John Chambers S&P Head Explains Why They Decided To Downgrade The U.S. Credit Rating

[kantwater666]

Chambers  is a wank

[sekyim]

The downgrading was caused by political instability in the U.S, the debt was just a little fraction of the real problem.

[utoobster2]

attn: Lucisferre257 --- don't get it twisted. Your sign-in name is a derivation of lucifer, which equals the devil. And your ridiculous time-wasting molestation game is pathetic, just like you. 1. You do not bring light, you bring failure. 2. Investors are buying U.S. treasuries which confirms the stupidity of Chambers and of you. 3. It is in fact S&P that cost the U.S. $3-Trillion in the last weeks. 4. THE IDIOTS ARE JOHN CHAMBERS AND PEOPLE LIKE YOU.

[lucisferre257]

Dear utoobster, 1. Lucis Ferre means bringer of light. 2. People are rushing to treasuries and gold because they anticipate massive monetizing of our national debt. 3. Blaming a credit rating agency for ones own earnings to debt ratio is moronic. We've been downgraded by Egan-Jones in July and now S&P. Moody's is next. Sorry, but trying to spend your way out of debt, is "stimulating" only if you're a compete idiot. That's like hiring people to upgrade your home when you can't pay the bills.

[utoobster2]

John Chambers should be arrested for TREASON against the U.S.Give him life in prison, or, second-best, would be he kills himself once he realizes the damage he caused to Americans & the world. S&P are the corrupt, inept, mathematically-challenged, stuffed-shirt bafoons that caused a big part of the deficit. S&P handed-out AAA credit-ratings on toxic-mortgages that triggered the 2008 global collapse. No true American could sell-out his country like Chambers & Beers did. Prison or Death!!!!

[utoobster2]

John Chambers should be arrested for TREASON against the U.S.Give him life in prison, or, second-best, would be he kills himself once he realizes the damage he caused to Americans & the world. S&P are the corrupt, inept, mathematically-challenged, stuffed-shirt bafoons that caused a big part of the deficit to -- S&P handed-out AAA credit-ratings to toxic-mortgages that triggered the 2008 global collapse. No true American could sell-out his country like Chambers did. Prison or Death!!!!

[utoobster2]

Attn: "lucisferre257" ---continued--- f) the price of U.S. Treasuries has INCREASED despite the S&P downgrade, and despite clueless-individuals (that would be you,) crying over the weakening-dollar. g) The FRB has monitored closely the value of the dollar, and has properly balanced the equation between inflation and deflation. g) If you think you understand economics & finance better than Treasury-Secretary Geithner or the Fed / FRB, I suggest both U & your girlfriend Chambers get an education.

[lucisferre257]

@utoobster2 wrote, "g) If you think you understand economics & finance better than Treasury-Secretary Geithner or the Fed / FRB, I suggest both U & your girlfriend Chambers get an education".

Tim Geithner, in a recent TV interview, was asked about the S&P downgrading, and he said that they definitely will not downgrade America from a triple-A status, even though the S&P had given in a one in three chance previously and a one in two recently. He's either delusional, stupid...or both.

[utoobster2]

Attn: "lucisferre257" a) your sign-in name is synonymous with evil, so your credibility is zero, b) I work very hard for what I have, including a solid credit-rating from paying my bills on time, c) I am perfectly sane, unlike you and your absurd sign-in name and your simpleton economics comments, d) in times of severe economic-crisis, it is acceptable for the debt-to-gdp ratio to exceed 100% in order to stimulate the economy, e) u, Chambers&Beers come back when u want your ass whooped again.

[utoobster2]

Attn: "lucisferre257" a) your sign-in name is synonymous with evil, so your credibility is zero. b) I work very hard for what I have, including a solid credit-rating from paying my bills on time, c) I am perfectly sane, unlike you and your absurd sign-in name and your simpleton economics comments. d) in times of severe economic-crisis, it is acceptable for the debt-to-gdp ratio to exceed 100% in order to stimulate the economy, e) u, Chambers&Beers come back when u want your ass whooped again.

[utoobster2]

Attn: "lucisferre257" a) your sign-in name is synomous with evil, so your credibility is zero. b) I work very hard for what I have, including a solid credit-rating from paying my bills on time, c) I am perfectly sane, unlike you and your absurd sign-in name and your simpleton economics comments. d) in times of severe economic-crisis, it is acceptable for the debt-to-gdp ratio to exceed 100% in order to stimulate the economy, e) u, Chambers&Beers come back when u want your ass whooped again.

