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Why S&P Has No Business Downgrading the U.S.

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Why S&P Has No Business Downgrading the U.S.

Post by Guest on Mon Aug 08, 2011 8:02 am

Had S&P done its job and warned investors how much risk Wall Street was taking on, the housing and debt bubbles wouldn't have become so large - and their bursts wouldn't have brought down much of the economy. You and I and other taxpayers wouldn't have had to bail out Wall Street; millions of Americans would now be working now instead of collecting unemployment insurance; the government wouldn't have had to inject the economy with a massive stimulus to save millions of other jobs; and far more tax revenue would now be pouring into the Treasury from individuals and businesses doing better than they are now.

In other words, had Standard & Poor's done its job over the last decade, today's budget deficit would be far smaller and the nation's future debt wouldn't look so menacing.

We'd all be better off had S&P done the job it was supposed to do, then. We've paid a hefty price for its nonfeasance.

A pity S&P is not even doing its job now. We'll be paying another hefty price for its malfeasance today.

http://www.huffingtonpost.com/robert-reich/why-sp-has-no-business-do_b_920348.html

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Re: Why S&P Has No Business Downgrading the U.S.

Post by TOO OLD TO HIRE IN PA on Mon Aug 08, 2011 11:43 am

Yeah that's because S&P is full of the rich lining their own pockets. They are in bed with Wall Street.

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Re: Why S&P Has No Business Downgrading the U.S.

Post by tristen303 on Mon Aug 08, 2011 1:11 pm

To that point which I agree, not to mention that they are heavily tied to the UK and have not downgraded them (yet there debt to GDP ratio is higher than ours) I would have thought that my Republican brothers and sisters would have rallied with the Dems condemning such a move pointing out the obvious BS of the move using the UK's example and that the far right side of my party should have threatened to shove a smart bomb up their *ss instead of politicizing the issue of not enough cuts. This is an outright play on our sovereignty having an outsider design the politics of our nation. Alas with that being said this is why spending beyond our means is bad and why entitlements are viewed as bad because the EU is dealing with all that socialistic bs right now and know it doesn’t work and that following the Union examples and entitlements examples coupled with high taxes is a recipe for failure….this is just a reminder to us that they know it doesn’t work because they tried it and failed and as the World’s biggest and “safest” economy we have an obligation to not make the same failed mistakes with our economy since so much of the world depends on us. Again your are entitled to nothing in this life from the moment your born (Gods plan if he wanted it different it would be)..You are given nothing to live, to live requires effort. Nobody gets to “live” off of those more fortunate then you ensuring their lives are tied to you for you. To breathe you must work to take in air, to drink you must work to find water and to swallow to eat the same nothing those basic life functions require effort not taking from another who luckily has bigger lungs, isn’t as thirsty or doesn’t need as much food. The only creatures that do the above are parasites, politicians and all of Wall Street lets not add the rest of America to that list.

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Re: Why S&P Has No Business Downgrading the U.S.

Post by Sponsored content Today at 9:29 am


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