U.S. Credit Downgraded: S&P Reduces Rating To AA+

[quote name='keithp']S&P, same people that were rating mortgage bonds AAA right before the housing bust...............[/QUOTE]

And yet, the stock market is still going to fall shitloads come Monday, because investors are retarded.

There goes my Roth IRA.
 
[quote name='Dead of Knight']And yet, the stock market is still going to fall shitloads come Monday, because investors are retarded.

There goes my Roth IRA.[/QUOTE]


After posting this Im starting to think this is nothing but a stunt... before monday comes S&P will jack it back up to Triple A and then prez will come out and say how he and he alone saved the stock market by forcing the S&P to move the rating back up to Triple A and how he should get to be prez again in 2012

and then the world will flip out in Dec 2012 all of the dinosaurs who fell into the timehole will come back out of the time hole and attack everyone and birds will crap gold :)


Crap i was going to invest in the market today and forgot to.. May look into buying into the market come monday

stock sits a t 3 cents per share 100 bucks = 3300 shares WOOOO if that baby goes to 3 bucks i get a new car :)

it cant be any worse then blockbuster stock i own LOOL

way wait till after the markets close on a friday to post this ... I dont trust the news and i say this is something to try to make the prez look good

What pisses me off banks and other places are allow to jack up their rates... 30 year on a house was like 3 % now its like 3.75% yet all of my money in the back Sits at .5% last year and it still sits at .5% now

banks are allowed to jack up their rates but they refuse to pass up that rate increase to people who let the banks borrow their money
 
[quote name='slidecage']After posting this Im starting to think this is nothing but a stunt... before monday comes S&P will jack it back up to Triple A and then prez will come out and say how he and he alone saved the stock market by forcing the S&P to move the rating back up to Triple A and how he should get to be prez again in 2012

and then the world will flip out in Dec 2012 all of the dinosaurs who fell into the timehole will come back out of the time hole and attack everyone and birds will crap gold :)[/QUOTE]


UPDATE 7:10 p.m.: S&P is reconsidering its position on a potential U.S. credit downgrade after the Obama administration challenged the credit rating agency's economic model, CNN reports, citing a senior Obama Administration official, who said the analysis was off by "trillions" of dollars.
Politico's Ben White tweets the supposed errors are said to display "incompetence."
 
[quote name='physlics66']the supposed errors are said to display "incompetence."[/QUOTE]

Par for the course for S&P.

CDOs are Triple-A, baby. Triple-fuckin'-A.
 
[quote name='keithp']S&P, same people that were rating mortgage bonds AAA right before the housing bust...............[/QUOTE]

Had we but lynched them at the time.
 
I'm not sure what's funnier: the government's increasingly inept fiscal policy or the fact that S&P somehow manages to maintain credibility.
 
So I'm going to be a broke bastard? And two Sho Nuff's in one thread has to be borderline catastrophic for this site.
 
[quote name='Calinks']So I'm going to be a broke bastard? And two Sho Nuff's in one thread has to be borderline catastrophic for this site.[/QUOTE]

You will likely see some volatility on Monday, but a lot of this has been priced in to stocks recently. If the other two ratings agencies lower their outlook, then you might be fucked, but S&P has said they were going to do this for a long time now. It wasn't unexpected to anyone who follows the markets regularly.
 
There are very few industries more incompetent than the credit rating agencies. They're bought and paid for and that's not a secret in any way. If they said the sky was blue I would have to go outside and double check.
 
[quote name='dohdough']This should really be in the vs. forum.[/QUOTE]

Why? Its not a VS topic, its just something to discuss. If your saying because there is a potential for arguments then honestly EVERYTHING should be in the vs forum because everything can be argued about.
 
I personally don't think this downgrade is going to have a big impact on the markets. It has basically been priced in when it was announced months ago that we faced a downgrade.

Any news coming out of Europe about their debt and plan to back up Italy and Portugal will be more market moving than this downgrade from a single rating agency.

If by some freak event the market did actually gap down big on this news, I would be looking to fade that gap on a reversal of the 5min opening range with multinational tech and materials plays like CAT and IBM and a leveraged tech or S&P fund like QLD or SSO.

The media is going to make this a much bigger deal than it actually is.
 
[quote name='BillyBob29']
The media is going to make this a much bigger deal than it actually is.[/QUOTE]

They already have been. My morning round of news went on and on how it was going to cost so much more for mortgages, car loans, etc. Of course this is all Obama's fault according to some...
 
Almost makes me wish I still had TV so I could watch Sunday's news show on Fox and kick start this Bulemia I've been thinking about trying on
 
Wow, Hitler, Stalin etc had it all wrong with their world domination strategies, should have started credit rating agencies.

Ratings Agency- "Lulz, ratings drop bitch"
Countries of the World - "Oh shit !!! PANIC PANIC"
 
[quote name='mtxbass1']Of course this is all Obama's fault according to some...[/QUOTE]
They didn't happen to be associated with Fox in some way?
 
