S&P Downgrades US Bond Rating From AAA status to AA+

[lit joe]

http://www.nytimes.com/2011/05/25/bu...5chrysler.html
Chrysler paid back its loans.

Ok now what can we do with the deadbeats at G.M. market droped today G.M stock not looking so good. Maybe a promotion buy a aveo get a free volt.

[Mikeg]

Let's all wait like Hoover did for the economy to fix itself. lol

You've been watching too much Rachel Maddow.

Under the Hoover administration, the Federal Government:

- made loans to the states for welfare relief
- spent $600 million on Federal construction of public works
- loaned $1.5 billion to businesses for the purpose of increasing employment
- strengthened the capitalization of the Federal land banks so they could make emergency loans to farmer's cooperatives and prevent foreclosures and bankruptcies
- created the National Credit Association, preventing the failure of hundreds of banks
- created the Reconstruction Finance Corporation and infused it with $2 billion capitalization in an effort to keep credit flowing between banks and borrowers and to protect depositors.
- expanded the functions and the powers of the Federal Reserve banks to counteract the shrinkage of credit.
[source]

Hoover successfully "jawboned" business, manufacturing and agriculture leaders to not cut wages and hours; but with the continued decline in consumer demand, something had to give and a 25% unemployment rate was the predictable result. Government spending increased 47% during the course of the Hoover Administration.

Hoover's initiatives may not have been been very effective, but neither were FDR's. Nevertheless, it is ridiculous to asset that Hoover did nothing.

Years later, even former FDR advisor Rex Tugwell had to admit,

"When it was all over, I once made a list of New Deal ventures begun during Hoover’s years as secretary of commerce and then as president…. The New Deal owed much to what he had begun."

[source]

[Detroit Stylin]

You've been watching too much Rachel Maddow.

Under the Hoover administration, the Federal Government:

- made loans to the states for welfare relief
- spent $600 million on Federal construction of public works
- loaned $1.5 billion to businesses for the purpose of increasing employment
- strengthened the capitalization of the Federal land banks so they could make emergency loans to farmer's cooperatives and prevent foreclosures and bankruptcies
- created the National Credit Association, preventing the failure of hundreds of banks
- created the Reconstruction Finance Corporation and infused it with $2 billion capitalization in an effort to keep credit flowing between banks and borrowers and to protect depositors.
- expanded the functions and the powers of the Federal Reserve banks to counteract the shrinkage of credit.
[source]

Hoover successfully "jawboned" business, manufacturing and agriculture leaders to not cut wages and hours; but with the continued decline in consumer demand, something had to give and a 25% unemployment rate was the predictable result. Government spending increased 47% during the course of the Hoover Administration.

Hoover's initiatives may not have been been very effective, but neither were FDR's. Nevertheless, it is ridiculous to asset that Hoover did nothing.

Years later, even former FDR advisor Rex Tugwell had to admit, [source]

http://en.wikipedia.org/wiki/Herbert...eat_Depression

and what happened immediately afterwards?

[GOAT]

I would argue that FDR's new deal didn't do anything. In fact when it was demanded he par it down, the unemployemnt rate in, I think 1936 jumped to 19%. When he was able to stimulate the economy as he intended the unemployment rate went down to 14%.

[Original63]

Ok now what can we do with the deadbeats at G.M. market droped today G.M stock not looking so good. Maybe a promotion buy a aveo get a free volt.

Why are so many people whining about creating jobs?? because they hate Unions and people who actually work and build something. All Right wingers care about is do you belong to a union, if the answer is yes then you don't deserve a job according to them. Read below and keep crying about Our President who saved over 1 million jobs.

The President’s decision to save GM and Chrysler was about more than those two companies. It was about standing behind the countless workers, communities, and businesses – large and small – that depend on the automotive industry.

Two years later, the American auto industry is mounting a comeback. General Motors is expanding production and adding jobs, while Chrysler recently repaid its outstanding loans to the U.S. Treasury - six years ahead of schedule. Since GM and Chrysler emerged from bankruptcy, the auto industry has created 115,000 jobs, its strongest period of job growth since the late 1990s. GM, Ford and Chrysler have all returned to profitability, and in 2010, the “Detroit three” gained market share for the first time since 1995.

[rb336]

Obama complains about the problems he "inherited".
He also inherited an AAA rating, and blew it today.

That is moronic. The CONGRESS did that. Guess how many of the countries with better debt ratings than we have have significantly higher income taxes AND VAT. all of them

[WKL]

I liked Bill Maher's comment - he heard Moodys was thinking of changing the US credit from AAA to WTF.

Jon Steward points out the Isle of Man still has a AAA rating.

[Danny]

If the U.S. keep on losing the Debt Ceiling brining more defaults their credit rating will downgrade from AA+ to FU-!!

[oladub]

That is moronic. The CONGRESS did that. Guess how many of the countries with better debt ratings than we have have significantly higher income taxes AND VAT. all of them

I don't know. The ones in Europe with 20% unemployment? Some of those countries have national health care so they have to pay higher taxes while we still pay high insurance rates. Maybe when the full costs of Obamacare come into play, we can be paying Euro level taxes and still have reduced S&P ratings; the worst of both worlds. Thank you President Obama for so many bold new wars and other spending programs!

[GOAT]

Canada has AAA and an 7.1% unemployment rate as do a few other northern Euro nations as well [[plus Australia).

The fact of the matter is the USA has a REVENUE problem and the only way to fix it is to raise your paltry taxes AND cut the horrendous spending. But right now the USA needs stimulus spending but it needs to be watched carefully so that it isn't pissed away like the last program where there was no accountability [[and wasn't large enough).

