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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/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_print.html
--...cuts the long-term U.S. credit rating by one notch to AA-plus
http://www.buenosairesherald.com/article/75119/united-states-loses-aaa-credit-rating-from-sp
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/politicalpunch/2011/08/govt-official-us-expecting-sp-downgrade.html
--S&P believes China, Russia, & the tea partiers were right -- America needed to make deeper cuts across the board...
http://blogs.wsj.com/marketbeat/2011/08/05/sp-downgrades-u-s-debt-rating-press-release/
What it means:
--"Taking a Closer Look at the Result of a Credit Downgrade"
http://www.nytimes.com/2011/07/31/business/economy/taking-a-closer-look-at-a-downgrades-effects.html
--per Goldman Sachs:  "Here's What a Credit Downgrade Does to the U.S."
http://wallstcheatsheet.com/stocks/goldman-sachs-heres-what-a-credit-downgrade-does-to-the-us.html/
--Economist:  "Double-A plus is not a big issue, but it is going to have an impact"
http://www.msnbc.msn.com/id/44040574/ns/business-stocks_and_economy/?gt1=43001
--"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-reconsidering-u-downgrade-cnbc-001207261.html

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/20110805-china-says-debt-financing-unlikely-save-us-eu
--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/2011/08/05/thomas-jefferson-warned-us#
--from Texas Gov. Rick Perry:  Pray.
http://www.washingtonpost.com/politics/texas-gov-rick-perry-to-host-major-prayer-event-in-houston/2011/08/04/gIQAilogwI_print.html

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