1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Us loses top credit rating

Discussion in 'BlackHat Lounge' started by BlackSeng, Aug 6, 2011.

  1. BlackSeng

    BlackSeng Jr. VIP Jr. VIP

    Joined:
    Mar 5, 2009
    Messages:
    1,963
    Likes Received:
    3,519
    Occupation:
       
    Location:
    SG50
    The United States lost its top-notch AAA credit rating from Standard & Poor's Friday in a dramatic reversal of fortune for the world's largest economy.

    S&P cut the long-term U.S. credit rating by one notch to AA-plus. The credit agency said it was making the move because the deficit reduction plan passed by Congress Tuesday did not go far enough to stabilize the country's debt situation.

    U.S. Treasury securities, once undisputedly the safest investment in the world, are now rated lower than bonds issued by countries such as the United Kingdom, Germany, France or Canada.

    The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

    "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement issued late Friday, after financial markets were closed for the week.

    Read more: http://www.msnbc.msn.com/id/44040574/ns/business-stocks_and_economy/


    Your thoughts?
     
    • Thanks Thanks x 1
  2. Cnotey

    Cnotey Power Member

    Joined:
    Jun 25, 2010
    Messages:
    707
    Likes Received:
    911
    Location:
    Seattle
    Home Page:
    Lol at $14,000,000,000,000 in debt, I don't really believe our credit rating even matters. We will never be able to pay off our loans.

    We are better off just stalling and saying "We'll get it to you next week" and waiting for the end of the world.
     
    • Thanks Thanks x 1
  3. Autumn

    Autumn Elite Member

    Joined:
    Nov 18, 2010
    Messages:
    2,197
    Likes Received:
    3,041
    Occupation:
    I figure out ways to make money online and then au
    Location:
    Spamville
    This is just the start. The US stockmarket lost almost a trillion $$ of value over the last few days. We'll see a brief rally in the USD as investors freak out, countries around the world will try to devalue their own currencies, QE3 and then hyperinflation will set in. This is the beginning of the end of the USD as we know it.
     
    • Thanks Thanks x 2
    Last edited: Aug 6, 2011
  4. DamageX

    DamageX Elite Member

    Joined:
    Sep 17, 2008
    Messages:
    2,692
    Likes Received:
    1,687
    Occupation:
    Unemployable
    Location:
    Former nomad
    Was only a matter of time. Debt wise the US is in worse shape than Spain or Greece, with no end in sight.
     
    • Thanks Thanks x 1
  5. ronywilliam

    ronywilliam Senior Member

    Joined:
    Jan 20, 2011
    Messages:
    1,150
    Likes Received:
    431
    Recession is inevitable now. Question is would it turn into a depression?
     
    • Thanks Thanks x 1
  6. DamageX

    DamageX Elite Member

    Joined:
    Sep 17, 2008
    Messages:
    2,692
    Likes Received:
    1,687
    Occupation:
    Unemployable
    Location:
    Former nomad
  7. ajithrocksca

    ajithrocksca Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 23, 2010
    Messages:
    1,102
    Likes Received:
    590
    Occupation:
    full time internet marketer
    Location:
    Jersey City
    In a couple of years US economy will be quite similar to Greece. At least Greece can become a parasite and suck off German's economy (provided Germans accept it). But US is already done with all the buffers. China and India can no longer resist the spiraling down of the world economy.

    Country can have any amount of natural and economic resource, but if the economy is credit based instead of a saving based economy some day or the other this is bound to happen.
     
    • Thanks Thanks x 1
  8. Drblue247

    Drblue247 Newbie

    Joined:
    Jan 19, 2011
    Messages:
    15
    Likes Received:
    1
    Occupation:
    Money Maker
    Location:
    Moneyville,USA
    Monday should be a roller coaster ride for the markets.
     
  9. NoirHat

    NoirHat Regular Member

    Joined:
    Feb 4, 2011
    Messages:
    354
    Likes Received:
    174
    Keep spending more than you take in U.S. Gov't

    Great Work Morons :stooges:

    on a side note- do they seriously care about anything OTHER than getting re-elected?
    They are filthy rich and will NOT be affected by any economy crashes.
    If you think they just ride out the waves in Mutual funds like middle class citizens :aetsch:

    hopefully people will wake the hell up
    Leaders like this who are Pissed off at these idgits like we are
    http://www.youtube.com/watch?v=HMeomZ8hviY&feature=player_embedded
     
    Last edited: Aug 6, 2011
  10. niche1

    niche1 Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 22, 2007
    Messages:
    285
    Likes Received:
    144
    Isn't this great?

    Why can't people look at the models/examples of what has happened and is happening to other countries with the same type of spending galore policies and say to themselves, "maybe we shouldn't do the same thing, it's not working out too well for the other countries"?

    It is just not economically feasible for ANY country to pursue spending policies like many of them have.......

    Sigh.....
     
    • Thanks Thanks x 1
  11. Simas9

    Simas9 Jr. VIP Jr. VIP Premium Member

    Joined:
    Sep 28, 2010
    Messages:
    1,872
    Likes Received:
    829
    Location:
    Vienna, Austria
    [​IMG]
     
    • Thanks Thanks x 3
  12. ff1227

    ff1227 Junior Member

    Joined:
    Jan 31, 2011
    Messages:
    151
    Likes Received:
    82
    Well it's more complicated than that anyways. The US actually declared bankruptcy in 1933. With the Federal Reserve in charge, it is actually 100% impossible to catch up. You can't pay off loans with more loans and more interest.

    It's actually surprising to know that if there was no debt, there would actually be zero dollars in existence. Money = debt. Watch money as debt on youtube.
     
  13. Simas9

    Simas9 Jr. VIP Jr. VIP Premium Member

    Joined:
    Sep 28, 2010
    Messages:
    1,872
    Likes Received:
    829
    Location:
    Vienna, Austria
    By the way, I am 100% sure that the rating would be even lower if that "Standart & Poor`s" would be located anywhere else from the US...
     
    • Thanks Thanks x 1
  14. piyushg

    piyushg Junior Member

    Joined:
    Jun 10, 2011
    Messages:
    149
    Likes Received:
    113
    Occupation:
    IM
    Location:
    BHW
    Looks like Recession is near ..!!
     
  15. DamageX

    DamageX Elite Member

    Joined:
    Sep 17, 2008
    Messages:
    2,692
    Likes Received:
    1,687
    Occupation:
    Unemployable
    Location:
    Former nomad
    Gonna be great fun to watch! Putting in an order for extra-large popcorn to go with the drama!

    :lmao:
     
  16. explo

    explo Newbie

    Joined:
    Jul 25, 2011
    Messages:
    5
    Likes Received:
    0
    We are far from out of the woods..
     
  17. Thrash_Metal

    Thrash_Metal Newbie

    Joined:
    Aug 5, 2011
    Messages:
    24
    Likes Received:
    1
    Thats sounds like another economical crackdown, thats bad that USA uses so wastly politics