[quote name='dopa345']i don't understand how anyone can question the downgrade. The real question should be why did it take so long?[/QUOTE]

This is true. By why now though? Would have made sense to do it a long time ago. Now it just seems like an anti-Obama stunt.
 
Their summary directly indicts Republicans for obstructionism, holding the debt ceiling hostage, and taking us to the brink of default for faulty and incoherent policy (most of all, the empirically lacking dogma of their refusal to find any new sources for raising revenue).

So it's political for sure, and S&P are a bunch of blithering idiots who openly admit to getting their math and analysis wrong (which is their primary business), and continue to downgrade anyway.

Shrug.
 
[quote name='mykevermin']Their summary directly indicts Republicans for obstructionism, holding the debt ceiling hostage, and taking us to the brink of default for faulty and incoherent policy (most of all, the empirically lacking dogma of their refusal to find any new sources for raising revenue).

So it's political for sure, and S&P are a bunch of blithering idiots who openly admit to getting their math and analysis wrong (which is their primary business), and continue to downgrade anyway.

Shrug.[/QUOTE]

America.

fuck yeah.
 
[quote name='Invicta 61']Higher interest rates and rising prices.[/QUOTE]

Oh, the same thing that was going on *before* the downgraded rating...
 
I think the problem is in the wording. "AA+" sounds pretty good. We need to have terms that are more to the point. Like "shitballs" and "doubleshitballs."

When we reach tripledogshitballs, all is lost.
 
[quote name='keithp'] S&P, same people that were rating mortgage bonds AAA right before the housing bust...............[/QUOTE]

Yeah, this.
 
And to think of how many Bond villains went to the trouble of massing weapons when they should have been taking over the credit rating agencies.
 
[quote name='Dead of Knight']This is true. By why now though? Would have made sense to do it a long time ago. Now it just seems like an anti-Obama stunt.[/QUOTE]


i still think its a stunt for the other way.... 6 to 12 months from now we will be back at Triple A and then obama will make it look like he is the one who saved everyone . look at how many fundrasisers he has had 36 compair that to clinton 5 and bush 6

he doesnt give a damn about the working people he just cares what he can get for free (look at how many vactions his wife as taken in the last year (two years) and compair that to the last first wifes and you will be shocked just how much money they are spending.

im sick of him coming on tv and acting like he is one of the basic people out there trying to make a living.... if he is so worried about the RICH not giving enough money then Why doesnt he give up all of his money hes making and give up all of the fundraising cash

I find it funny how people will spend 500 miillon to win and think COOL instead of saying ummm that 500 million could feed xxxxxx people for the entire year


now its not 100% his fault nor is it 100% congress fault but as soon as this is fixxed they will come out and try to take 100% of the we saved the nation bs

Got to wonder how many people knew this was coming that is why the market tank over and over and over this week.. big money knew this would happen friday night while the small fish just got #$_)*)$# over and )()*_$#%)* over major
 
[quote name='Strell']I think the problem is in the wording. "AA+" sounds pretty good. We need to have terms that are more to the point. Like "shitballs" and "doubleshitballs."

When we reach tripledogshitballs, all is lost.[/QUOTE]

The ratings make me think about Lisa Simpson getting an A+++ and the importance of the extra +.
 
[quote name='slidecage']i still think its a stunt for the other way.... 6 to 12 months from now we will be back at Triple A and then obama will make it look like he is the one who saved everyone . look at how many fundrasisers he has had 36 compair that to clinton 5 and bush 6

he doesnt give a damn about the working people he just cares what he can get for free (look at how many vactions his wife as taken in the last year (two years) and compair that to the last first wifes and you will be shocked just how much money they are spending.

im sick of him coming on tv and acting like he is one of the basic people out there trying to make a living.... if he is so worried about the RICH not giving enough money then Why doesnt he give up all of his money hes making and give up all of the fundraising cash

I find it funny how people will spend 500 miillon to win and think COOL instead of saying ummm that 500 million could feed xxxxxx people for the entire year


now its not 100% his fault nor is it 100% congress fault but as soon as this is fixxed they will come out and try to take 100% of the we saved the nation bs

Got to wonder how many people knew this was coming that is why the market tank over and over and over this week.. big money knew this would happen friday night while the small fish just got #$_)*)$# over and )()*_$#%)* over major[/QUOTE]
Care to source any of these accusations?
 
[quote name='dohdough']Care to source any of these accusations?[/QUOTE]

look it up and you will see how many Fundrasisers obama had so far i think you can google it
 
[quote name='CaseyRyback']The ratings make me think about Lisa Simpson getting an A+++ and the importance of the extra +.[/QUOTE]

Or an A--. I wonder how many Farnsworths work at the S&P.
 
i'll sniff a line of coke and smash my head against the desk for the USA, the economy sucks but so does life. get a helmet.
 
