All For Nothing - America loses AAA credit rating

[derby378]

Standard & Poors has just downgraded the USA's credit rating from AAA to AA+.

The compromise failed to preserve our AAA rating because it didn't go far enough to balance the books. Why? Because tax increases for the rich were taken off the table.

Obama can't shoulder too much blame for this, in case you were wondering. Despite his awkward "millionaires and billionaires" line that he kept repeating, he tried keeping tax increases for the wealthy in play, only to see the Tea Party stiffen the GOP's resolve in the House. Thanks a lot, teabaggers - you just made life that much more difficult for anyone who has a credit card or a mortgage.

And now, a little music to accompany our slide away from exceptionalism:

http://www.mixcloud.com/derby378/music-for-governments-to-default-by/

[Odin2005]

1. We are fucked.

[derby378]

2. Yes, we are.

The Democrats made a whole lot of missteps, but it was not their intention to run Lady Liberty into the ground and then kick her in the ass - unlike a certain other party I won't mention here.

[Meeker Morgan]

3. The US is Enron now. n/t

[derby378]

4. Maybe not Enron, but...

...if you still owe money on your car, keep an eye out for the repo men.

[ThomWV]

5. Just the fact that they purposfuly caused this Crisis caused the downgrade - Fucking Republicans

They own it - every single bit of the downgrade is the fault of Republicans in Congress, then and not any other group of the face of the earth.

[socialist_n_TN]

6. Well I've only got a couple of credit cards

but I'm sure it'll kick me in the ass as well. And the rest of us. Of course you realize that the banks will profit IMMENSELY from the rise in interest rates BECAUSE THEY'LL STILL BE GETTING MONEY FROM THE FED AT 0%. So it's another way to squeeze more profit out of our poor asses.

What I'm actually wondering is why the FUCK do we pay attention to these credit rating agencies anyway? Didn't their complicity in the mortgage meltdown put a damper on their credibility? It should have.

[indurancevile]

7. psyops. the people who own the ratings agencies are the same folks bribing our

congress. they want austerity & they will crash the country to get it.

traitors & terrorists.

their ratings are fraudulent & corrupt. they're the ones who inflated the bubble with their phony ratings.

[former9thward]

8. The S&P is demanding 'entitlement containment' not just revenue.

From the S&P statement: "In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability." http://www.zerohedge.com/news/sp-downgrades-us-aa-outlook-negative-full-text

[derby378]

9. Well, that's just too bad for them...

...because there are still a lot of Americans out there who believe that when you help the neediest in our society, this is a good thing.

[customerserviceguy]

12. And there are a lot of Americans

(and folks overseas) who still think buying Treasury securities is a good bet. Even with the 'threat' of this looming for the past few weeks, the effective yield on Treasuries has dropped to record low levels in the last week or so.

My take on it? It will make no difference what some "experts" who misled people during the boom years say.

[no_hypocrisy]

10. What do we have to do and for how long to get the AAA rating back?

[derby378]

11. Not sure what to do, but the process could take years

There's a chance the rating won't be upgraded again until after Obama finishes his second term.

[dixiegrrrrl]

13. Pay our bills, force the banks to get honest about their insolvency,

stop wars we cannot afford to pay for,
and elect real, old fashioned Dems into Congress.

But first, make it impossible/illegal for Congress people and investors and hedge funds to make money from shorting the USA economy!!!!!!!!!!!!!!!

[spanone]

14. they won't be happy till it all comes crashing down.

[polmaven]

15. Well, to be absolutely accurate,

it just Standard & Poors which downgraded, and the Treasury Department asserts that there is a 2 trillion dollar mathematical error is involved.

The other 2 rating agencies, Moody's Investors Service and Fitch Ratings, have not done a downgrade.

[mzmolly]

16. Not quite. One agency's slight down grade doesn't mean

a deal was all for nothing.

[flamingdem]

Only 1 in 3 of the agencies though.. and a 2 trillion dollar math error (they are morans) nt

[kenny blankenship]

17. NOW do you see why prosecuting S&P + the corrupt ratings agencies was so important, Mr. President?

They took their tacit reprieve and turned on you.