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S&P Downgrade


RNG

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S&P have lowered their outlook for the US from neutral to negative and has "treatened" to lower the US debt rating. The Fed called it a "political decision". What say you?

There is nothing new here. We all know that a deficit of 10% of GDP and a debt of 100% of GDP need to be acted on. The immediate issue to be dealt with is the debt level. We don't need S&P to tell us what will happen if Congress doesn't act to raise it.

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There is nothing new here. We all know that a deficit of 10% of GDP and a debt of 100% of GDP need to be acted on. The immediate issue to be dealt with is the debt level. We don't need S&P to tell us what will happen if Congress doesn't act to raise it.

I suspect it is a mixture of a political and economic decision. There is little question that the U.S.'s policies are profligate and irresponsible at this juncture. Obama's policies are more typical of a banana republic, not a great nation.

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I suspect it is a mixture of a political and economic decision. There is little question that the U.S.'s policies are profligate and irresponsible at this juncture. Obama's policies are more typical of a banana republic, not a great nation.

I have always found American politics fascinating but when you look at the current crew - Obama, Huckabee, Sarah P, Trump, the birthers and the tea-baggers it's downright Monty Python on the Potomac.

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I have always found American politics fascinating but when you look at the current crew - Obama, Huckabee, Sarah P, Trump, the birthers and the tea-baggers it's downright Monty Python on the Potomac.

Harpo, Cracker-Jack and the Igg don't really make us one up on that lot, IMHO.

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I have always found American politics fascinating but when you look at the current crew - Obama, Huckabee, Sarah P, Trump, the birthers and the tea-baggers it's downright Monty Python on the Potomac.

Harpo, Cracker-Jack and the Igg don't really make us one up on that lot, IMHO.

To quote Meatloaf, "you took the words right out of my mouth". That takes a lot of Guilles guile.

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What is most interesting is having Bernake hold the Fed's very first ever press conference. I guess it's to spread the message that everything is fine. I wonder why they would have to tell everyone that everything is fine? Hmmm...

"fine" is a bit of an overstatement. Bernanke recognizes that the very modest growth levels are insufficient to bring down unemployment to acceptable levels any time soon. He talks of "underlying" inflation when it is gas north of four bucks a gallon that is worrying people. And, of course, the real estate market is still in a shambles.

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