Sure, this ought to help get America’s credit standing back to where it was.
The Senate Banking committee has begun probing last week’s decision by Standard and Poor’s to downgrade the U.S. credit rating, a committee aide told Reuters on Monday.
The aide said the panel was gathering information about the S&P move but no decision had been made on whether it will hold hearings into the downgrade.
Would they ever accept responsibility? Hell no.
Congressional Democrats on Monday lashed out at Standard & Poor’s, labeling the firm’s decision to strip U.S. debt of its triple-A rating as “irresponsible” as stocks fell sharply on the first trading day following the downgrade.http://www.blogger.com/img/blank.gif
But House Republican leaders watched the rout in the stock markets and warned colleagues not to feel pressured into raising taxes to address the U.S. debt of more than $14.3 trillion. The reactions underscored how lawmakers of all stripes are trying go back on offense and steer a path forward after being put on the defensive by the ratings firm’s criticisms of a dysfunctional political process.
“I am deeply disappointed in S&P’s decision to enter into the game of political punditry,” Senate Banking Committee Chairman Tim Johnson (D., S.D.) said in a statement. He called the downgrade an “irresponsible move” that may ” have spillover effects” such as higher borrowing costs for home buyers, credit- card holders, car buyers, and state and local governments.
Running up trillions in debt apparently isn’t irresponsible.
These guilty as charged re-actions of the libdems/rhinos, and Obi blaming the messenger for slapping them up against their brainless heads with some eye-opening reality is just another example of how dysfunctional our government has become. For months all we heard from both parties and Obi was how we all had to listen to the credit agencies, and then when one agency gives them all the bad news that their best efforts at solving the debt problem was too little, too late they change their tune and began a massive propaganda effort to blackball them
and of course their favorite whipping boy/girl, the Tea Party Politicians who happen to be the only sane and sober people in our government at this time. Lets all just pray, and hope that the Tea party politicians don’t catch the insanity that is so prevalent in the asylum we all call our government. I am not kidding, in mental health institutions for the mentally deranged staff always have to be aware of other staff members beginning to demonstrate institutional behaviors, and mental behaviors from living and working in close proximity with the individuals who have serious mental disorders.
Thug tactics is absolutely correct. The people who were partly responsible for the downgrade now wish to conduct an investigation into the officials that made the call.
The lack of responsibility by this President was astounding enough. Now, we have Congress shirking their responsibility as well. Time to vote every last bum out of Congress and start over.
Hello? An investigation of S & P was begun long before the downgrade became an issue.
It will be interesting to see how the other agency, I think its name is Fitch or something will write-up their report. Will all witch hunt that congress is on at the present time send them the message that they had better be good boys and girls and tow the party line, or risk being blamed for this mess by the poor victims who call themselves the democrats, Rhinos, and liberals, and Obi the Head In Chief Of Victims anonymous. Regardless if all the credit agencies are found out to have conspired against Obi and crew in an evil alien takeover of the world, it does not take a mathematician to realize that we are broke, and the spending has to stop. All one has to do is look out of your window into the world (TV)and look at the writing on the wall. Or do a spin on the internet and look at all the countries that are lining up to get in the money hand out line. Only problem is that no one has any money, and or if they are in their right minds they are keeping it. China must be laughing their butts off right now at us. And knowing that their simple plan of “give them enough rope (money)and they will hang themselves!” Just like any other common loan shark would when dealing with a client who has a serious money spending problem.
@Greg:
I seem to remember something about an investigation in S&P earlier in the summer following indications from the S&P that a downgrade was possible.
You will note, however, that the article states that this “probe” is in direct response to S&P’s decision to downgrade the U.S. credit rating. Reuters link here;
http://www.reuters.com/article/2011/08/08/us-usa-debt-congress-idUSTRE7775UO20110808
I’m going to have to say I agree with the investigation. I have no faith in the people doing the investigation, republican or democrat, but someone made a 10-1 billion dollar bet that the US would be downgraded and that person is now 10billion dollars richer. Speculation is that it was Soros
http://www.dailymail.co.uk/news/article-2023809/Did-George-Soros-win-10-1-return-S-Ps-US-credit-rating-downgrade.html#ixzz1UUJZSSRp