Rex_B Geaux Time

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    S/P said we needed more cuts.
     
    Rex_B, Aug 6, 2011
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