Earlier, an S&P official said there is a 1 in 3 chance that the U.S. credit rating could be downgraded another notch if conditions erode over the next six to 24 months. The credit rating agency's managing director, John Chambers, told ABC's "This Week" that if the fiscal position of the U.S. deteriorates further, or if political gridlock tightens even more, a further downgrade is possible. http://www.reuters.com/article/2011/08/07/us-crisis-usa-chambers-idUSTRE7761C420110807
As well as down grade more Individual Companies. Fucking Idiots in DC are scrambling and trying to discredit the down grade. Obama is trying to spin this in his favor. S&P has it right on this one. Moodys and Fitch have zero balls. However, Moody's and Fitch may be forced to speak the truth before the end of the month. We could see them follow in a few months. We are heading into a bear market , will be far worse than the one prior but hopefully, the markets will find a real bottom. FEDS, DC are out of bullets. We can sell to 911 lows. easy.
Obama got punked by the GOP. I would have done the coin seignorage thing and tell them all to FU and we would not have this downgrade.
Little dated but still funny. http://www.chandlerswatch.com/2009/...makes-his-decisions-—-courtesy-of-south-park/
We have been in a secular bear market since 2001, with the odd 2 or 3 year bull run in between. The bear market will be over when the stock market goes down and stays downs for several years, not the V shaped bounces we had in 2002 and 2009. The stock market needs to go back down to the 2008/2009 lows (or even lower, S&P 500 to below 600) and stay there until investors throw in the towel for stocks and say they will never invest in stocks again. P/E ratios need to be single digits across the board. Then a new secular bull market can start in the second half of this decade.
Debt got downgraded, yet bonds are rallying and the dollar along with them, and stock are falling. Doesn't make sense. So, this should be now a job of the secret service and the FBI to investigate what is going on. Who is collaborating with whom to derail US recovery. It is crazy to downgrade the US, a 14 trillion dollar economy and to leave many countries in Europe with a AAA rating. This may be the case of a real conspiracy here. Too many people will suffer because of these downgrades.
Take it easy Ron..there is no conspiracy..bond rallying because everyone is running from stocks. money gotta work..same for dollar.. http://www.elitetrader.com/vb/showthread.php?s=&postid=3261691#post3261691
I applaud S&P `s actions to make the unpopular but accurate call....& then stand up to the current administrations demand to repeal the rating...but then to turn around & issue another downgrade come november if things don`t change. monetizing debt does not work as evidence of our own policies.