S&P Downgrades US Credit

[discoberry]

The US is now AA+

Sorry no link just saw it on CNN and their is nothing on Google news

[EDIT] Okay now there is links:
www.bloomberg.com/news/2011-08-06/u-s-credit-rating-cut-by-s-p-for-first-time-on-deficit-reduction-accord.html

[ironbite]

Its all over Huffingtonpost and various other news sites.

Ironbite-THANKS A LOT TEA PARTY!

[discoberry]

Aug 5, 2011 19:46:46 GMT -5 ironbite said:

Its all over Huffingtonpost and various other news sites.

Ironbite-THANKS A LOT TEA PARTY!

yeah i just posted one from google news. what a difference 9 mins makes now there is 321 links to news articles

[anon87311]

god dammit tea party. :/ way to fail.

[Armand Tanzarian]

Thank God they did this on a Friday evening. The stock market's gonna freak even more.

But seriously no one in the Tea Party will understand the consequences. Hell, how many of you on FSTDT know what's gonna happen (hint: higher loan interest rates for literally everyone, less investment which is the kind of thing that spurs the market into production)? Even if the teabaggers do know the consequences, I doubt they care. They're nihilists, and will stop at nothing until there is no United States government left to speak of.

[Amaranth]

Aug 5, 2011 19:46:46 GMT -5 ironbite said:

Its all over Huffingtonpost and various other news sites.

Ironbite-THANKS A LOT TEA PARTY!

Obama should have negotiatied with the Terrori...Tea Party.

[caseagainstfaith]

Aug 5, 2011 21:40:53 GMT -5 Amaranth said:

Aug 5, 2011 19:46:46 GMT -5 ironbite said:

Its all over Huffingtonpost and various other news sites.

Ironbite-THANKS A LOT TEA PARTY!

Obama should have negotiatied with the Terrori...Tea Party.

I would of rather he crucified them instead just my opinion of course.

Edit so not to double post

Here is some good news guys.

The downgrade may not have much effect on government interest rates. In a post last week, I laid out three reasons for this. They're worth reprising now:

1. The vast majority of U.S. debt is held by big institutions like pension funds and central banks. Those institutions do their own research on sovereign debt, and don't tend to be heavily influenced by rating agencies, Amitabh Arora, a researcher at Citigroup, recently told Planet Money. Arora told us a downgrade would have "little impact on Treasury yields."

2. Ratings are a factor in financial-industry regulations and in internal policies at financial institutions. But almost all of these regulations and policies treat a AAA rating the same as a AA-plus rating. So a downgrade from AAA to AA-plus is unlikely to trigger much forced selling, Arora said. The nation's bank regulators announced tonight that the one-notch downgrade doesn't affect the way they assess banks' holdings of government debt. And an official at Vanguard, the big mutual fund company, told me last week that "a downgrade from AAA would not trigger any events inside our funds."

3. When other countries were downgraded from AAA to AA, the effect was minimal in most cases, according to this this report from AllianceBernstein. Japan, for cexample, was downgraded in 2009, to little effect. When Canada was downgraded in 1994, its interest rates briefly went up by half a percentage point — but two months later, rates had come back down to where they were before the downgrade. (Canada later regained its AAA rating, by the way.)

source - www.npr.org/blogs/money/2011/08/05/139038518/why-s-ps-downgrade-of-the-u-s-may-not-be-as-bad-as-it-sounds

At least it is a little good news out of all this.

[anon87311]

I'll say this. I'm not so worried about the credit rating thing, as said above, because it doesn't affect things(at least, the rating itself doesn't). However, the problem is that people will start to panic, and screw things up more. *sigh*

[stormwarden]

^This.

That, and the Tea Party will likely not learn its lesson. and screw things up even worse than before. I've seen GOLDFISH with a better learning curve than the Tea Party, and I'm not sure I wish to insult the goldfish.

[anon87311]

I've seen rocks with better learning curves. they at least learn to go with the flow of the water. tea party tools would stand there and die.

[itachirumon]

Are you kidding? The Tea Party would shriek at the water and rush against it, demanding it yield to them and getting pissed when it wouldn't.

[anon87311]

Well. I was talking about a 200 foot wall of water, but hey, you're probably right. That actually makes me sadder then I should be. when did we let people this stupid become public figures?

[Armand Tanzarian]

Aug 6, 2011 2:25:16 GMT -5 anon87311 said:

Well. I was talking about a 200 foot wall of water, but hey, you're probably right. That actually makes me sadder then I should be. when did we let people this stupid become public figures?

When stupidity and selfishness became a virtue, helping your fellow man becomes a "liberal" trait, that's when. The idiot screeds who say morality matters are right; they're just wrong about which morals are "right".

[tempus]

So can we now say that "Teabagger" is an appropriate name to use to describe the legions of derptastic assholes who helped fuck us up?

I've seen rocks with better learning curves. they at least learn to go with the flow of the water. tea party tools would stand there and die.

The real danger would be if it rained--they're liable to drown themselves staring up in mute incomprehension at the clouds.

[itachirumon]

Aug 6, 2011 2:40:36 GMT -5 tempus said:

So can we now say that "Teabagger" is an appropriate name to use to describe the legions of derptastic assholes who helped fuck us up?

I've seen rocks with better learning curves. they at least learn to go with the flow of the water. tea party tools would stand there and die.

The real danger would be if it rained--they're liable to drown themselves staring up in mute incomprehension at the clouds.

Mute incomprehension? Like the water wall, they'd be screaming at the sky for raining on them. Then they'd legislate against the sky for it's liberal agenda of giving free healthcare to plants and redistributing the water supply. What have those lazy plants ever done for us? Or those even lazier fucking trees.

I probably have more