The whole credit system needs to be reevaluated and rebuilt. I mean I look at it this way. My wife and I have an incredibly average credit rating and it just got there. Meanwhile the only debt we hold is our mortgage and my wifes student loans. We paid off her car a few years ahead of time, have never paid a bill late, generally pay things off early and the loans we have right now we are paying double the norm on. We are what should be the perfect example of a non risky investment. Instead though regardless of if it is the government or Joe Schmoe next door all that matters is how many loans you have taken out and how much capital you have coming in.

The system needs to be rebuilt to be around a history of paying bills on time, capital at hand and the responsibility of your fiscal actions.
 
[quote name='speedracer']There are very few industries more incompetent than the credit rating agencies. [/QUOTE]


Too bad the government is one of the "industries".
 
The goverment is only incompetent because voters are complacent. If you go to dictionary.com the voters are even mentioned in the description of the word.

pleased, especially with oneself or one's merits, advantages, situation, etc., often without awareness of some potential danger or defect; self-satisfied: The voters are too complacent to change the government.

Again the biggest problem with America is not our government, its our citizens.
 
[quote name='slidecage']look it up and you will see how many Fundrasisers obama had so far i think you can google it[/QUOTE]
You're the one making crazy assertions found in every conservative heresay without hint of nuance. If you want to talk crazy while getting some key facts wrong, then maybe you should brush up on your google-fu. I'm not doing your homework.

[quote name='MSI Magus']The whole credit system needs to be reevaluated and rebuilt. I mean I look at it this way. My wife and I have an incredibly average credit rating and it just got there. Meanwhile the only debt we hold is our mortgage and my wifes student loans. We paid off her car a few years ahead of time, have never paid a bill late, generally pay things off early and the loans we have right now we are paying double the norm on. We are what should be the perfect example of a non risky investment. Instead though regardless of if it is the government or Joe Schmoe next door all that matters is how many loans you have taken out and how much capital you have coming in.

The system needs to be rebuilt to be around a history of paying bills on time, capital at hand and the responsibility of your fiscal actions.[/QUOTE]
Are you talking about personal credit or state credit?

As far as being rebuilt, I don't think that's as necessary considering its main problem is corruption. That's how we got AAA CDO's sold en masse.
 
[quote name='VipFREAK']I fimd it absolutely hilarious we have (had) a "good" credit rating while being in debt in the trillions...[/QUOTE]
I think I'll be penciling in The Lannisters next election.

As for the rating, well Obama did promise us change. . .
 
It's the age old phrase, "power corrupts and absolute power corrupts absolutely". The more people you have fighting for power, the more willing they are to do anything to get it, retain it, and strengthen it.

There are good, honest people in government who don't act based on the next election, fund raising, or their political goals. Just not enough of them. There are people willing to compromise because that is how ANY successful relationship works (marriage, work, political, etc.). Just not enough of them. I don't think any of this will change until you have an event that changes people on a fundamental level. The closest we had to that was 9/11, but it didn't take long for people to forget.
 
[quote name='GuilewasNK']There are good, honest people in government who don't act based on the next election, fund raising, or their political goals. Just not enough of them. There are people willing to compromise because that is how ANY successful relationship works (marriage, work, political, etc.). Just not enough of them. I don't think any of this will change until you have an event that changes people on a fundamental level. The closest we had to that was 9/11, but it didn't take long for people to forget.[/QUOTE]

Yeah but they ended up compromising on important things, like protecting civil liberties. I'll pass on that kind of compromise.
[quote name='Jodou']
I think I'll be penciling in The Lannisters next election.

As for the rating, well Obama did promise us change. . .[/QUOTE]

I'd rather have someone who always creates jobs instead of always pays his debts.
 
[quote name='GuilewasNK']It's the age old phrase, "power corrupts and absolute power corrupts absolutely". The more people you have fighting for power, the more willing they are to do anything to get it, retain it, and strengthen it.

There are good, honest people in government who don't act based on the next election, fund raising, or their political goals. Just not enough of them. There are people willing to compromise because that is how ANY successful relationship works (marriage, work, political, etc.). Just not enough of them. I don't think any of this will change until you have an event that changes people on a fundamental level. The closest we had to that was 9/11, but it didn't take long for people to forget.[/QUOTE]

9/11's impact is over stated. There was no shared sacrifice for 9/11. People moved on shortly thereafter. You may reflect and feel emotions about what happened, but the impact on the general populous has been very small.
 
[quote name='IRHari']I'd rather have someone who always creates jobs instead of always pays his debts.[/QUOTE]
Lol, touche.
 
[quote name='CaseyRyback']9/11's impact is over stated. There was no shared sacrifice for 9/11. People moved on shortly thereafter. You may reflect and feel emotions about what happened, but the impact on the general populous has been very small.[/QUOTE]

I'm just saying that for a fleeting moment people didn't pound their chests proclaiming to be democrat or republican and saying to hell with people that didn't agree with them.
 
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