S&P downgrades US credit rating from AAA to AA+

[Libertytree]

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) - Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."

http://mynorthwest.com/?nid=189&sid=465023

[Shami-Amourae]

Where do you guys think the prices of precious metals will be Monday?

[Dogman]

Too bad the ratings are not like battery's , where AA has more Juice that a AAA.

Just saying

[Sparky]

Where do you guys think the prices of precious metals will be Monday?

Which will move more: metals, the stock market, or the bond market?

[Dogman]

Which will move more: metals, the stock market, or the bond market? In truth , probably all of the above.

[Sparky]

In truth , probably all of the above.

Of those three, the bond market probably has the most far-reaching impact in the short-medium term.

[platinumdude]

Anyone buying silver this weekend, thinking it's going to shoot up in the coming weeks?

[Twisted Titan]

Brought to you by the same people that slapped AAA ratings on Mortage Backed Securites.

Lots of confidence there.

[solid]

LOL, gotta love Max. "Wall street bankers are to the middle class, as Buffalo Bill is to the buffalo population...they are wiping them out." Great quote.

[platinumdude]

So what kind of extra bank fees from the credit downgrade is Max talking about?

[platinumdude]

http://economictimes.indiatimes.com/news/international-business/experts-view-on-us-losesing-aaa-credit-rating-from-sp/articleshow/9502883.cms

"One would expect the S&P downgrade to positively impact safe haven assets like gold, which continues to lead the safe-haven asset class. But, because the move was widely expected, we probably won't see a huge move on this news.

"The industrial metals, like copper, may get hit from the move, because it will add to the already weak economic picture that sent it down today. Silver has been a laggard, and it has an industrial component, so it may not be able to benefit as much as gold.

"This will put even closer scrutiny on Bernanke and the Fed this week to see if they will come up with QE3 or some type of stimulus plan."




Interesting that they considered this widely expected.

[vacuum]

Well, you usually see a pre-bump before the news is released because all the insiders get in or out first. We saw silver down for the day or so before this was announced, so that "pre-bump" indicates that silver probably won't be up on Monday.

[Gaillo]

Well, you usually see a pre-bump before the news is released because all the insiders get in or out first. We saw silver down for the day or so before this was announced, so that "pre-bump" indicates that silver probably won't be up on Monday.

Conversely... they sometimes drive the price down in advance, so the insiders can get in cheap for the ride up. We'll see...

[vacuum]

Conversely... they sometimes drive the price down in advance, so the insiders can get in cheap for the ride up. We'll see...
Good point.

[freespirit]

this is having an effect on the markets as well...


The Toronto stock market closed again down sharply by 217.96 points to stand at 12,162.17. The TSX lost around 500 points on Thursday.

In the U.S., the Nasdaq composite closed down, but the Dow was up slightly.

from article a link: http://news.sympatico.ctv.ca/home/us_hit_by_first-ever_debt_rating_downgrade/fc23c5e8

[vacuum]

Did everyone catch this part from the official report?


The outlook on the long-term rating is negative. We could lower the
long-term rating to 'AA' within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new
fiscal pressures during the period result in a higher general government
debt trajectory than we currently assume in our base case.

http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgrade d_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8

[osoab]

Conversely... they sometimes drive the price down in advance, so the insiders can get in cheap for the ride up. We'll see...


This whole past week makes sense as a front run to this announcement.

[osoab]

http://www.youtube.com/watch?v=sCmfHESTOpY&feature=player_embedded


http://www.youtube.com/watch?v=sCmfHESTOpY&feature=player_embedded

[Libertytree]

Ron Paul on the S&P downgrade.

http://finance.yahoo.com/news/Ron-Paul-Issues-Statement-on-bw-3140424839.html?x=0

“We have just learned that for the first time in our history, the United States’ top credit rating has been downgraded by credit rating agency S&P.

“We were told by proponents of increasing the debt ceiling that a credit downgrade would come if we didn’t raise the limit, but the opposite was true.

“The ratings agencies had been warning us for some time that it is imperative upon the U.S. government to get its fiscal house in order and tackle its debt and deficit problem by taking serious steps.

“Unfortunately, the game in Washington has been one of partisan blaming and bipartisan out-of-control spending. “America has been dealing with this severe economic crisis for years because the Washington establishment failed to focus on the true issues at hand: a declining dollar and out-of-control spending.

“Last November, millions of frustrated Americans let it be known that they wanted our debt crisis solved and our spending problem to end. They sent a group of new lawmakers to Washington to end business as usual.

“But the old crowd of elites still refuses to budge on doing everything it takes to get us out of this hole they’ve dug. Instead of real substantial budget cuts, we get minor or ‘fake’ cuts and budget tricks that may or may not happen far off into the future. We get a Congress that abdicates its responsibility to an unconstitutional ‘Super Congress’ with the power to make things worse than they already are.

“The American people realize that our nation can no longer afford to stay on this same path of reckless spending and follow the status quo of Washington. They will not tolerate any further ineffective stimulus schemes that do nothing to help our economy and actually do the opposite to the tune of trillions of dollars in money being spent and printed, and millions of people remaining unemployed and without much economic stability or security.

“If Washington refuses to take heed, there is little cause for optimism.
“Growing inflation, rising gasoline and food prices, and trillion-dollar budget deficits will all soon seem like minor issues if our nation does not immediately change our monetary and spending policies.

“We must take bold actions to reduce out-of-control government spending, and get the federal government out of the way of small business and entrepreneurs so that they can start hiring again.

