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Varchild2008 (84.64)

USA Credit Rating should F--

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July 25, 2011 – Comments (2)

Given that both John Boehner and Harry Reid have produced brilliant debt ceiling plans which DO ABSOLUTELY NOTHING about actually bringing down the debt....

What exactly is Moodys or Standard and Poors or Fitch waiting for??

Washington D.C. is rolling out the red carpet for them to lower America's credit rating.

Hey Agencies!!  See?  We ARE complete morons.  So down grade us already!!

Harry Reid uses Iraq and Afghanistan wars ending as "spending cuts"  huh???
Yeah what happens when North Korea attacks South Korea and we have to divert those resources to intervene?

And as far as I can tell we are still shoveling money into the Quagmire that is the Libya conflict.

And the rest of Harry Reid's spending cuts will happen 10 years from now....really....it will....no...don't laugh.....being serious here......MOM!!!!  They're laughing at my Debt Deal!!!

John Boehner's debt deal plan is real great...(/sarc) $300 billion cut per year from a $1.5 trillion a year deficit so we only have to accumulate $12 trillion by 2022 worth of debt.

There!!!!!    FIXED IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

2 Comments – Post Your Own

#1) On July 25, 2011 at 10:48 PM, vriguy (78.46) wrote:

Big ocean liners do not turn on a dime. It took 40+ years to get into this mess, and it may take as long to get out of it. Sure, Boehner's and Reid's plans are flawed, but they are better than no plan at all.

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#2) On July 26, 2011 at 12:26 PM, leohaas (35.73) wrote:

Who is still paying attention to the ratings agencies to begin with?

Those same agencies that rated Lehman's debt "investment grade" the day before it collapsed. And they famously rated 80% of all CDOs holding nothing but MBSs containing subprime mortgages as "AAA".

OK, after ranting about the agencies, here is the real answer to your question about what the agencies are waiting for. Ratings are based on the ability to pay. There can be no doubt that the US is able to pay. Unless we fail to increase the debt limit, of course.

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