S&P Downgrades US Credit Rating to AA-Plus

[rlg94086]

Losses accelerating at Australian stock market; S&P/ASX200 index off 5% - Sydney MH bit.ly/n74js9

KOSPI (Korea) now down more than 7%

Obama needs to do more than get in front of the cameras with a deer in the headlights look/speech to turn this around. Does he have it in him?

Unfortunately, he does not. His speech sounded like a mere update about what is happening. There was no leadership involved.

 

[gilliam]

Hong Kong indexes down more than 6%, hitting ‘bear’ territory - MarketWatch bit.ly/r8TpHg

Flake: More US credit downgrades on the way bit.ly/quKMou

 

[sub_rosa]

Thankfully, lurkers have access to the US Bishops voting guide and their family priest. Like Sub Rosa, everyone really has access to their Bishop if they happen to have questions about what the US Bishops have written.

Thank you for this post.

 

[sub_rosa]

Actually, your Bishop cannot assure you of that. Only God knows.

Why can’t he assure me I won’t go to hell for voing for Obama. Do you have the inside track. I think I might just go with the bishop.

 

[sub_rosa]

"Mr. Obama at first demanded a "clean’’ debt limit bill, but entered into negotiations with Republicans, hoping for a “grand bargain’’ that would reduce deficits by $4 trillion over 10 years through spending cuts, entitlement changes and new tax revenue…”

You apparently stopped reading much beyond the words “at first”. In any case Congress historically produced clean debt limit bills signed by even Preisdents such as that conservative icon Ronald Reagan.

The tea party was applauding the fact the our credit was downgraded. Can you imagine that? They are actually trying to bring this country to our knees. To what purpose? Party first and country last? What in the world is happening in this country?

 

[ProVobis]

Flake: More US credit downgrades on the way bit.ly/quKMou

From the article, nota bene:

S&P, who downgraded the United States’ credit rating, suggested that tax increases, accompanied by spending cuts, could be useful in sorting out the government’s finances.

 

[ProVobis]

Obama needs to do more than get in front of the cameras with a deer in the headlights look/speech to turn this around. Does he have it in him?

Bernanke will be talking tomorrow.

Same result.

 

[7_Sorrows]

and if the market continues to fall tomorrow with no correction in sight, what then?

obama and his team do not inspire any confidence i am afraid?

 

[ProVobis]

and if the market continues to fall tomorrow with no correction in sight, what then?

obama and his team do not inspire any confidence i am afraid?

Then hold off on buying.

It’s not like the market has never crashed before. Reagan got like a 22% drop in one day in Oct, 1987.

en.wikipedia.org/wiki/Black_Monday_(1987

 

[OrdinaryMelkite]

Ugh. The last week’s activity in the stock market just wiped out all the gains from QE2, except gas and food prices are still higher. I’d hope he’s not so stupid as to try it again.

I’m sorry…but that Barney Frank REALLY takes the cake, don’t he?

 

[OrdinaryMelkite]

The tea party was applauding the fact the our credit was downgraded. Can you imagine that? They are actually trying to bring this country to our knees. To what purpose? Party first and country last? What in the world is happening in this country?

The Tea party was APPLAUDING this?

Where did you get that, pray tell?

Seriously.

 

[CMatt25]

Thankfully, lurkers have access to the US Bishops voting guide and their family priest. Like Sub Rosa, everyone really has access to their Bishop if they happen to have questions about what the US Bishops have written.

Rence, I think you’re probably right. As I just know I once wrote to a Catholic bishop to find out whether someone I know is a Catholic according to Catholic Church teaching. And the bishop’s actual Catholic answer in the affirmative to my question was explained easily for me to comprehend. So if I have access, I’d say too any Catholic just as Sub Rosa did, probably has access to a bishop for any questions they might have. God bless. Peace. .

 

[CMatt25]

Actually, the definition used by the Obama administration was $250,000 per year. And the “tax increases” involved a return to the tax rate that they enjoyed before the Bush dramatically reduced their taxes in 2001, tax cuts that were supposed to have expired at the end of 2010, not only for the wealthiest Americans, but for all. In fact, the Obama administration has wanted to keep the lower tax rates for those earning less than $250,000. That translates into “tax increases” for the rich only in Republican-speak. The truth of the matter is that the Obama administration has sought a tax decrease for those earning less than $250,000 a year, assuming that the Bush tax cuts expire as they were supposed to.

