Moral Outrage
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Posts Tagged ‘Standard & Poor’s

Central Banks move to ease debt crisis

November 30, 2011

Major Central Banks around the world have announced a program of coordinated action designed to support the global financial system. The European Central Bank, the US Federal Reserve, the Bank of England and the Central Banks of Canada, Japan and Switzerland are all taking part in the initiative. The possibility that one or more European […]

Chinese ratings agency threatens US with new downgrade

November 14, 2011

The head of China’s biggest ratings agency, Dagong Global Credit Rating, is warning that it may downgrade the US’s sovereign debt rating again because of Washington’s failure to tackle the federal budget deficit. Dagong, which has maintained a pessimistic outlook on US fiscal policy, has been leading the charge to downgrade US debt over the […]

And we wonder why US credit was downgraded

September 27, 2011

The numbers leading S&P to downgrade U.S. Credit: • U.S. Tax revenue:___$2,170,000,000,000 • Federal budget:_____$3,820,000,000,000 • New debt:_________$1,650,000,000,000 • National debt:_____$14,271,000,000,000 • Recent budget cut:____$38,500,000,000 Let’s remove 8 zeros and pretend this is a household budget: • Annual family income:____________________$21,700 • Money the family spent:___________________$38,200 • New debt on the credit card:_______________$16,500 • Outstanding balance […]

What the S&P Debt Downgrade Means

August 10, 2011

Credit rating agencies are creatures of Wall Street. Just as they did Wall Street’s bidding in assigning investment grade ratings to derivative junk, they will do Wall Street’s bidding in downgrading the US credit rating. Wall Street might complain about downgradings, but that is just to disguise that Wall Street is calling the shots. The […]

Standard & Poor’s to downgrade United States?

July 25, 2011

Federal Reserve Chairman Ben Bernanke said the fallout from a failure to raise the US debt ceiling could be “catastrophic” and “self defeating.” On an annualized basis, it’s the rough equivalent of cutting spending by $1.6 trillion — which is nearly all of so-called discretionary spending, including defense. The United States doesn’t bring in enough […]

US risky credit rating further erodes American dollar economy

April 20, 2011

For every dollar the federal government spends, it takes in less than 60 cents in revenue. And Standard & Poor’s (S&P) has now threatened to downgrade the United States’ prized AAA credit rating unless the Obama administration and Congress find a way to slash the yawning federal budget deficit within two years. A downgrade, which […]