Saturday, August 6, 2011

Meet The First President Ever To Get U.S. Debt Downgraded from AAA To AA

Guess who!
The only plan that would have prevented this downgrade was Cut, Cap and Balance. The House passed the bill, but Harry Reid killed it in the Senate.
(Bloomberg) — The U.S. Federal Reserve will extend its program to purchase the nation’s debts and stabilize long- term interest rates after Standard & Poor’s downgraded its credit rating, according to an adviser to China’s central bank.
The Fed will roll out quantitative easing 3, a tactic to purchase treasuries, Li Daokui, an adviser to the People’s Bank of China, wrote in his microblog Institutional investors will be forced to sell long-term U.S. debt, which may cause financial turbulence, he wrote.
S&P lowered the U.S. rating one level to AA+ from AAA for the first time yesterday while keeping the outlook at “negative,” citing the nation’s political process and criticizing lawmakers for failing to cut spending enough to reduce record budget deficits. The rating may be cut to AA within two years if spending reductions are lower than agreed to, said the New York-based rating firm.
The U.S. must address its “structural debt problems” and ensure the safety of China’s dollar assets, the state-run Xinhua News Agency said in a commentary today. China is the biggest holder of U.S. debts.


Interested Bystander said...

Hey All,

But the sad fact is, this President has a legitimate chance of being re-elected.

Shows how ignorant the citizens of this Country are.

SE Pepper said...

Sometimes it takes entire lifetimes for certain people to finally accept that socialism/marxism/communism="political progressivism" are just a pack of lies, though craftily written by its original schemers on both sides of the Atlantic, but lies nonetheless, which ultimately leads to the downfall of entire governments–- no need to look any further than the implosion of the Soviet Union for proof of that–-unfortunately the current occupant of the WH hasn’t accepted that fact yet, and is frantically going about the business of practicing INSANITY, which is doing the same thing over and over again to “hope” for “change” (different result) each time–