[lucisferre257]

Wow, Wolf is really a stupid mother fucker, isn't he.

[bleepedout]

Is Standard & Poor an American Company? I wouldn't think so. Lets hit America while she's down. Thats the team spirit. I  think The S & P is Americas new terrorist. Whether or not you calculations are correct. Sometimes some things are better not said. You may have single handed wiped out many Americans profit and pension plans. 401ks. So that you could beat on your chest? How can you sleep at night? Hey John, many many Americans were not in debt. But they may be now. Thanks to you, S&P

[lrodcantu]

Doesn't anyone care that S&P is such an inept and brainless organization that they were giving AAA ratings to just about anyone and anything that asked for them back in early 2008. Why are we paying attention to them? Why was one man, John Chambers, allowed to have so much influence over the U.S. economy? At a whim, which is obviously what this was, he gutted whatever recovery we might have been in. WTF?!?! Why??!?!

[Demosthenes0725]

They keep blaming the AAA downgrade on Washington's inability to resolve its issues, but that's nothing more than a scapegoat. Anyone paying attention knew the whole debate was a charade. The US's credit rating should've been downgraded a lot more, and a long time ago.

What they're trying to do is blame the fighting itself and not the actual problems, so that when the economy collapses the left and right can continue blaming each other over redundancies, maintaining the same old paradigm.

[utoobster2]

John Chambers should be arrested for TREASON against the U.S.Give him life in prison, or, second-best, would be he kills himself once he realizes the damage he caused to Americans & the world. S&P are the corrupt, inept, mathematically-challenged, stuffed-shirt bafoons that caused a big part of the deficit to -- S&P handed-out AAA credit-ratings to toxic-mortgages that triggered the 2008 global collapse. No true American could sell-out his country like Chambers did. Prison or Death!!!!

[lucisferre257]

@utoobster2, I guess you're one of those fellows that want something for nothing and would blame your credit rating on Equifax and Transunion. The fact is, our debt to GDP is approx 76%, up from 42% when Bush left office. Any sane person listening to Obama must come to the conclusion that we will sink even more in unpayable debt and if they don't cut spending, it's almost certain that Tim Geithner, will seriously monetize our debt, i.e. drastically increasing inflation, via devaluing the dollar.

[exsinor]

I have to wonder about S&P's ratings. Weren't they one of those who rated those toxic mortgage bundles highly when they eventually proved nearly worthless???

[stonevrscx]

AA+ wont last long.

[sparkyj99]

~~> Very important what is said at 8:05 about the balanced budget ammendment... Keep your eyes open teafolk... This is the next tea leaf they are going to try to sell you...

[sparkyj99]

~~> I wonder what it is like sitting on Trillions of dollars while you watch the world burn around you??

[EnnoiaBlog]

@morganhill69 You have to ask yourself what the difference is between making widgets in an economy, vs. making tanks/planes/ships/missiles/et­c. If we cut defense/offense spending, we will put even more people out of jobs in the short term. We need to be investing in projects which make our economy more efficient.

[Acein8ter]

AA+ is still too high for the 14 trillion + debt.... Buy Gold and Silver...

[morganhill69]

Wouldn't ending the wars save a lot of money ?

[leo00o83]

instead of watching this 11 minutes and 13 seconds clip, here's an answer:

because wall street pays S&P and wall street wants volatility in the markets.

and they're going to get it, as usual.

[FightTheElite]

Interesting how the solutions presented always involve cutting benefits to the poorest people, isn't it? Don't mention the wars or the ongoing banker bailouts, just take it from those who have the least... it seems to no different in the U.S. as here in Europe.

[ShaktipatSeer2]

Chambers: Compensation

2009 - Total compensation of $12,788,498, which included a base salary of $375,000, a cash bonus of $2,031,000, stocks granted of $10,372,500, and other compensation worth $9,998.

JEESUS....

[usergently]

S&P want's their pound of flesh.

[usergently]

Chambers of horror!

[doug47130]

The borrower is the slave to the lender

[gatersaw]

Does Wolf have Alzheimers?

[Zakdayak]

Chambers, hey asshole, you rated the investments in subprime , ...what? Triple A? Excuse me, cocksucker, now what were you saying about the U.S?

[sparkyj99]

@Zakdayak <~~ Well Said...

[RonPaulSwede]

Why don´t you let your own military bomb your country and you can rebuild it?

[seanlaca]

No one paid any attention when China, our own creditors, rightly downgraded US debt.

