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S&P Downgrades US Credit

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Zergneedsfood
Profile Blog Joined September 2008
United States10671 Posts
Last Edited: 2011-08-06 01:25:38
August 06 2011 00:43 GMT
#1
To the Mods: Can you please change "OUR" in the title of the topic to "US"? So sorry. Forgot this board is international. xD

According to CNBC:


Michele Constantini | PhotoAlto | Getty Images

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

U.S. Treasurys, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months.


The rest of the article is here: http://www.cnbc.com/id/44039103.

Anyone who wants to read why S&P downgraded us can go to this link:
S&P Downgrade Report

Here's an excerpt from it:

• 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.
• More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a
negative outlook to the rating on April 18, 2011.
• Since then, we have changed our view of the difficulties in bridging the
gulf between the political parties over fiscal policy, which makes us
pessimistic about the capacity of Congress and the Administration to be
able to leverage their agreement this week into a broader fiscal
consolidation plan that stabilizes the government's debt dynamics any
time soon.
• The outlook on the long-term rating is negative. We could lower the
long-term rating to 'AA' within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new
fiscal pressures during the period result in a higher general government
debt trajectory than we currently assume in our base case.


This has a lot of consequences as our downgrade is probably going to result in higher interest payments on loans, and the average American family is going to experience those higher rates too.

I hate my country, but I gotta laugh at how bad our Congress was. A bad debt deal didn't do anything but stall the downgrade.
/人◕ ‿‿ ◕人\ Make a contract with me and join TLADT | Onodera isn't actually a girl, she's just a doormat you walk over to get to the girl. - Numy 2015
Klogon
Profile Blog Joined November 2002
MURICA15980 Posts
Last Edited: 2011-08-06 01:00:59
August 06 2011 00:49 GMT
#2
We need to make sure that the politicians who stalled for bullshit political reasons all need to never step a foot in Washington again. The level of political gaming during such a crucial time was just absolutely unacceptable. Gosh, another blow to economy after the turmoil today/yesterday.

And it seems S&P has not downgraded it yet and will review its math:
http://online.wsj.com/article/SB10001424053111903366504576490550023165380.html?mod=WSJ_Home_largeHeadline

EDIT: Nvm, it was indeed downgraded.
Zergneedsfood
Profile Blog Joined September 2008
United States10671 Posts
August 06 2011 00:50 GMT
#3
I actually got an e-mail notification from the Financial Times.

I tried to find an article that confirmed it but they were all from around 30 minutes ago.

The headlines at the New York Times also confirms the credit downgrade.
/人◕ ‿‿ ◕人\ Make a contract with me and join TLADT | Onodera isn't actually a girl, she's just a doormat you walk over to get to the girl. - Numy 2015
DKR
Profile Blog Joined June 2011
United Kingdom622 Posts
Last Edited: 2011-08-06 00:52:13
August 06 2011 00:51 GMT
#4
an interesting poll in the economist was quite revealing of who were the main (note main) culprits in not compromising on the debt ceiling/budget problems in general.

http://www.economist.com/node/21524888
"1 base. Cheese man." - MKP. "[MVP] is not stylistic, his style is winning, which is the style you want to have." - Artosis
jon arbuckle
Profile Blog Joined November 2009
Canada443 Posts
August 06 2011 00:52 GMT
#5
They reviewed the math and confirmed the downgrade ~8:30pm EST.
Mondays
QuanticHawk
Profile Blog Joined May 2007
United States32051 Posts
August 06 2011 00:56 GMT
#6
On August 06 2011 09:49 Klogon wrote:
We need to make sure that the politicians who stalled all for all that bullshit political reasons all need to never step a foot in Washington again. The level of political gaming during such a crucial time was just absolutely unacceptable. Gosh, another blow to economy after the turmoil today/yesterday.

And it seems S&P has not downgraded it yet and will review its math:
http://online.wsj.com/article/SB10001424053111903366504576490550023165380.html?mod=WSJ_Home_largeHeadline


I'm pretty sure this is correct and done after a review. Reuters and NYT both reporting.
PROFESSIONAL GAMER - SEND ME OFFERS TO JOIN YOUR TEAM - USA USA USA
Probe1
Profile Blog Joined August 2010
United States17920 Posts
August 06 2011 00:58 GMT
#7
To our elected officals I have a sincere message:
For fucks sake just go. I don't even want to look at you gagglefucks anymore. Don't bother coming back for your stuff we'll have it sent to you.

Thanks for all the shit sandwiches and graft. It's been a interesting ten years but we're just different people now. It's time for us to go in a new direction with someone that won't hurt us all the time. Just leave.
우정호 KT_VIOLET 1988 - 2012 While we are postponing, life speeds by
Yttrasil
Profile Joined April 2010
Sweden651 Posts
August 06 2011 00:58 GMT
#8
It's gonna be a darned bloody monday, the timing couldn't be worse than it is now after this weeks losses. Will be "interesting" to see this play out so to say. Is this the first time this has happened?
Meh
On_Slaught
Profile Joined August 2008
United States12190 Posts
August 06 2011 00:58 GMT
#9
And the first shoe drops...

