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  1. #1
    Atomic Punk Wruff_ajax's Avatar
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    12.11.17 @ 10:29 PM
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    Default S&P Downgrades U.S. Credit Rating - First time in US history

    Credit rating agency Standard and Poor's says it has downgraded the U.S. credit rating from a top AAA rating to AA+, the first debt downgrade in U.S. history.

    S&P Downgrades U.S. Credit Rating From AAA to AA+

    The United States has lost its sterling credit rating.

    Credit rating agency Standard & Poor's on Friday lowered the nation's AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion -- a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.

    “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement late yesterday after markets closed.

    Speaker John Boehner issued a statement saying that the downgrade is "the latest consequence of overspending by Washington."

    One of the biggest questions after the downgrade was what impact it would have on already nervous investors. While the downgrade was not a surprise, some selling is expected when stock trading resumes Monday morning. The Dow Jones industrial average fell 699 points this week, the biggest weekly point drop since October 2008.

    S&P’s action will probably hurt the U.S. economy over time by increasing the cost of mortgages, auto loans and other types of lending tied to the interest rates paid on Treasuries. JPMorgan Chase & Co. estimated that a downgrade would raise the nation’s borrowing costs by $100 billion a year. The U.S. spent $414 billion on interest expense in fiscal 2010.
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  2. #2
    Good Enough cabomiro's Avatar
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    Quote Originally Posted by Wruff_ajax View Post
    Credit rating agency Standard and Poor's says it has downgraded the U.S. credit rating from a top AAA rating to AA+, the first debt downgrade in U.S. history.

    S&P Downgrades U.S. Credit Rating From AAA to AA+

    The United States has lost its sterling credit rating.

    Credit rating agency Standard & Poor's on Friday lowered the nation's AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion -- a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.

    “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement late yesterday after markets closed.

    Speaker John Boehner issued a statement saying that the downgrade is "the latest consequence of overspending by Washington."

    One of the biggest questions after the downgrade was what impact it would have on already nervous investors. While the downgrade was not a surprise, some selling is expected when stock trading resumes Monday morning. The Dow Jones industrial average fell 699 points this week, the biggest weekly point drop since October 2008.

    S&P’s action will probably hurt the U.S. economy over time by increasing the cost of mortgages, auto loans and other types of lending tied to the interest rates paid on Treasuries. JPMorgan Chase & Co. estimated that a downgrade would raise the nation’s borrowing costs by $100 billion a year. The U.S. spent $414 billion on interest expense in fiscal 2010.
    It's gonna get ugly soon
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  3. #3
    Good Enough Rocket's Avatar
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    12.10.17 @ 08:25 PM
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    time to load up on stocks after the fall on Monday.

  4. #4
    Good Enough Thai Boxer 9901's Avatar
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    08.28.16 @ 11:47 PM
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    So did we just get thrown into the REALLY fucked category? I heard about this on the news today but I dont totally understand what it means.
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  5. #5
    Master Bluesman Elwood P.'s Avatar
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    12.11.17 @ 12:58 PM
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    It's like if your own personal credit rating took a big hit. But this is the country's. Loans at the highest level will cost more, higher interest rates. How Much gets passed on to you on your own loans depends on your own specific postition. If you got anything at a fixed rate, I don't think it can go up. Any potential loans, cards etc. will surely be more expensive as the banks will be charging higher rates. I think that's it. Maybe someone else can give a better answer.

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  6. #6
    Emperor of VHLinks.com Brett's Avatar
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    12.12.17 @ 01:24 AM
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  7. #7
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    Jinkies.

  8. #8
    Forum Frontman It's Mike's Avatar
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    12.11.17 @ 09:11 PM
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    this is not good. And a drop will likely be soon matched by the other ratings agencies (Moody's, Fitch). Bad on a number of levels and will make it even more difficult for the US govt to fix the problems that they have. Many of the large investment companies will have to liquidate their US treasury holdings due to this cut as they only hold AAA rated bond holdings. And to make up for the lower rating on their issues you'll need to drive up interest rates on new issues. It's amazing how badly your govt has fucked things up these past couple of decades.

  9. #9
    Atomic Punk edwardv's Avatar
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    12.11.17 @ 05:27 PM
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    Sad day for the USA. I guess all those Ivy league types who rule the country will find a way out of this mess after they return from their summer homes in Newport and the Hamptons. Assholes
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  10. #10
    Good Enough Rocket's Avatar
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    12.10.17 @ 08:25 PM
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    Oh well...

    It appears that had the plan for 4T in savings went through the downgrade would not had happened.

    That plan required reform of medicare and social security (other Gov't cuts as well) and a 2% increase of taxes on those earning more than 250K per year per year. It was on the table and being worked out by both the Speaker and the President.

