US AAA credit rating downgraded

[grumbler]

Who's bashing the rating agencies?

I think maybe AR is.  It isn't clear why he would be raising the  issue otherwise.

[alfred russel]

Who's bashing the rating agencies?

I've read a bunch of stuff bashing S&P.

[alfred russel]

Who's bashing the rating agencies?

I think maybe AR is.  It isn't clear why he would be raising the  issue otherwise.

I'm not--I'm just commenting that I think the bashing is poor form.

[Ed Anger]

Let's blame foreigners instead. After all, they can't be trusted.

[grumbler]

I'm not--I'm just commenting that I think the bashing is poor form.

Outside stuff?  I haven't seen it, but am not surprised.  I agree that anyone who thinks the problem lies in the rating agencies is deluding him/her self.

[alfred russel]

I'm not--I'm just commenting that I think the bashing is poor form.

Outside stuff?  I haven't seen it, but am not surprised.  I agree that anyone who thinks the problem lies in the rating agencies is deluding him/her self.

Here is an article with unnamed people in the treasury department complaining about "amateur hour" and some sharp comments from Barney Frank.

http://www.upi.com/Top_News/US/2011/08/05/SP-lowers-US-credit-rating/UPI-63661312591495/

[MadImmortalMan]

Here is an article with unnamed people in the treasury department complaining about "amateur hour" and some sharp comments from Barney Frank.

http://www.upi.com/Top_News/US/2011/08/05/SP-lowers-US-credit-rating/UPI-63661312591495/

[alfred russel]

I just saw this from the man at the top:

The credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating, Treasury Secretary Timothy Geithner said Sunday.

"They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision.

...

Geithner alluded to those problems in his interview Sunday, saying about the credit agencies: "Look at the quality of judgments they've made in the past."



http://finance.yahoo.com/news/Geithner-SP-showed-terrible-apf-713857951.html?x=0

[AnchorClanker]

Good job, Rebublicans. 

You could give these assclowns Switzerland and they'd turn it into Somalia in three months.

Well, they argue that government is the problem - and then they do their darndest to ensure that it's true.

[grumbler]

Here is an article with unnamed people in the treasury department complaining about "amateur hour" and some sharp comments from Barney Frank.

http://www.upi.com/Top_News/US/2011/08/05/SP-lowers-US-credit-rating/UPI-63661312591495/ 

A whole lotta nothin' in that story, and Frank makes Cantor look like Einstein, so no surprises from him, either.

[DontSayBanana]

How does Frank stay on the Financial Services Comittee, anyway?  This is the man who thought every executive's contract bonuses should just be abrogated outright; him calling anything S&P does "amateurish" is, at best, the pot calling the kettle black.

[CountDeMoney]

Your assessment that "without the brinksmanship our overall situation in regards to the debt mess would be worse, not better" is what makes you retarded.

You know what would've happened without the brinksmanship over the debt ceiling? Nothing.  Like the last 30 fucking times it's gone up.

Way to swallow the Kool-Aid over actuarial accounting procedures, Berk.

If I need someone to beat a nigger's head in with a collapsible tactical baton I know where to look, but obviously you're not a good place to turn for reasoned analysis on the economy.

While S&P certainly mentioned the political gridlock over the decision to raise the debt ceiling in their analysis, my actual reading of it suggests our long term projected debt-to-GDP ratio and the fact that even after months of political wrangling we only got a $2tn / 10 year deficit reduction showed them we were not moving in a good place in regards to debt long term.

If S&P isn't totally lying about why they downgraded us, then Obama's plan to just get a rubber stamp approval with no deficit reduction at all (that was his position before everything began) would arguably have still lead to this and possibly more with the other two agencies joining in. The market and these agencies were expecting deficit reduction before the ceiling was raised, that had been known as what was going to happen ever since the budget was approved and there was talk about focusing on spending cuts come debt-ceiling renewal time. If the GOP had just rubber stamped the raising of the debt ceiling with no reduction in long term spending at all, I genuinely think the markets and ratings agencies would have responded worse than they have so far.

I will say of course the GOP had an opportunity to get "100% of what they wanted" if they had agreed to the $4tn deficit reduction plan that Obama had on the table at one point.

Oh, bullshit.  It's a confidence game.  If it had gone through without the Tea Party histrionics, we'd all still be talking about Casey Anthony right now.

[Barrister]

Yes - that is a large part of why we are doing so well.  So?  My point still stands.   

(the other part being generally good financial balance sheets for both government and consumers)

Sure. But I felt the fact that we are simply selling unprocessed stuff to others kinda reduced the "merit" aspect which generally comes with gloating.

I would be much more impressed if the Canadian economy reduced economic disparity between its citizens.

The entire world's economy is going to hell in a handbasket.  I point out that Canada is actually doing well - and you're 'not impressed'?

I'm so sorry you're not impressed with Canada's economic performance.  But since everyone I know can find work, stay in their home, and be fairly productive, I dare say we're doing pretty well.

[CountDeMoney]

Canada's doing just fine because she's hiding and hoping nobody's going to notice her.

Hey BB, is it a conflict of interest in your position to sponsor a visa applicant, by chance?

[Barrister]

Canada's doing just fine because she's hiding and hoping nobody's going to notice her.

Hey BB, is it a conflict of interest in your position to sponsor a visa applicant, by chance?

I dunno - you know anyone willing to be a live-in nanny?  Child care is expensive north of 49...