S&P is a bunch of irresponsible f**ks

[Lucrum]

Quote from bond_trad3r:

They should have done it years ago

I agree

 

[Lucrum]

Quote from BSAM:

...little Timmy "ought" to be in a federal penitentiary for tax fraud right now. Yet, Obama made him Treasury Secretary, which means he is over the IRS. What irony.

+ 1

 

[1765hillwood]

Of course they leaked the info.

 

[bone]

'No risk' the US will lose its top credit rating, says Treasury's Geithner
By Michael O'Brien - 04/19/11 10:33 AM ET

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

Fox Business News

 

[baro-san]

Quote from RedDuke:

They had no problems slapping AAA on garbage MBS securities while pocketing millions in fees.

However even tough their calculations does not seem to be exact, they had no problem downgrading US rating.

The grading is done based on credit worthiness, not morale. Anybody, including those graded, may chose to ignore the grading if they don't agree with it. But they'll do it at their own risk.

 

[wilburbear]

Quote from BSAM:

OHMie, if I may, I will put a little spin on your post...

You say Geithner "ought" to resign. No, little Timmy "ought" to be in a federal penitentiary for tax fraud right now. Yet, Obama made him Treasury Secretary, which means he is over the IRS. What irony.

Now we know why Geithner wanted to resign for the last 2 weeks.

S&P wanted to lower the U.S. credit rating, and he wanted to bail out.

Notice no politician says, "We weren't warned".

Geithner and many others were warned and they still couldn't take the proper steps in Washington.

How then, will we stop future downgrades?

 

[shortie]

Quote from wilburbear:

Now we know why Geithner wanted to resign for the last 2 weeks.

S&P wanted to lower the U.S. credit rating, and he wanted to bail out.

Notice no politician says, "We weren't warned".

Geithner and many others were warned and they still couldn't take the proper steps in Washington.

How then, will we stop future downgrades?

it appears that Washington chose the gamble that S&P won't have the guts to downgrade. Contrary to the title of the thread, S&P is, in fact, a bunch heroes.

 

[Lojanica]

Quote from shortie:

it appears that Washington chose the gamble that S&P won't have the guts to downgrade. Contrary to the title of the thread, S&P is, in fact, a bunch heroes.

David Beers was trembling a bit in the video. Wasn't sure if he was tired or rattled. Likely both. Gotta think a few powerful people aren't happy.

 

[bone]

Quote from wilburbear:

How then, will we stop future downgrades?

The same way as the 47 States with balanced budget amendments - you do not spend any more money than you take in.

Look at the shit show that is the State of Illinois - that's what happens when one political party completely dominates the power of the purse and the legislation for 150 years.

And the tax rates are a canard - you could take 100 % of the top 1 % of taxpayers AGI from the 2010 IRS tax receipts tables and it would take 16 years to pay off the existing debt - and, of course, Obama's forward spending curve looks like a walk up Mount Everest.

Illinois is just the best analog - spend and tax, spend and tax, but NEVER, EVER spend less or look for a serious re-consideration of spending priorities.

 

[failed_trad3r]

Quote from bone:

The same way as the 47 States with balanced budget amendments - you do not spend any more money than you take in.

Look at the shit show that is the State of Illinois - that's what happens when one political party completely dominates the power of the purse and the legislation for 150 years.

And the tax rates are a canard - you could take 100 % of the top 1 % of taxpayers AGI from the 2010 IRS tax receipts tables and it would take 16 years to pay off the existing debt - and, of course, Obama's forward spending curve looks like a walk up Mount Everest.

Illinois is just the best analog - spend and tax, spend and tax, but NEVER, EVER spend less or look for a serious re-consideration of spending priorities.

A balanced budget leads to an instant depression, ofcourse, that what the Tea partiers want, except, until they are in charge.

Same way with the old Bushes GOP. Stop the spending mantra during election, but not actually stop the spending but increasing the spending when you're in charge.