    Once things went sideways and you can blame whoever you want, but the unwillingness to accept the tough decisions and move forward quickly cost everyone with adjustable rate loans, credit cards, would-be home buyers, etc a lot of money, and our country a lot of respect.

    FYI - One odd point worth researching - supposedly it was noted last year by the Wall Street Journal that Eric Cantor has investments that pay big IF the US Treasuries drop in value... look it up. If true, tough position for him as he was negotiating against the 4T solution with a win either way.

    Might be true...

    http://www.newsytype.com/8313-eric-c...t-ceiling-bet/

    http://www.salon.com/news/politics/w...ct_of_interest

  11. #11
    Atomic Punk rocknblues81's Avatar
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    It's probably all going to be blamed on that black guy in office, but shit hasn't felt right for 8-10 years and it's only been getting worse. Poor leadership from Obama is to blame, but congress should have made a better effort to resolve the debt ceiling issue sooner than they did. It never looks good when so much money is involved and decisions are coming down to the last moment. It makes you look bad and unreliable. So much fail to go around... It's just amazing how so many idiots can get such important positions in this country.

    If I'm a democrat, then I'm very upset with Obama for failing to improve... Well anything. But if I'm republican, I'm saddened than Palin and Bachmann might possibly be the ones to "challenge" Obama. Really, the country looks fucked right now.

  12. #12
    Good Enough Thai Boxer 9901's Avatar
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    Quote Originally Posted by rocknblues81 View Post
    It's probably all going to be blamed on that black guy in office, but shit hasn't felt right for 8-10 years and it's only been getting worse. Poor leadership from Obama is to blame, but congress should have made a better effort to resolve the debt ceiling issue sooner than they did. It never looks good when so much money is involved and decisions are coming down to the last moment. It makes you look bad and unreliable. So much fail to go around... It's just amazing how so many idiots can get such important positions in this country.

    If I'm a democrat, then I'm very upset with Obama for failing to improve... Well anything. But if I'm republican, I'm saddened than Palin and Bachmann might possibly be the ones to "challenge" Obama. Really, the country looks fucked right now.
    yeah im the same way. Its not fair to point the finger at just one political party. It was both of them that screwed up. Lets not forget the tea party. They helped with the fucking of our country too.
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  13. #13
    Atomic Punk rocknblues81's Avatar
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    Quote Originally Posted by Thai Boxer 9901 View Post
    yeah im the same way. Its not fair to point the finger at just one political party. It was both of them that screwed up. Lets not forget the tea party. They helped with the fucking of our country too.
    I've seen some Democrats saying we got what we deserved for giving some power back to Republicans. Hey... I'm not with either party, but I surely can't feel comfortable with either side having almost complete control. But the deal is the have to work together on issues like this and come to a logical agreement. It's not like they don't have petty issues that they can play the politics game over.

  14. #14
    Atomic Punk Dave's Dreidel's Avatar
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    12.11.17 @ 05:21 PM
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    Our country only seems to react to something once it reaches crisis level.

    Hopefully this is the time.

    I could fix the US economy in two weeks, and I am not saying that to be an arrogant ass. Anyone with any financial sense knows what needs to be done, but a combination of elected officials that I would term to be idealogical slaves and special interests not wanting to give up their slice of the pie makes it almost impossible to accomplish.

    The President, our current, or any future sitting President, needs to have the balls to stand up and say this is what needs to be done, to hell with the political consequences.

    I have come to the absolute conclusion that Western civilization is on the decline (Europe and America), it just whether or not it is going to be a hard or soft landing.
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  15. #15
    Good Enough Thai Boxer 9901's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    Our country only seems to react to something once it reaches crisis level.

    Hopefully this is the time.

    I could fix the US economy in two weeks, and I am not saying that to be an arrogant ass. Anyone with any financial sense knows what needs to be done, but a combination of elected officials that I would term to be idealogical slaves and special interests not wanting to give up their slice of the pie makes it almost impossible to accomplish.

    The President, our current, or any future sitting President, needs to have the balls to stand up and say this is what needs to be done, to hell with the political consequences.

    I have come to the absolute conclusion that Western civilization is on the decline (Europe and America), it just whether or not it is going to be a hard or soft landing.
    This is certainly one of those times when i wish Teddy Roosevelt was still around. He was the kind of guy who didnt put up with any kind of shit and he got shit done. Sure, congress hated him because he was so aggressive but people loved him because he wasnt afraid to attack those who thought so holy of themselves.

    Now a days...you cant have a politician make some sort of decision without them mentioning their re-election chances. Whether its democrat, republican, independent or tea party...they are all full of shit but yet we elected them.
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