India calls US downgrade 'grave'

[ASusilovic]

THE loss by the United States of its top-rank triple-A credit rating from Standard & Poor's has created a "grave" situation, India's finance minister said.

"We will have to analyse it (the downgrade). It will require some time," Finance Minister Pranab Mukherjee said. "The situation is grave," he said.

S&P cut the US credit rating on Friday to AAA to AA+ with a negative outlook, saying US politicians were increasingly unable to come to grips with the country's huge fiscal deficit and debt load.

Meanwhile, the chief economic advisor in India's finance ministry, Kaushik Basu, called the S&P downgrade a "wake-up call" for the US economy but stuck to his forecast that Asia's third-largest economy would grow above eight percent.

"While I personally feel the US economy is very strong, the rating downgrade like this is a wake-up call," Mr Basu told the Press Trust of India.

http://www.heraldsun.com.au/news/br...-downgrade-grave/story-e6frf7jx-1226109908759

 

[ASusilovic]

 

[DT-waw]

there will be no new financial era, until most people will get some wisdom how to live and how to consume, meaning consume less.
how to get rid of the "authority": like the president, congress, medical doctors, financial advisors. all they ever do is: LIE, LIE and profit from ignorant masses.


who to blame for U.S. exploding debt?
each and every of greedy, irresponsible, delusional americans.

they are the ultimate reason why u.s. public finances are in the deep trouble.

who borrows money like crazy to buy useless stuff?
who buys 3x overpriced homes?

who votes for bush and is not enraged at: America's wars , pentagon stealing 5 trillion and Fed giving away 16 trillion?

who drinks coca cola, eat at mcdonalds, buys drugs which are causing huge harm and then the whole nation must waste trillions on "health care"?

who is so naive to believe that there can be a drug or wonder pill against cancer? 3 trillions were spent to find it. no success. usa will spent many times more, and more americans will die from cancer.

who likes marijuana and other drugs to be illegal? 75% of crimes are related to the fact that drugs are expensive due to being illegal. prisons costs billions, police, CIA, etc.

 

[stevegee58]

No one waved a magic wand and made US debt suddenly "bad". Nothing suddenly changed. The US financial situation is well-known around the world and whatever problems the US might be having are already priced in.

 

[clacy]

Quote from stevegee58:

No one waved a magic wand and made US debt suddenly "bad". Nothing suddenly changed. The US financial situation is well-known around the world and whatever problems the US might be having are already priced in.

Agreed. This "rating" doesn't change the math on anything. I highly doubt that central bankers and large funds have been buying US debt based on S&P's ratings.

This rating change my cause Joe Public to re-evaluate and it may usher in a change of the trend in bonds, but that was going to happen sooner or later.

 

[adadadog]

Quote from clacy:

Agreed. This "rating" doesn't change the math on anything. I highly doubt that central bankers and large funds have been buying US debt based on S&P's ratings.

This rating change my cause Joe Public to re-evaluate and it may usher in a change of the trend in bonds, but that was going to happen sooner or later.

A lot of people knew the empire (u.s.) does not have clothes(broke), it takes S&P with its influence to spell out. It will have consequence, people using phrases like, 'grave', 'Armageddon' in reporting the downgrade. I bought gold futures and silver etf Thurs and Friday. I am hopeful next week's results.

 

[clacy]

I have been long gold on and off for some time because the trend is up and I don't see that changing for the near future. Way too much pessimism and uncertainty. Also, inflation appears to be the only way out of our debt.

 

[pitz]

Those Indian pieces of shit will stop at nothing to prop up their outsourcing industry, even though its putting Americans out of work.

American economy good? What the fuck are they smoking?

 

[anglagard]

Panic is good, that is how bottoms are made.

 

[macroman]

ibm is proxy for sucess of indian outsurcing.

during recession there will be nice excuse to sack people and outsource to india. ibm should be major beneficiary.

looks interesting buy actually.