[BabybooR33]

the matrix crumbles!

[wongguy]

It took Canada 18 years to get AAA credit ratings (Canada had previously downgraded in 1993). So this is a chance for government to rethink how their financial systems, policies and structure should be organized.

[wongguy]

@wongguy sorry I meant 9 years to get AAA credit rating

[labartic]

“If elected President, I pledge to veto any unbalanced budget and to balance the federal budget in the first year of my term. I will fight to reduce taxes and remove unconstitutional regulations so that businesses can hire, Americans can get back to work, and our economy can truly recover.” — Ron Paul

[ar4216]

Notice how he dodged around the question of the 2 trillion dollar mistake they made by claiming what they finally published was right. But the point is, they made the mistake and didn't realize it until they were called on it. And after they were made aware of it they went ahead and downgraded the US anyway. Disgraceful.

[ytgv3fc7]

@ar4216 the US gov't made a 7 trillion dollar mistake: the increase in the debt but called it "cutting" by not going to 10 trillion. That's not cutting. Cutting removes 7 trillion AND MORE.

[TheChineseEmpire]

It was clinton that signed nafta/gatt, the chinese trade agreement, and repealed the glass steagle act. I think that clinton's actions were more destructive than any others since the removal of the dollar from the gold standard. he is a member of trilateral - might as well say the worldbank.

[KataVideo]

If muslims did to the economy with the teahadist repugnicants did, would we be bombing someone?

“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

-- Standard & Poors Research Update, 8/05/2011

S&P says it's the gop's fault.

[labartic]

@KataVideo Consider that the rating agencies are all criminals and were proven to have known all the mortgage backed securities were WORTHLESS back in the housing bubble that started all this, but rated them AAA anyway and fired anyone who wouldnt do it. These rating agencies are only around to help scam people of money. They work together with wall street and mega banks to fuck everyone out of money. The truth is we are already bankrupt and will default.

[KataVideo]

“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

-- Standard & Poors Research Update, 8/05/2011

[wolfengheist]

Government should spent within it's means.

[KataVideo]

@wolfengheist the people who say "freedom isn't free" should pay their taxes, instead of asking working class families to pay with their children's blood.

[Vaobat]

Roman empire collapsed because it thought it was invincible: American empire will follow for the same reason!

[joshuag5732]

If you are a teaparty member. You suck!

[bradthompson86]

@joshuag5732 oh except the tea party was right all along. i guess you suck if you like raising everyones interest rates and ruining our dollar.

[joshuag5732]

@bradthompson86 Interest rates may rise because we didn't raise the debt ceiling fast enough. The teaparty is responsible for delaying that bill until ten hours before we went into default.

[TheUSMetalhead]

This is mostly the fault of the Fed Reserve and our pathetic congress which has created the Corporatocracy we now live in, this deficit crap was coming whether Obama "the fraud" was our president or not. Let's hope when our government does decide to fix this, they won't do what the UK did and raise the retirement age. We all know what needs to be done, end our illegal wars and tax the rich. Unfortunately, neither is even being suggested. Shameful.

[ytgv3fc7]

@TheUSMetalhead you know the retirement age will be moved to 95 and the hyperinflation coming will send bread to $10 a loaf then $20 later the same day.

[butchermachine]

Why didn't we ask the credit rating agencies what they wanted to see us do before passing something that ended up being not good enough?

[tr28901]

@butchermachine The S&P warned us a few months ago but the Tea Terrorists had to get their way regardless of the consequences.

[ytgv3fc7]

@tr28901 actually what the S&P guy said is that if the Tea Party got their way fully with cuts the downgrade wouldn't have happened. Pay attention.

[ytgv3fc7]

@butchermachine the ratings agencies were asked, they did say, the Tea Party people tried to follow it but they were told "no dice" which means the downgrade is mandatory. The only plan which gets no downgrade is the FULL cuts demanded by the Tea Party side. No one did it. Downgrade is carved in stone now.

[grizzzlyjoe]

One more thing:

I once had some "fiscal slippage" ... I think the Doctor recommended "Imodium".

(I'm done now ... thanks for reading these)

[grizzzlyjoe]

BTW: Doesn't this Chambers guy have a face that you just want to shove into a truck-stop men's room toilet bowl ... and flush ... wait ... and NOT flush?

[grizzzlyjoe]

"It's NOT a sign of mental health to be 'well-adjusted' to a fundamentally sick society"

... or something like that :)

[grizzzlyjoe]

So ... this S&P "douche-nozzle" Chambers and a few of his buddies at work get to make a decision that WE SIMPLY ALLOW to affect THE WHOLE FREAKIN' GLOBE!!!

