Friday, August 5, 2011
BREAKING: S&P downgrades U.S. credit rating
S&P downgrades U.S. credit rating
--...for first time in U.S. history
http://www.washingtonpost.com/
--...cuts the long-term U.S. credit rating by one notch to AA-plus
http://www.buenosairesherald.
Possible reasons:
--White House claims the S&P made an erroneous math mistake & all those pesky tea partiers brought too much attention to it
http://blogs.abcnews.com/
--S&P believes China, Russia, & the tea partiers were right -- America needed to make deeper cuts across the board...
http://blogs.wsj.com/
What it means:
--"Taking a Closer Look at the Result of a Credit Downgrade"
http://www.nytimes.com/2011/
--per Goldman Sachs: "Here's What a Credit Downgrade Does to the U.S."
http://wallstcheatsheet.com/
--Economist: "Double-A plus is not a big issue, but it is going to have an impact"
http://www.msnbc.msn.com/id/
--"downgrade could add up to 0.7 of a percentage point to U.S. Treasuries' yields over time, increasing funding costs for public debt by some $100 billion"
http://news.yahoo.com/p-
Sound advice:
--from China: "To eat May's grain in April will never be a permanent solution to a problem"
http://www.france24.com/en/
--from Thomas Jefferson: "There does not exist an engine so demoralizing of the nation as a public debt. It will bring on us more ruin at home than all the enemies from abroad against whom this army and navy are to protect us."
http://spectator.org/archives/
--from Texas Gov. Rick Perry: Pray.
http://www.washingtonpost.com/
--...for first time in U.S. history
http://www.washingtonpost.com/
--...cuts the long-term U.S. credit rating by one notch to AA-plus
http://www.buenosairesherald.
Possible reasons:
--White House claims the S&P made an erroneous math mistake & all those pesky tea partiers brought too much attention to it
http://blogs.abcnews.com/
--S&P believes China, Russia, & the tea partiers were right -- America needed to make deeper cuts across the board...
http://blogs.wsj.com/
What it means:
--"Taking a Closer Look at the Result of a Credit Downgrade"
http://www.nytimes.com/2011/
--per Goldman Sachs: "Here's What a Credit Downgrade Does to the U.S."
http://wallstcheatsheet.com/
--Economist: "Double-A plus is not a big issue, but it is going to have an impact"
http://www.msnbc.msn.com/id/
--"downgrade could add up to 0.7 of a percentage point to U.S. Treasuries' yields over time, increasing funding costs for public debt by some $100 billion"
http://news.yahoo.com/p-
Sound advice:
--from China: "To eat May's grain in April will never be a permanent solution to a problem"
http://www.france24.com/en/
--from Thomas Jefferson: "There does not exist an engine so demoralizing of the nation as a public debt. It will bring on us more ruin at home than all the enemies from abroad against whom this army and navy are to protect us."
http://spectator.org/archives/
--from Texas Gov. Rick Perry: Pray.
http://www.washingtonpost.com/
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