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View Full Version : U.S. Issues Senate Banking Panel Looking Into S&P Downgrade of US Credit Rating: Reuters


petegz28
08-08-2011, 03:56 PM
So, according to S&P isn't our political process part of what got us downgraded? Now we are going to shoot the messenger???

http://www.cnbc.com/

petegz28
08-08-2011, 03:59 PM
I think we know what this is all about..it's about Obama and his Admin taking egg in the face.

Geitner said there was no risk of being downgraded

Obama said there was no risk of a double-dip recession


Now both are happening or have happened and the Senate Bankin Committee wants to have hearings with S&P? :facepalm:

HonestChieffan
08-08-2011, 04:02 PM
Time to get the pitchforks and head to Washington. Only way out of this is to send Harry reid and his ilk home.

BucEyedPea
08-08-2011, 04:06 PM
I think we know what this is all about..it's about Obama and his Admin taking egg in the face.

Geitner said there was no risk of being downgraded

Obama said there was no risk of a double-dip recession


Now both are happening or have happened and the Senate Bankin Committee wants to have hearings with S&P? :facepalm:

Is this gonna be like the McCarthy hearings?

HonestChieffan
08-08-2011, 04:20 PM
Rather than dealing with the GD issue and doing their GD jobs, they start a F'ing grandstand bullshit like this.

CoMoChief
08-08-2011, 04:25 PM
hey dont worry guys....obama's doing a great job, none of this is his fault...it's the bush admin's. he even told us so...

petegz28
08-08-2011, 05:47 PM
Finally they posted the story...


The Senate banking committee has begun probing last week's decision by Standard and Poor's to downgrade the U.S. credit rating, a committee aide told Reuters Monday.

The aide said the panel was gathering information about the S&P move but no decision had been made on whether it will hold hearings into the downgrade.

But, the aide added, "all options [are] on [the] table."

The S&P downgraded the U.S.'s triple-A credit rating Friday for the first time after it said "political brinkmanship" over the fight to raise the debt ceiling had called into question the U.S.'s ability to manage its finances.

“It’s always possible the rating will come back, but we don’t think it’s coming back anytime soon,” said David Beers, head of S&P’s government debt rating unit.

U.S. markets nosedived Monday on anxiety over the downgrade, with the Dow Jones industrials experiencing its biggest one-day point drop since Dec. 2008.

President Obama said of the market's dive Monday: "We need a balanced, long-term approach to deficit reduction. That was true last week, that was true last year, that was true the day I took office. We didn't need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive, to say the least."

The market crash has also increased pressure on the Federal Reserve to act to stimulate the economy. The Fed will meet Tuesday and isn't expected to make any major policy changes, but some are beginning to wonder whether the market panic warrants some kind of central bank intervention.

"If the Fed does nothing, it could prove to be a disappointment at this point," said JP Morgan analysts on a conference call to discuss the S&P downgrade.

CrazyPhuD
08-08-2011, 05:51 PM
<iframe width="560" height="349" src="http://www.youtube.com/embed/vxPRHXgYVlk" frameborder="0" allowfullscreen></iframe>

mlyonsd
08-09-2011, 06:53 AM
hey dont worry guys....obama's doing a great job, none of this is his fault...it's the bush admin's. he even told us so...In case you didn't notice we're converting the message to make it 2012 hip. We're going from blaming Bush to blaming the Tea Party. We'll pass along more information when we make it up. Thank you. /Axlerod