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post #1 of 11 (permalink) Old 08-06-2011, 12:06 AM Thread Starter
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Our credit rating downgraded

Just read on the news that our credit rating went down to a AA-plus. This is the first time our rating has moved from its top tier AAA status since the credit rating was established in 1917.

This made me so angry i about punched a hole in the drywall next to me. Not at the actual drop in credit rating, but at the useless, dead bodies known as our representatives. Over the last 8-10 years or so the mismanagement of our economy has gotten worse and worse, and they have been so busy with their heads up their own asses playing that game known as politics, to do anything about it. We knew we were hitting the debt ceiling, we knew were operating at a third more than our budget for quite some time, but not a single thing was done, by either party untill an hour before our government ran out of money for the SECOND time this year, when they passed a bill to cut spending by a measly 2%. They cut the time limit so close, playing chicken to bolster their own political agendas it makes me sick. The sheer selfishness and ignorance of our representatives is what makes me mad.

The rapper immortal technique says it best "i love the place that i live but hate the people in charge" The only way to turn this clusterfuck of a government around is to fire every single one of them and restart. That is all, end rant.

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post #2 of 11 (permalink) Old 08-06-2011, 12:21 AM
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Honestly, I feel that if we did fire (voted in someone else) that the next persons in line would do the same. End lobbying, pay our government exactly what their salary is and MAYBE we'll see a change. Problem is, this won't happen, as the big execs will continue funding our politicians until the end of time. Same reason the tax-loopholes will never be closed, as the people who could stop it are the same ones benefiting from it.

No disrespect towards anyone here who served in the military, and to those who did, thank you for your service, I mean it. However I refuse to put my life on the line for the so-called "leaders" and sheeple of this country that screw over the American people for their own benefit, and that's why I never joined.
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post #3 of 11 (permalink) Old 08-06-2011, 10:29 AM
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This is true, we're at a point where the "power pool" will only be filled and refilled ultimately with crooks who will do the same thing as their predecessors. They will continue to leech the American people dry until society collapses, which is so apparent by their lack of effort to fix anything. It's just business as usual: short-term profit for long-term failure. No one cares so long as they get their fortune before the bucket tips over.

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post #4 of 11 (permalink) Old 08-06-2011, 12:11 PM
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This is not good for our country. It is ammo for the other countries that own us financially. I'd say it's looking like it's going to be time to move to another country sooner rather than later. I refuse to learn Chinese. :/

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post #5 of 11 (permalink) Old 08-08-2011, 01:09 PM
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It's pretty inconsequintial in the big picture. Only S&P downgraded the rating and they've admitted that they made a massive miscalculation, but stuck to their decision anyway. They want a $4T spending cut over the next decade but at the same time their asking for yet another stimulus package. They want to have their cake and eat it too. Honestly, the last week has simply looked like S&P is on a witch hunt and is destroying their credibility in the process.

The reaction in the bond market has shown that everyone is still treating US bonds as AAA. Bonds are up.

The reaction in the stock market simply adds fuel to the fire of my thought that the majority of people are morons. Let's see...

A downgrade of the US credit rating has been a real possibility for at least the last few weeks. Only one ratings agency actually issued a downgrade and that was after an admitted massive miscalculation in the low trillions. The bond market has shown that this downgrade is pretty much being ignored by the financial market. Remember, this is the same ratings agency that put a AAA rating on junk bonds and subprime mortgages prior to the collapse. The result in the stock market - PANIC!!! LOL! I just wonder what type of impact all the tools available to average Joe's these days to make amateur day trading a simple click of te mouse has in these situations? With the cash on hand and profits of companies these days I'm buying, sure as hell not selling.

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post #6 of 11 (permalink) Old 08-08-2011, 07:47 PM
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Yeah, after reading morea bout it, I realise that it is not nearly the scenario that the major media tries to play it as. I still frimly believe that it's not a good sign, but it is not something to jump ship over, yet.

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post #7 of 11 (permalink) Old 08-09-2011, 10:45 PM
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Having good credit is great. I take advantage of same as cash financing all the time. The dog tore his ACL and had to have surgery - took advantage of 6 months same as cash from GE Money Bank. Tahoe needed new tires - I ordered them yesterday and again took advantage of the same offer. It's a lot better to spread that hit out if there's no cost for it. Just make sure it's paid off and you're gold.

"People say that marijuana smoking is going to get in the way of my career. I say to them that on the contrary, my fighting career is getting in the way of my marijuana smoking." -Nick Diaz
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