I agree monday is going to be very very ugly for the markets. I hope the tea party people are happy.
DKR
Profile Blog Joined June 2011
United Kingdom622 Posts
August 06 2011 01:01 GMT
#10
On August 06 2011 09:58 On_Slaught wrote:
I hope the tea party people are happy.


This.
"1 base. Cheese man." - MKP. "[MVP] is not stylistic, his style is winning, which is the style you want to have." - Artosis
Probe1
Profile Blog Joined August 2010
United States17920 Posts
Last Edited: 2011-08-06 01:02:27
August 06 2011 01:02 GMT
#11
I wish other countries didn't know about the tea party >.>
Bush was embarrassing enough.
우정호 KT_VIOLET 1988 - 2012 While we are postponing, life speeds by
Calm
Profile Joined September 2010
Canada380 Posts
August 06 2011 01:02 GMT
#12
Another downgrade possible in 12 to 18 months... I agree 100% with Klogon, and were I a voting American I would see that happen.
Z3kk
Profile Blog Joined December 2009
4099 Posts
August 06 2011 01:02 GMT
#13
Uh oh...could this be the beginning of the end?

Monday could turn out very bad indeed.
Failure is not falling down over and over again. Failure is refusing to get back up.
Adila
Profile Joined April 2010
United States874 Posts
August 06 2011 01:03 GMT
#14
On August 06 2011 09:58 On_Slaught wrote:
And the first shoe drops...

I agree monday is going to be very very ugly for the markets. I hope the tea party people are happy.


The Tea Party fanatics would have been fine with a default. They will twist this to call for more draconian cuts with no revenue increases.
DeepElemBlues
Profile Blog Joined January 2011
United States5079 Posts
Last Edited: 2011-08-06 01:12:23
August 06 2011 01:07 GMT
#15
The world has absolutely no faith in the ability of the American government to reduce borrowing. Whether it be through reduced spending or greater tax revenue (either through broadening the tax base or raising tax rates). And the reason for it that perception is no one expects us to clearly resolve our political disputes over those issues any time soon.

Obama needs to go regardless; he's a failed president. The worst president on the economic front since Herbert Hoover. Hillary should run I'd vote for her over our in over his head current Executive and any of the current crop of GOP "candidates." At least she's a no-nonsense bitch even if she is a Democrat.

By the way, love how the Tea Party is responsible when the Democrats could have passed a budget for 600 days when they had total control of Congress and then had 200 more in charge of the Senate and refused to do so so they could play politics.

The only reason there was a "crisis" was because the budget votes and debt ceiling votes were pressed up right against each other which was the entire point of the Democrats, so they could demagogue the Tea Party, and look how many people here fell for it

The budget votes could have been months ago and we could have had a battle about spending and taxes then, but Democrats wanted to scare people and blame the Tea Party.

Tea Party called their bluff. Now there is no chance of the economy improving and Obama loses next year. Already a foregone conclusion a long time ago that the GOP would re-take the Senate.

Democrats should learn not to play chicken with the country they always lose.
no place i'd rather be than the satellite of love
SoSexy
Profile Blog Joined February 2011
Italy3725 Posts
August 06 2011 01:07 GMT
#16
http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39&start=100&range=50

On their website it is still written AAA...I'm confused
Dating thread on TL LUL
419
Profile Blog Joined December 2010
Russian Federation3631 Posts
Last Edited: 2011-08-06 01:11:31
August 06 2011 01:07 GMT
#17
A well-deserved downgrade, sadly ~ its clear that no one in Washington, besides a small minority, is actually sincere about cutting spending.

I do believe that this generation (by which I mean "young persons") will be reneging on Social Security and other entitlement promises. What right does our current crop of legislators have to enslave future generations?

It will be the last laugh, so to speak.

PS. Change you can believe in!
?
Senorcuidado
Profile Joined May 2010
United States700 Posts
August 06 2011 01:09 GMT
#18
I just got home and turned in the tv to see this on the news. We can't be that surprised because of the brinksmanship that's been going on, but that's crazy that S&P would downgrade us after rating so much junk in the private sector as AAA for so long.
Grackodile
Profile Joined January 2011
United States263 Posts
August 06 2011 01:11 GMT
#19
S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. "The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges."

I think the tea party definitely contributed to this ^^. Quote taken from a CNN article BTW.
MLG: How is your Protoss? Idra: I make Blink Stalkers, so really, really good.
Stijx
Profile Blog Joined February 2011
United States804 Posts
August 06 2011 01:11 GMT
#20
I think it's the responsibility of all American citizens at this point to get informed and work out exactly who doesn't need another term. Not that that will happen of course.
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