I'm starting to feel kinda sorry for BO, hope and change has become lamentation and gnashing of teeth. It appears he has overtaken Jimmy Carter for basement honors.
Dagong Global Credit Rating, the leading Chinese rating firm, already downgraded the USA to A+ and is considering to downgrade again, to A. Of course that's way way WAY closer to reality than the insane AAA status. American credit agencies of course know that if they want the world to take them seriously, they'll HAVE to downgrade the USA You simply can't hand out AAA when the Debt/GDP ratio is as bad as Ireland's (see IMF data) and expect to be taken seriously ...
269.30675 bil is the average deficit under bush 1203.75 bil / yr is the average under obama so far, and does not count his projections going forwards which are equally outrageous (http://www.davemanuel.com/history-of-deficits-and-surpluses-in-the-united-states.php) debt crisis = all obama's ridonculously sized government agenda "The problem with socialism, is that you eventually run out of other people's money"-Margaret Thatcher
Why don't the government go after the SP and shut them down? Lol the globalists are really full of themselves. http://www.latimes.com/business/la-fi-credit-rating-hearing-20110728,0,7336630.story Sharma received his Bachelor's Degree from Birla Institute of Technology, Ranchi, India Although S&P has said a plan that reduces the budget by $4 trillion over the next 10 to 12 years would save the nation's top-level credit rating, Sharma indicated that was not a magic number. A package of budget savings that is less than $4 trillion also could satisfy S&P's analysts, he said. But he would not give a specific figure.
Sorry, but your numbers are incorrect. The 2002 to 2009 budgets were signed into law under Bush. According to the website below this post, these 8 budgets added $6.1T to the debt or $762.5Billion per year. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm
I have a primitive question: Say S&P downgrade US, and that Fitch also downgrade US later, but Moody said no downgrade. What would happen to the AAA rating? Do we go w/ Moody or S&P? Does mutual fund who only buy AAA rating bond use Moody as the standard or use the other 2 as the standard?
why do people even bother listening to these rating agencies? They seems to be downgrading anything they can point at these days. Why don't investors downgrade S&P's status as a credible source or insight to what they really are; a bunch of idiots.
The whole basis of finance is that treasury bills are safest risk-free investment. Downgrading will have no effect on the market.
Straight from Moody's: "Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk." If your situation takes the name 'debt crisis' does that denote "highest quality" or "minimal credit risk"? Not in my book!
You were right, of course. Moody's says US should retain top credit rating http://finance.yahoo.com/news/Moody...2.html?x=0&sec=topStories&pos=2&asset=&ccode= instead they put Spain on downgrade watch Rating agencies=clowns