WHAT is the MATTER with ALL YOU EARTHLINGS?

Are you crazy ...? Or are you all just MORONS?

NOTHING has changed ... NOTHING ... NOTHING.

It's ALL "make-believe", and you CHOOSE to let this rule your lives?

To even buy into this madness for one moment marks one as hopelessly insane.

IT'S NOT REAL!!!

[chocomalk]

@grizzzlyjoe

lol

Well said!

One dude says a letter A will be removed form a string of A's and now everyone must suffer...

[grizzzlyjoe]

@chocomalk Really!!! Tell me that isn't the very definition of "lunacy".

What are we, freakin' lemmings?

Or is it a school-yard & somebody said we "have cooties", now our "love-ability" has gone down.

It's moronic. It's juvenile.

I'm opting out. I can't play this game anymore.

It's a stupid game, & the kids that play it REALLY, REALLY GOOD have been making up the rules as they go along.

It's easier to win that way.

I need to milk a cow, or grow a tomato, or sumthin' ... the world has gone NUTS!

[TheUSMetalhead]

@grizzzlyjoe Efuckingnuff with your comedy act, move on.

[grizzzlyjoe]

@TheUSMetalhead STFU ... I don't live by your rules, asshole.

[ytgv3fc7]

@chocomalk "One dude says a letter A will be removed form a string of A's and now everyone must suffer..."

Laws, regulations & corporate governance enforce that anything less than AAA can't be invested in by retirement/pension funds & other government agencies so yes, this is a nuclear impact on American soil.

[shamz0rz]

@grizzzlyjoe Earthlings? Come on man, you can't divorce yourself from your DNA.

[grizzzlyjoe]

@shamz0rz I've been living on Earth for 60 years. I CAN'T be from this freakin' planet.

#1; I don't value what Earthlings seem to value (Old Oil Paintings, Polished little rocks, Shiny metals)

#2: I don't eat meat because other sentient animals must be killed for it.

#3: I don't (usually) feel like killing the Earthlings that I live amongst.

#4: I don't pay any attention to the barbaric sports that you ppl seem to enjoy so much.

Where I come from, calling someone an EARTHLING is an insult :)

[shamz0rz]

@grizzzlyjoe Well, it just sounds like you're a regular guy to me. Most people don't value those things at all, most people value family and friends more than anything. We just see the most from the greedy evil people because shit always rises to the top. Most people are good, I think you know that. Problem is evil will always win because the good people are too "good" to do anything about it. Their lives must be truly hollow though, better to try to enlighten them than shun them.

[kiararei]

the only certainty is uncertainty

[Odinsvoyage]

If there was sanity in the world, since all markets and currencies are tied through the Bank of Settlements, IMF, World Bank, etc, all debts and balances could be reduced by a factor of say 100 or even more which would bring revenue streams back into a place where they could "service their debts" which would help bring a smooth transistion into collapse of industrial civilization. But, we do not live in a sane world.

[yaplonglong]

What difference does it make? 2T or 3T - you still owe 11 or 12T, and there is no way US can pay back, even with one T when you're borrowing 40cents for every $ you spend.

[Odinsvoyage]

@yaplonglong Those who run the world banking have designed it to be this way. Bankruptcy is ultimately a surety for everyone from the person to the nation to the world. Just like the designed US Great Depression banking crisis which looted the public, they are again looting the public and have installed a dictatorial "Super-Congress". Infinite expansion of capital is impossible on a finite planet, because infinite growth in general is an impossibility.

[yaplonglong]

@Odinsvoyage - I forgot to add that it is called - thieving, robbery, cheating, stealing, banditry, extorting, swindling, shamming, fraud, con, cheating, ponzing, bankstering, scam ….. much worse than Mafia, at least they still have some code of ethics. Yeah - a nobel prize is due indeed.

[Odinsvoyage]

@yaplonglong Yes, I agree it is called by many names. The best mafia in town. The solution is centralization everywhere and where we don't choose centralization it will happen in its due course as the Earth's natural resources are destroyed. But, there is hope if we can locally grow our own food, medicines, materials; garner our building materials; and use local energy technology like gasification, down-spout microhydro, wind, solar, etc but most importantly conservation!!

[ytgv3fc7]

@Odinsvoyage um, don't you mean de-centralization? Centralization like central banks & concentrated Fascist corporate power is the source of the fraud & criminality we face today.

