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Puzzling to understand why these agencies failed to do this during 8 horrific Bush years that had this country on a road to a sure Depression. With Republicans allowed to set the debate because Dems abandoned Obama for the Midterms, this move appears political. Time to downgrade the importance of these agencies? I think so.
Wow, the left is up their old tricks, blame the messenger.
I blamed the messenger when I refused to read the link from The Nation. Probably still the furthest left of all publications. When an anti-Bush poster like this one uses The Nation as a source I know what it says.
until this year, this country has always been able to pay its bills on time without question. however since obama has gotten into office and started his profligate spending, pushing the debt higher with no regard to any semblance of fiscal responsibility(like he promised in the 2008 campaign), the credit rating agencies had no choice but to downgrade our credit rating. understand that even china, which had been buying up our debt until earlier this year, stopped buying our debt, and so did other countries, and we started monetizing our debt, which is in fact an extremely poor economic, and desperate, move. we are like the person making $50,000 per year, but has $500,000 in debt, and is having a hard time making the payments on the debt.
dont shoot the messenger just because the message is bad news.
Puzzling to understand why these agencies failed to do this during 8 horrific Bush years that had this country on a road to a sure Depression. With Republicans allowed to set the debate because Dems abandoned Obama for the Midterms, this move appears political. Time to downgrade the importance of these agencies? I think so.
No, time to downgrade the Demos....the business world does not like them, nor wants to do business with them. That is a huge reason why we are where we are. I think you already answered your own question about the Bush years vs the Obama years and as to why......
Puzzling to understand why these agencies failed to do this during 8 horrific Bush years that had this country on a road to a sure Depression. With Republicans allowed to set the debate because Dems abandoned Obama for the Midterms, this move appears political. Time to downgrade the importance of these agencies? I think so.
They got burned with "AAA" sub prime mortgage bonds so they are trying to be proactive. I do feel our finances are really bad but the raters really are clueless.
I think that the Communist Party USA should be the one rating our debt. I'm sure that'll make The Nation readers feel better (I used to be a subscriber )
-US cant pay its bills.
-So it asks to receive a higher Debt limit [read- we are broke but let us have more money we wont pay back].
-US credit rating is lowered...Since well, its not paying back its debt. Shock I know.
Meanwhile, your average Joe would be laughed right out of the bank if he asked for a loan when he already owes the bank 50 grand. And his credit would be lowered to F. The US is getting off easy with a A++ rating, a C at this point in time is more realistic.
Puzzling to understand why these agencies failed to do this during 8 horrific Bush years that had this country on a road to a sure Depression.
Did the National Debt ever exceed the GDP during Bush's "8 horrific years?
Um, no, sorry.
Was the National Debt ever greater than 75% of the GDP during Bush's "8 horrific years?
Um, no, sorry.
What's really puzzling to understand is why you can't seem to grasp even basic 5th Grade Math.
When you go over your credit limit, the banks cut you off, right?
The down-grading is perfectly justified and perfectly justified at this time. If the Ass-Clown-in-Charge hadn't blown $4.318 TRILLION on absolutely nothing, you wouldn't be in this mess.
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(I used to be a subscriber 
)
