U.S. credit rating outlook lowered by S&P

And we have another first by the Obama Administration.

"NEW YORK (CNNMoney) -- The United States is at risk of having its pristine credit rating lowered if politicians in Washington cannot agree on a plan to bring down the nation's deficits over the long term, ratings agency Standard & Poor's said Monday.

S&P, one of the three main agencies that rate the ability of companies and sovereign nations to repay their debts, lowered its outlook for America's long-term credit rating to "negative" from "stable."

The change means that there is a one-in-three chance that S&P could downgrade the nation's "AAA" credit rating within two years. That would make it harder for the U.S. government to borrow money to fund its activities.

While S&P believes the U.S. economy is diverse and that the nation's monetary policy is sound, the agency said a downgrade is possible if Congress and the Obama administration fail to enact a credible deficit reduction plan."

Full Article:
http://money.cnn.com/2011/04/18/news...ered/index.htm

Well, the community organizer did promise "Change". So it looks like he delivered on that promise.

Doesn't anyone ever ask why private banks are in charge of the public economy?

Quote:

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Originally Posted by David Jamieson

Doesn't anyone ever ask why private banks are in charge of the public economy?

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I have no clue where you get some of your info, but the Congress and the President are responsible for our spending and budget, not private banks.

Quote:

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Originally Posted by BJJ-Blue

I have no clue where you get some of your info, but the Congress and the President are responsible for our spending and budget, not private banks.

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Your own federal reserve is a private corporation.
The banks who set the interest rates are private.
Here in Canada too.

The President and Congress can spend and budget all he likes, but if the Bank ups the interest rate, you pay more in taxes to clear your deficit. period. That is a bank making a decision that directly effects the ability to budget within a Government.

Why isn't all fiat currency, such as it is, regulated from the people down instead of the bankers down?

You know, it is S&P and not your government that is setting rates. And regarding rates, consider this:

If all the money in america was one dollar, and you borrowed it and there was 10% interest, where would that come from?

The Federal Reserve is not a private corporation. And while banks do set their own interest rates, the Fed sets the prime lending rate.

I know you despise the private sector, but you simply cannot make up facts to make them look bad.


I have no clue what you mean by this:

"The President and Congress can spend and budget all he likes, but if the Bank ups the interest rate, you pay more in taxes to clear your deficit. period."

No bank decides what interest we have to pay on the money we owe China. And we can always cut spending to clear the deficit, not just raise taxes.

FYI, revenues under Reagan DOUBLED compared to Carter, and yet Reagan cut tax rates.

You appear to know as much about economics as the comunity organizer does.

^lol.

wtf are you talking about Reagan for?

loon. :p

To show the fact that cutting taxes increases revenue.

The solution is simple; cut taxes, spending, and overbearing regulations and the problem will be solved. Increasing taxes and not cutting spending is just throwing gas on the fire.

Quote:

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Originally Posted by David Jamieson

loon. :p

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You resort to your tried and true tactics yet again. :rolleyes:

Why are you calling me a loon when you are the one who is either very mistaken/misinformed about many things or flat-out making things up?

I could name several things you've been completely wrong about in this thread. Do I need to do that?

Dude, you're all over the place! lol

and you're wrong.

oh well. :rolleyes:

"private banks are in charge of the public economy" - WRONG!

"You know, it is S&P and not your government that is setting rates." - WRONG!

"if the Bank ups the interest rate, you pay more in taxes to clear your deficit" - WRONG!

"Your own federal reserve is a private corporation." - WRONG!

"and you're wrong." - WRONG!

Feel free to prove that I am wrong though. ;) However, I bet you just resort to calling names or spamming the thread.