Strange, the biggest news of the week, and not one story on CNN website about it in three days.
Quote:
Standard & Poor's Ratings Service sent shock waves through economic and political circles Monday when it lowered its outlook for U.S. debt from "stable" to "negative." Though it kept U.S. credit ratings steady, the agency warned that political deadlock could compel it to downgrade Washington's rating in just a couple years.
Quote:
President Obama Faces Heavy Lift in Downplaying U.S. Credit Warning.
The S&P announcement was in large part a political judgment -- the ratings agency based its assessment on the sentiment that a budget agreement addressing the country's long-term deficit and debt problem might not be reached until after the 2012 election. The Obama administration claims the atmosphere for consensus is better than S&P predicts.
Basically, S&P heard Obama's speech and heard the democratic deficit plan, and realized there is no political will to ACTUALLY do anything meaningful to fuix the debt. Ryan's plan may not be popular, but the only way out of this mess is to abandon the idea that the US dollar is imaginary, quit printing free money, and get serious about undoing all that mess.
I'm not blaming just Dems and Obama. Bush, the 90's Republicans, and the last 30 years of pretending like the US currency was endless got us into it, and it's going to "hurt" to get us out.
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S&P downgrades US debt from "stable" to "negative"
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