Markets have "have been anticipating an S&P downgrade for weeks....We don’t think it’s coming back anytime soon,” said David Beers, head of S&P’s government debt rating unit."...
8/5/11, "S&P downgrades U.S. credit rating for first time," Zachary A. Goldfarb
"The decision came after a day of furious back-and-forth debate between the Obama administration and S&P....
Analysts say that, over time, the downgrade could push up borrowing costs for the U.S. government, costing taxpayers tens of billions of dollars a year. It could also drive up interest rates for consumers and companies seeking mortgages, credit cards and business loans.
A downgrade could also have a cascading series of effects on states and localities, including nearly all of those in the Washington metro area. These governments could lose their AAA credit ratings as well, potentially raising the cost of borrowing for schools, roads and parks.
But the exact effects of the downgrade won’t be known until at least Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the initial effect on the markets could be modest because they have been anticipating an S&P downgrade for weeks....
Countries with a AA+ rating include New Zealand and Belgium. Among those countries with a AA rating,- one notch lower, are Bermuda, Spain and Qatar."
Obama spends over $9 million each day on his Libyan "war." Approved by the GOP House. This group deserves much worse than a 'downgrade' but then they know that.
- 6/16/11, "Obama's unauthorized war on Libya costs $9,421,000 a day: Are you getting your money's worth?" LA Times, Andrew Malcolm
"One of the diabolical aspects of the debt bill is that budgets for FY 2012 and 2013 will be “deemed” to be in effect, even though in fact,
- no budget will be proposed,
- reviewed in committee,
- debated or adopted.
Above quote from Sharon Calvert, Tampa Tea Party co-founder, I'm not sure of the quote's origin, could be Powerline or could have been Ms. Calvert. ed.
via Drudge
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