Yes, you may say the above is hypocritical but the last stimulus package was too small with zero accountability. Sorry but this now has to be done again. Once the jobs come back then and only then can spending be brought under control [[read slashed like a dress maker making a bikini). But you still gotta keep the taxes up.

[coracle]

Obama's changed Bush's AAA rating to AA+ and his 5.7% unemployment level to 9.2% [[and counting) in a mere 2.5 years. Imagine what he could achieve in a full 8 years. We'll be broke; many businesses will have gone to the wall or aboard, ther'll be more on food stamps than not, and the max tax rate will be 90% or our Credit Cards will have been closed. But non of it will be his fault. He'll be the last of the big spenders.

[ghettopalmetto]

Obama's changed Bush's AAA rating to AA+ and his 5.7% unemployment level to 9.2% [[and counting) in a mere 2.5 years. Imagine what he could achieve in a full 8 years. We'll be broke; many businesses will have gone to the wall or aboard, ther'll be more on food stamps than not, and the max tax rate will be 90% or our Credit Cards will have been closed. But non of it will be his fault. He'll be the last of the big spenders.

"BUSH's" AAA rating? You mean, the guy who was handed three oil companies and ran them all into the ground? Then as president, took us from annual fiscal surplus to doubling the national debt by choosing to hand out unneeded tax cuts and engage in a trumped-up war? And then pushed the incredibly expensive Medicare Part D? THAT PARAGON OF FISCAL SANITY???

Blow it out your ass. The debt downgrade was political, in light of our esteemed Tea Party's willingness to throw the entire nation under the bus for the sake of scoring political points.

Then again, S&P rated Lehman Brothers at AAA until one month before that company imploded on itself, so take it as you will.

Please send us postcards from the moon. It sounds like it's quite lovely and idealistic up there, as well as oxygen-deprived.

[maxx]

http://blog.reidreport.com/2011/08/v...puUXx.facebook

[coracle]

You overlooked including one of your stupid implausible excuses for the 5.7% unemployment level to 9.2 [[and counting). Never mind I would still enjoy Blowing it out of my ass if you could strategicaly position your face in line. It would be my pleasure.

[WKL]

Now let me get this straight, the market is tanking again today and money seems to moving to the newly downgraded Treasury bonds. WTF

[Papasito]

Bush was quickly pushing us towards the cliff
Obama sent us over it.
'Nuff said.

Any defense of a President who made a bad thing worse is just nonsense.

[Papasito]

http://money.msn.com/market-news/pos...f-6b2f3a77b04a
Dow falls 520

The Dow Jones industrials [[$INDU) finished off 520 points, wiping out all of Tuesday's 430-point rally. Gold [[-GC) for December delivery briefly hit $1,801 an ounce, the first time the metal has crossed $1,800. The 10-year Treasury yield briefly fell to as low as 2.09%.

Another happy day

[Danny]

Well super rich folks. How does it feel to be POOR!

[Papasito]

IF Obama had been President first, and all of this today happened under Bush, Everything would be Bush's fault and the Media & everyone else would be tearing his ass to pieces.

I'm no Bush lover, well at least no George Bush lover. I'm just stating a fact.
Everyone has a thousand excuses for Obama. The man is never responsible for anything.

[maxx]

MikeG:
And when did Hoover do all that? The Recon. Fin. Corp and Glass Steagall didn't get passed until 1932. Hoover believed that people should look for relief from churches and family not the gov.. He did try a few things like radically reducing taxes on the rich. No doubt he was expecting all those rich people to start creating jobs. lol
Most people conclude that Hoover did too little and too late.

[maxx]

Bush was quickly pushing us towards the cliff
Obama sent us over it.
'Nuff said.

Any defense of a President who made a bad thing worse is just nonsense.

And just how did he make a bad thing worse if we were losing jobs in 2008 at the rate of over 500,000 a month and now we are creating jobs again?

http://money.cnn.com/2009/01/09/news...jobs_december/

[oladub]

And just how did he make a bad thing worse if we were losing jobs in 2008 at the rate of over 500,000 a month and now we are creating jobs again?

http://money.cnn.com/2009/01/09/news...jobs_december/

260,000 new jobs a month would have to be created every month from now until the end of President Obama's second term to bring the US back down to the level of unemployment existing when Obama took office. We need 90,000 new jobs a month just to keep up with population growth. We continue to get further behind under Obama. Glad you are happy with his sorry results though. Maybe if you added all the new jobs Obama's policies have created in Asia, his numbers would look better.

[Detroitej72]

Blow it out your ass. The debt downgrade was political, in light of our esteemed Tea Party's willingness to throw the entire nation under the bus for the sake of scoring political points. .

There is a vocal minority in this country that will stop at nothing to make Obama a one term president.

Then again, S&P rated Lehman Brothers at AAA until one month before that company imploded on itself, so take it as you will.

I have yet to hear a conservative dispute this fact, yet they still hold S&P's ratings as some sort of Gospel.

[Zacha341]

Aw shucks! Don't 'cha know by now that if you have criticism for president Obama's administration and policies therein you're a BUSH LOVER or a REPUBLICAN or worse a Tea Party type. Oh the horrors... Both parties are so full of it, and the double standards are glaring at this point!

IF Obama had been President first, and all of this today happened under Bush, Everything would be Bush's fault and the Media & everyone else would be tearing his ass to pieces.

I'm no Bush lover, well at least no George Bush lover. I'm just stating a fact.
Everyone has a thousand excuses for Obama. The man is never responsible for anything.

[Zacha341]

More to the point [[where a percentage of us live): Middle class, how does it feel to be slipping into poverty?

Well super rich folks. How does it feel to be POOR!