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  1. #1
    Senior Member ZPowers's Avatar
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    Default US Credit Rating Downgraded for First Time in Spite of Debt Ceiling Deal

    Even though that (*cough*shitty*cough*) debt ceiling deal passed, the US credit rating has been downgraded by S&P for the first time in history, which spells bad things not only for the US but for the global economy come Monday, according to many economists. I know S&P rated all those shit bonds that were the impetus for the 2008 crash AAA because they're shills, but this still is not so good.

    http://www.latimes.com/business/la-f...0,189756.story

    Thoughts?
    Does he want a pillow for his head?

  2. #2

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    They're still shills. If I ran my finances like the US government does, I'd be in jail. We need to raise taxes AND cut the fuck out of the budget. I love how the GOP insists on cutting the budget instead of raising taxes, but at the same time only targets entitlement programs for cuts.
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    Senior Member LEGERdeMAIN's Avatar
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    “Some people will tell you that slow is good – but I’m here to tell you that fast is better. I’ve always believed this, in spite of the trouble it’s caused me. Being shot out of a cannon will always be better than being squeezed out of a tube. That is why God made fast motorcycles, Bubba…”


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    @.~*virinaĉo*~.@ Totenkindly's Avatar
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    Quote Originally Posted by EffEmDoubleyou View Post
    They're still shills. If I ran my finances like the US government does, I'd be in jail. We need to raise taxes AND cut the fuck out of the budget. I love how the GOP insists on cutting the budget instead of raising taxes, but at the same time only targets entitlement programs for cuts.
    It's beautiful... reminiscent of the work of Jack the Ripper or even a greater talent.

    really, though... how crazy. Sigh. And I actually needed to dip into some stock accounts within the next few months, and I just basically am getting screwed bad by these jokers.
    "Hey Capa -- We're only stardust." ~ "Sunshine"

    “Pleasure to me is wonder—the unexplored, the unexpected, the thing that is hidden and the changeless thing that lurks behind superficial mutability. To trace the remote in the immediate; the eternal in the ephemeral; the past in the present; the infinite in the finite; these are to me the springs of delight and beauty.” ~ H.P. Lovecraft

  5. #5
    Freaking Ratchet Rail Tracer's Avatar
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    Quote Originally Posted by ZPowers View Post
    Even though that (*cough*shitty*cough*) debt ceiling deal passed, the US credit rating has been downgraded by S&P for the first time in history, which spells bad things not only for the US but for the global economy come Monday, according to many economists. I know S&P rated all those shit bonds that were the impetus for the 2008 crash AAA because they're shills, but this still is not so good.

    http://www.latimes.com/business/la-f...0,189756.story

    Thoughts?
    One of China's rating agency already downgraded U.S. credit before S&P. Saying the U.S. credit agencies have given the U.S. a false outlook of being positive (or something to that degree.)

    I'm not too familiar with the credit agencies. But from what I heard, the downgrade can affect us regular people as certain things like loans might cost more.

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    Senior Member ZPowers's Avatar
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    Quote Originally Posted by EffEmDoubleyou View Post
    They're still shills. If I ran my finances like the US government does, I'd be in jail. We need to raise taxes AND cut the fuck out of the budget. I love how the GOP insists on cutting the budget instead of raising taxes, but at the same time only targets entitlement programs for cuts.
    This may be all well and true, but what this means is more to the point. Hell, even our non-American friends on this board can't be too thrilled: pretty much every government in the world is wrapped up enough with the US economy to have this be potentially terrible economic news.
    Does he want a pillow for his head?

  7. #7
    Don't Judge Me! Haphazard's Avatar
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    Well, there goes any hope for my future.

    I wonder if the S&P is happy about wrecking the world economy for a decade at least to come?
    -Carefully taking sips from the Fire Hose of Knowledge

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    Senior Member Santosha's Avatar
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    Here is my question. Since our credit rating is now downgraded.. does this affect how the US dollar is considered the standard unit of currency in global commodity markets? Do we lose our place for having the rest of the worlds currency pegged to the dollar? How does that happen if it happens? And what would it mean?
    Man suffers only because he takes seriously what the gods made for fun - Watts

  9. #9
    RETIRED CzeCze's Avatar
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    Quote Originally Posted by ZPowers View Post
    Even though that (*cough*shitty*cough*) debt ceiling deal passed, the US credit rating has been downgraded by S&P for the first time in history, which spells bad things not only for the US but for the global economy come Monday, according to many economists. I know S&P rated all those shit bonds that were the impetus for the 2008 crash AAA because they're shills, but this still is not so good.

    http://www.latimes.com/business/la-f...0,189756.story

    Thoughts?
    I never invested my Roth 401k for a reason. It's been sitting in 'cash reserves' collecting next to no interest for years. And you know what? I think I netted better overall than many people whose IRA's took a hit by 30% or more.

    Anyhow, I don't even know what I'm talking about now, other than I AM READY FOR THE SH*T STORM. If it ever comes.
    “If you want to tell people the truth, make them laugh, otherwise they'll kill you.” ― Oscar Wilde

    "I'm outtie 5000" ― Romulux

    Johari/Nohari

  10. #10
    Don't Judge Me! Haphazard's Avatar
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    Quote Originally Posted by Huxley3112 View Post
    Here is my question. Since our credit rating is now downgraded.. does this affect how the US dollar is considered the standard unit of currency in global commodity markets? Do we lose our place for having the rest of the worlds currency pegged to the dollar? How does that happen if it happens? And what would it mean?
    Probably not yet. As of right now, there's no currency that would be able to step up to take the USD's place. Right now, it's mostly that the USD is no longer the best option, but the least bad option.

    And that's terrible.
    -Carefully taking sips from the Fire Hose of Knowledge

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