S&P reduces US credit rating, Geithner eats crow

Standard and Poor has followed through on its threat, and reduced the
credit rating of the US Government from AAA to AA+, at the same time as the
other two major credit rating agencies confirmed their AAA ratings.

Here's the story, just broken at The Hill
about an hour and a half ago. Note that they did this late on a Friday,
so that it will tend to fall into the "black hole" of the weekly news
cycle.

Oh my!

Now, here's another story, from back in April of this year, in which Treasury Secretary Tim Geithner says there is "no risk" that the US will lose its top credit rating.

Ohhhhh, Timmy! What will you do now? Your record isn't looking very good, is it?

This is bad news. I've been hearing that a lower credit rating is going to make the economy even worse.

S&P downgrades U.S. credit rating for first time
http://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_print.html

As promised, S&P downgrades United States AAA credit rating
http://www.infowars.com/as-promised-sp-downgrades-united-states-aaa-credit-rating/

WRAPUP 7-China tells US "good old days" of borrowing are over
http://www.reuters.com/article/2011/08/06/crisis-idUSLDE77504R20110806




Also, now the Fed is saying that they are going to do QE3 after Bernanke had recently said that they wouldn't. They keep pretending that the quantitative easing helps the economy when it only helps the bankers and Wall-Street and makes the economy much worse. It devalues the dollar and causes horrible worldwide inflation that causes millions and millions in the US and around the world to starve and/or become homeless.

U.S. Will Roll Out QE3 After S&P Rating Cut, Li Daokui Says
http://www.bloomberg.com/news/2011-08-06/u-s-will-roll-out-qe3-after-s-p-rating-cut-li-daokui-says-1-.html

Note that they did this late on a Friday,
so that it will tend to fall into the "black hole" of the weekly news
cycle.

Yep, whenever they want the media to talk about something all week, they do it on Monday morning. Also, I was figuring they did it on Friday night so, that the stock market couldn't react right away. They are probably hoping there will be some fake good economic news story that will come out on Monday morning to offset this in the Wall-Street reaction.

Jen wrote:

Note that they did this late on a Friday,
so that it will tend to fall into the "black hole" of the weekly news
cycle.

Yep, whenever they want the media to talk about something all week, they do it on Monday morning. Also, I was figuring they did it on Friday night so, that the stock market couldn't react right away. They are probably hoping there will be some fake good economic news story that will come out on Monday morning to offset this in the Wall-Street reaction.

Don't want to upset Wall Street...... wait isn't S&P Wall Street?

anyoldname wrote:

Jen wrote:

Note that they did this late on a Friday,
so that it will tend to fall into the "black hole" of the weekly news
cycle.

Yep, whenever they want the media to talk about something all week, they do it on Monday morning. Also, I was figuring they did it on Friday night so, that the stock market couldn't react right away. They are probably hoping there will be some fake good economic news story that will come out on Monday morning to offset this in the Wall-Street reaction.

Don't want to upset Wall Street...... wait isn't S&P Wall Street?

True. There doesn't appear to be any way that they can hide this from themselves. I don't know what they plan on doing.

Good old Timmy boy who thinks outsourcing is a good idea. I despise him.