[Shindler39]

@yaplonglong

The difference is that the US lost its economic prestige and they won't get their AAA back really soon, in fact they gona be A+ down the road, this debt is so high, a huge economic collapse and a great depression is coming.

[tr28901]

@Shindler39 Losing our AAA rating will have very negative effects down the road. It's going to cost us more in interest to borrow and large banks and governments around the world will pull their money out of the U.S and look for more stable and sane places to invest.

[KataVideo]

@tr28901 why? 2 out of the three rating agencies still give America the AAA rating. Why is s&p more important than fitch and moody's?

[yaplonglong]

@Shindler39 - I know, just that people still don't wake to the printing madness drives me nuts. Worse still you have an irresponsible government, who instead of cutting back unnecessary spendings (4 or 5 wars) - continues with a frenzy of crazy spending. It does not and will not solve the problem.

[grizzzlyjoe]

@yaplonglong You're making an abundantly hubristic assumption. You are NOT basing your statement upon the most contemporaneous economic model recently proffered by the soon-to-be-next Nobel Laureate in Economics ... "ME" ... it's called the "WHO GIVES A FLYING FUCK ABOUT PAYING ANYONE BACK ONE FREAKIN' CENT ... SCREW 'EM ALL" Model. The U.S. will be debt free as soon as we implement the program.

Do you need me to explain how it works?

... I didn't think so.

[yaplonglong]

@grizzzlyjoe - The people who lend money to US could do shit to US, coz US is far too powerful, but on a personal basis - you try that with the loan sharks in Vegas, then you tell me if you care.

[ytgv3fc7]

@yaplonglong no, the people lending money to the USA control all the rare earths & much of the oil, the USA won't be able to arm up fast enough to send out strike mass murder bomb squads for dumping dollars. Most of the other parties also have nukes & are willing to use them now.

[grizzzlyjoe]

@ytgv3fc7 Believe what you wish of my next statement:

The U.S. does NOT have to ARM UP. In '89, Pres. Reagan showed Gorbachev what kind of "Off World Technology" the U.S. is in possession of. That information lead directly to the collapse of the Soviet Union. There was NO POINT of a Cold War. A HOT War would've ended QUICKLY& BADLY for the USSR.

Why do you think the U.S. Military operates with complete & utter impunity throughout the world?

The U.S. STILL has some scary shit behind closed doors.

[grizzzlyjoe]

@ytgv3fc7 This is OLD technology: watch?v=MmkYcEcSLvA

Only the tip of a VERY large iceberg. Only the OLD CRAP they WANT you to know about.

Don't underestimate the ability of the U.S. Military to instantaneously retaliate. Both China & Russia combined are scared shitless over ANGERING America.

In this era of economic upheaval, neither of them would DARE cause a Mil. confrontation with the U.S..

It's why TAIWAN continues to exist just off mainland China, the U.S. has a Military Treaty with Taiwan.

[grizzzlyjoe]

@ytgv3fc7 AND, even though the expenditure has caused a great deal of trouble with the American Economy ... What do you think the Pentagon has been doing with the nearly HALF A TRILLION DOLLARS they've been given every year, shooting craps?

Forget about the Pres. & Congress (who are made up of people who come & go) the CAREER Military hierarchy is comprised of people who were able to graduate from West Point, Annapolis, et al.

These people are not dummies. It's easier to graduate from Harvard.

[sparkyj99]

@grizzzlyjoe ~~> Paying $400 dollars a berrel to the Saudiz to bring petrol to the war front... Hince the big war push from the Saudi owned news front News Corp... War makes money... Too bad it is funneled out of the country never to return...

[yaplonglong]

@ytgv3fc7 - Nope, they don't stand a chance if they try to Nuke US.

[ytgv3fc7]

@yaplonglong nope, they win if they launch. Russia, Pakistan & Russia will all launch at once. USA will be vaporized. They win.

[ytgv3fc7]

@grizzzlyjoe "The U.S. will be debt free as soon as we implement the program.

Do you need me to explain how it works?

... I didn't think so."

I do need you to explain how it works. How I see it is this: step 1: we don't pay y'all

step 2: all oil is blocked from entry to the USA

step 3: Russia arms nukes & so does China

step 4: US army tries to be the bully

step 5: US economy collapses outside military

step 6: nukes land all over USA ending all life in America.

Please explain your version.

[Fringe111]

@yaplonglong The difference is that YOU will now see all your interest rates go up. Your mortgage, car and any loans you have. It's like a tax on all of us.