Alan, indeed this was well versed by the President and his Administration. So I have no idea why it would have been so difficult for some to know. But thank you for the substantive fact and truth.

 

[rlg94086]

Actually, the definition used by the Obama administration was $250,000 per year. And the “tax increases” involved a return to the tax rate that they enjoyed before the Bush dramatically reduced their taxes in 2001, tax cuts that were supposed to have expired at the end of 2010, not only for the wealthiest Americans, but for all. In fact, the Obama administration has wanted to keep the lower tax rates for those earning less than $250,000. That translates into “tax increases” for the rich only in Republican-speak. The truth of the matter is that the Obama administration has sought a tax decrease for those earning less than $250,000 a year, assuming that the Bush tax cuts expire as they were supposed to.

Only a liberal would call a tax increase a tax decrease by stating it would increase even more if the current lower rates are allowed to expire.

I guess it’s no different than when they call a decrease in the growth of spending a “cut.”

 

[CMatt25]

The tea party was applauding the fact the our credit was downgraded. Can you imagine that? They are actually trying to bring this country to our knees. To what purpose? Party first and country last? What in the world is happening in this country?

Sub Rosa, if the Tea Party was applauding, yes I can imagine it. Because don’t forget one of their hopes is to see the President of the United States held to one term. So it’s not out of the question to me that they would applaud anything that might sour the economy further. What is happening to our country? Remember Sub Rosa, wasn’t it even Senate Republican minority leader Mitch McConnell who said his chief purpose was to see Obama be a one term President? That speaks volumes in answering your question as to what is happening.

 

[Darryl1958]

Unlike Democrats applauding difficulties in Iraq as a way to defeat Bush, to think that any Tea party member would be applauding something that is directly affecting their investments and their wealth goes against everything that most liberals assume to be true about this ilk.

It is illogical to think that conservatives care about their wealth over people, and then think that they would be actually happy about the destruction of that wealth.

Of course Republicans want Obama to be a one-term president otherwise they would not be Republicans. but to think that anyone with investments is not sickened to the stomach over what is happening to their wealth under Obama’s incompetent watch is completely ludicrous.

The only possible good that comes from this is that it is a wake up call, an early warning that spending must be controlled before the economy irretrievably tanks.
**
WAKE UP PEEPS!**

 

[Darryl1958]

Only a liberal would call a tax increase a tax decrease by stating it would increase even more if the current lower rates are allowed to expire.

I guess it’s no different than when they call a decrease in the growth of spending a “cut.”

There does come a point when reality itself will flare against such disingenuous doublespeak.

Double AA credit is just the beginning of that flare back

It is one thing when principalities and powers use doublespeak to dupe their populations and electorates. It is a big, big problem though when they actually dupe themselves in believing that their doublespeak is reality.

That seems to be the case right now. From top to bottom, liberals have duped themselves into believing their own rhetoric. If they say it is so, then so it is.

 

[CMatt25]

It is illogical to think that conservatives care about their wealth over people, and then think that they would be actually happy about the destruction of that wealth.

Of course Republicans want Obama to be a one-term president otherwise they would not be Republicans. but to think that anyone with investments is not sickened to the stomach over what is happening to their wealth under Obama’s incompetent watch is completely ludicrous.

Conservative investors’ stomachs survived the investments crash under George W Bush. So it’s not ludicrous their stomachs could weather the economy now if they believe they can bring Obama down in just a little over a year.

 

[7_Sorrows]

Then hold off on buying.

It’s not like the market has never crashed before. Reagan got like a 22% drop in one day in Oct, 1987.

en.wikipedia.org/wiki/Black_Monday_(1987

i remember the stock market crash in october of 1987, but i don’t remember Reagan being our president at that time??

 

[7_Sorrows]

The Tea party was APPLAUDING this?

Where did you get that, pray tell?

Seriously.

the democrats, as usual, can’t take responsibility for anything and if they can’t blame George W. Bush, they have to blame somebody ---- so it is all the fault of the Tea Party.