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View Full Version : ET TU S&P! Julius C. is rolling over in his grave


Rick
08-06-2011, 03:56 AM
Hmmmm.. Why did S&P wait so long to downgrade America's credit rating? Did S&P pull the plug to get oneupmanship on Moody's? While we're at it, isn't this the same S&P who along with Moody's claimed that trillions of mortgage backed securities were AAA along with their fellow ratting (opps I mean rating) company Moody's helped cause the disaster that triggered the runaway deficit in the first place? Remember people BOTH the Republicans and the Democrates did their fair share to create this monstrosity- United we stand, divided we ARE falling!. The USA has been showing huge deficits for many years and I can remember the big to do about the deficit over 40 years ago when I trained on Wall Street. Recently the Catherine Rampel of the New York Times eloquently wrote these sage words:

"Not so long ago, the National Debt Clock, perched above the Avenue of the Americas, a block east of Times Square, was running backward. It seems remarkable now, with all the End Times talk of debt ceilings and default, but it was only 11 years ago that the owners of that electronic totem, the Durst family, simply pulled the plug. The clock, a fixture since 1989, went dark after the federal government ended its 2000 fiscal year with a record $236.4 billion budget surplus. Today, well ó you know. We face the largest budget deficit the nation has ever known: $1.6 trillion, the equivalent of about 11 percent of our economy. And, whatever Washington does, many economists say the situation will grow only worse, particularly as Americans age and Medicare costs spiral higher. But there is, in theory, a happy solution to our debt troubles. Itís called economic growth. No need to raise taxes or cut programs. Just get the economy growing the way it used to. Good luck with that."

It's time for everybody to act responsibly --- unfortunately, nobody knows where to begin. DOWN WITH THE SHIP!