“If elected President, I pledge to veto any unbalanced budget and to balance the federal budget in the first year of my term. I will fight to reduce taxes and remove unconstitutional regulations so that businesses can hire, Americans can get back to work, and our economy can truly recover.”

[gunDriller]

Where do you guys think the prices of precious metals will be Monday?

i think gold will ratchet up above $1700.

because the stock market is in the middle of crashing, and silver is widely perceived to be an industrial metal, i think silver will be extra-volatile. may track with gold some days, may track with oil & the stock market other days.

until some day - central banks start stocking up on silver. it will happen. might take a while.

[iOWNme]

Watch Timmy Geithner back on April 25th 2011 say there is no way that the AAA credit rating of the US will be downgraded. REALLY listen to this guys words.


http://video.foxbusiness.com/v/4651704/geithner-no-risk-us-will-lose-aaa-credit-rating/


Fox Business reporter Peter Barnes began his televised interview with Treasury Secretary Tim Geithner two days ago with this question:

-“Is there a risk that the United States could lose its AAA credit rating? Yes or no?”
Geithner’s response: “No risk of that.”
“No risk?” Barnes asked.
“No risk,” Geithner said.


Here is another: @ 3:25

http://www.youtube.com/watch?feature=player_detailpage&v=3_iSxuptvYY#t=204s

Tim Geithner Making Predictions - U.S. Will Never Lose It’s AAA Credit Rating!

Here is the S&P's report released on April 18th (7 days before Timmy appeared on TV EVERYWHERE). about its sovereign-credit rating for the U.S., and you will see it estimated the risk of a downgrade quite succinctly. “We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years,” said S&P, which reduced its outlook on the government’s debt to “negative” from “stable.” See it here: S&P's credit rating report (http://www2.standardandpoors.com/spf/pdf/events/UnitedStatesofAmericaRatingAffirmedOutlookRevisedT oNegative.pdf)

Another BOLD FACED LIE from the criminals in charge.


And lets not forget WHO Timmy has worked for in the past: US Treasury, CFR, IMF - All in the same year! Not to mention President of the Federal Reserve Bank of New York, Vice-Chair of the FOMC, and now heads the US Treasury.


http://www.youtube.com/watch?v=jeker8Ghouc&feature=related

[Libertytree]

A little more gasoline on this fire.

Fannie Mae needs $5 Billion more.

http://hotair.com/archives/2011/08/05/fannie-mae-asks-for-another-5-1-billion-in-bailout-cash/

The USPS posts $3.1 Billion loss, may default

http://news.yahoo.com/usps-posts-3-1-billion-loss-q3-warns-145707721.html

[mick silver]

if the USPS default

how will i get my bills

[freespirit]

if the USPS default

how will i get my bills

Via the internet, just like we did here during our recent postal strike. Enbridge was even running commercials describing alternate payment methods, and made a point of mentioning that it was the customer's responsibility to ensure their accounts were up to date.

[Ponce]

This coming week will be veryyyyyyy interestinggggggg in many ways......thinking of ways to get rid of mos of my dollars while I still can..........maybe a new smalllllllllll car?

[Dogman]

This coming week will be veryyyyyyy interestinggggggg in many ways......thinking of ways to get rid of mos of my dollars while I still can..........maybe a new smalllllllllll car?


A small truck would serve you better!

Just do not overload it.

http://www.imbecile.me/wp-content/uploads/2011/04/overloaded-pickup-truck-500x278.jpg

[freespirit]

This coming week will be veryyyyyyy interestinggggggg in many ways......thinking of ways to get rid of mos of my dollars while I still can..........maybe a new smalllllllllll car?

buy more ammo...maybe a bullet proof vest for you and one for the dog.

i think if TSHTF ammunition will be able to be used like currency to "purchase" supplies, etc.

i would also recommend buying more medical supplies. but that's just my opinion...;D

[solid]

This coming week will be veryyyyyyy interestinggggggg in many ways......thinking of ways to get rid of mos of my dollars while I still can..........maybe a new smalllllllllll car?

Ponce, buy your silver island! You can hire me and my boat to start moving supplies over. I accept silver as payment.;D

[Twisted Titan]

A little more gasoline on this fire.

Fannie Mae needs $5 Billion more.

http://hotair.com/archives/2011/08/05/fannie-mae-asks-for-another-5-1-billion-in-bailout-cash/

The USPS posts $3.1 Billion loss, may default

http://news.yahoo.com/usps-posts-3-1-billion-loss-q3-warns-145707721.html


http://youtu.be/eFTLKWw542g

[Dogman]

buy more ammo...maybe a bullet proof vest for you and one for the dog.

i think if TSHTF ammunition will be able to be used like currency to "purchase" supplies, etc.

i would also recommend buying more medical supplies. but that's just my opinion...;D

Ponce could send his dog to the training school my cousin went too.

That dog is a crack shot now!

http://www.aaanything.net/wp-content/gallery/funny-animals-are-awesome/dog_with_a_gun.jpg

[freespirit]

that's hilarious, Dogman!!

you should use that for your avatar!! lol

;D

[Dogman]

that's hilarious, Dogman!!

you should use that for your avatar!! lol

;D


You will never know what us Heinz 57 type dogs will do! ;D

[freespirit]

here's a nice one!

http://77rus.smugmug.com/Military/Interpolitex-2009/B39-copy/704396507_FWrkX-L.jpg

[Dogman]

http://www.youtube.com/watch?v=VjcGcAXFaoI

[JJ.G0ldD0t]

not that we need any more reasons to hate timmy.... here's another one



http://video.foxbusiness.com/v/4651704/geithner-no-risk-us-will-lose-aaa-credit-rating/