Breaking the news gently..
Discussion
AA+ it is then......
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilise the government's medium-term debt dynamics. More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges."
http://www.bbc.co.uk/news/world-us-canada-14428930
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilise the government's medium-term debt dynamics. More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges."
http://www.bbc.co.uk/news/world-us-canada-14428930
The Media have Bigged up BO over this and painted the republicans in a bad light.
The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
. That's the trouble with keeping the radio on all nightPesty said:
The Media have Bigged up BO over this and painted the republicans in a bad light.
The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
Yes. The problem was that the Tea Party were adamant that tax rises couldn't be considered. That's the reason why the action couldn't go far enough. The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
Waits for Jimbeaux to turn up with optimistic outlooks for the future.Pesty said:
The Media have Bigged up BO over this and painted the republicans in a bad light.
The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
By media are you meaning UK media?The republicans wouldnt sign up to his plans because they said they never went far enough and everybody was on their backs saying they were just playing politics.
Are the media still bigging up BO after this?
As most of the US haven't really looked favorably on BO throughout this.
HE still has a -15 approval rating, although I can see that being reduced further after today.
Pesty said:
yes UK media have been having a go at the republicans and praising BO for his negotiations.
so no more "fo mo years"?
It isn't looking too good for him at the moment, and with all the cuts that committee will have to bring in I can see his whole medicare love taking a hit and him losing his core voters as he has already lost the swing voters. It does however depend on which candidate is going to step up.so no more "fo mo years"?
elster said:
By media are you meaning UK media?
As most of the US haven't really looked favorably on BO throughout this.
HE still has a -15 approval rating, although I can see that being reduced further after today.
The tea party approval rating has also taken a massive hit this week as most people are smart enough to work out that the meddling of these fringe loons has tied the hands of the pathetically weak GOP leadership. Congress as a whole has an approval rating of just 14%! Politicians suck period and most people (other than the blinkered dogmatic fools on the right) blame them all for this fiasco. As most of the US haven't really looked favorably on BO throughout this.
HE still has a -15 approval rating, although I can see that being reduced further after today.
S&P are making a point and their point is that disfunctional bickering doesn't work and it's no way to govern any country, let alone the USA. They got their figures wrong by $2 trillion!!!! and even after adjusting for that their decision was the same.
johnxjsc1985 said:
I'm sure they enjoyed China sticking the knife,
Putin did his bit a few days earlier.Putin Calls U.S. Economic Parasite
Written by John Daly
Wednesday, 03 August 2011 13:51
Don’t expect to see Russian President Vladimir Putin invited to the White House for a sleepover in the Lincoln Bedroom anytime soon.
Vladimir Vladimirovich has committed the unpardonable diplomatic sin of speaking bluntly.
Like Sherriff Woody from the Pixar movie “Toy Story,” Putin has declared “there’s a snake in my boot,” only in this case, it’s the U.S., which he labels a “parasite” on the global economy.
Addressing a gathering of the pro-Kremlin youth group Nashi at their summer camp near Moscow Putin commented, "They are living beyond their means and shifting a part of the weight of their problems to the world economy. They are living like parasites off the global economy and their monopoly of the dollar. If there is a systemic malfunction, it will affect everyone."
Putin’s caustic comments follow his equally dour observations when in July he called U.S. monetary policy "hooliganism," a favorite code word from the Soviet era for anti-social behavior and castigated the U.S. for printing money to bolster the dollar. Putin added that Americans are "living beyond their means" and that irresponsible U.S. fiscal policies will have a negative impact on other countries, like Russia, Japan and China, all of who hold a massive amounts of U.S. bonds and Treasury bills. Putin said, "We, thankfully or not, cannot print a reserve currency. But what are they doing?" They simply spit nails, turn on the printing press and throw money to the world, in order to resolve their urgent problems."
At the end of his monologue Putin finally praised the U.S. for reaching an eleventh-hour debt deal to cut roughly $2.4 trillion from the U.S. deficit over the next decades, saying, "Thank God that they had enough common sense and responsibility to make a balanced decision."
Putin’s comments, while harsh, nevertheless reflect a global opinion that the U.S. economy has become a hostage to inter-party political grandstanding, but the implications of which extend far beyond U.S. shores.
Three factors play into foreign awareness of the crisis – first, that the world’s largest economy is being held hostage by what some Democrats call the “Taliban” wing of the Republican party, whose insistence on zero compromise and dollar for dollar cuts for raising the debt ceiling have paralyzed the normal workings of the U.S. economy.
The second factor is that while many countries are deeply unhappy with the dollar’s global hegemony, there is no clear consensus about what might replace it. The euro has recently been tanking thanks to the perfect storms of the Greek, Irish and possibly soon, Portuguese, Italian and Spanish fiscal crises, the yen has been hammered by the fallout from Fukushima, and China does not want the yuan to play a major role in world trade, as it could well lead to an inflationary spiral that could short-circuit China’s thriving economy.
Last but hardly least, oil exporting nations like Russia are subject to the vagaries of the fluctuation of the dollar, as it is the exclusive currency used in both New York’s NYMEX and London’s ICE energy exchanges.
The final casualty of all this ultimately is the U.S. fiscal global prestige, which dates back to the end of the Second World War. The fact that a minority of right-wing Congressional leaders have chosen to play chicken with the U.S. economy in order to achieve their extremist national political goals has been a highly sobering and distressing experience for foreign nations to watch, which along with the global recession caused by the casino roulette machinations of American Wall Street banksters, has effectively driven a stake through the heart of the U.S. free market enterprise model, though the corpse is still twitching.
What countries like Russia, Japan and China are now most concerned about is how to shelter their massive American investment holdings since, as the U.S. has a presidential election next year, the internecine political bickering can only intensify.
On radio 4 not long ago. Apparently teh people who did the downgrade have made a statement saying its not Obamas fault its Bush's.
Hmmm do I need my tin foil hat out of the drawer?
So are they saying that the US would have been downgraded anyway no matter what BO did? because otherwise it is his fault he had a problem i don;t doubt that but he didn;t fix it. In fact didn't he make it worse with his health care reforms?
Hmmm do I need my tin foil hat out of the drawer?
So are they saying that the US would have been downgraded anyway no matter what BO did? because otherwise it is his fault he had a problem i don;t doubt that but he didn;t fix it. In fact didn't he make it worse with his health care reforms?
Pesty said:
On radio 4 not long ago. Apparently teh people who did the downgrade have made a statement saying its not Obamas fault its Bush's.
The main men at the US based Standard & Poors are staunch Democrats and have donated large sums of money over the years, so a dig at the former Republican President. I'd wait to see what Moody's and Fitch do as they still have the US on a AAA rating.Amongst Moody's institutional owners are Berkshire Hathaway (Warren Buffet) another Obama supporter. No idea who Stephen W. Joynt head of Fitch supports.
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