AAA-rmageddon: S&P downgrade knocks off US credit crown

The United States' prized top AAA credit rating has been cut for the first time ever. Standard & Poor's has dropped America's ranking to AA+. The destructive force is the crippling debt which Congress has struggled to agree on how to tackle, with only an 11th-hour deal to raise the amount allowed. S&P says that's not enough - and falls far short of what's needed to stabilize the government's runaway borrowing. But the Obama administration says the analysis is way off, and will damage any recovery.

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[Licmycat]

Improve my ASS! They are throwing jobs to foreign lands! Have you no EDUCATION???

[Licmycat]

Who gives a shit?? Thieves don't have a credit, why would our nation when they bailed out losers who were bankers and Wall Street bookies???? Do you not KNOW about what's going on or are the thieves paying you to LIE for them? I really gotta know. Are the majority of Americans thieves or just swallowing LIES>????

[dannydarias1]

@SuperGuitarman69 Agreed....

[SuperGuitarman69]

@dannydarias1 Oh no I agree with you completely Danny I do.. But, I am sure you are a Libertarian. I think that is wonderful.. I think the 2 party system should be conservatives and libertarians.. I would vote either way a lot of times.. You have to realize, at least with a conservative Republican we stand some sort of chance of holding them accountable as a nation.. They are at least rational and will listen to us about the fed etc.. Democrats? Not one single Democrat should be in office..

[dannydarias1]

@SuperGuitarman69 You seem to think that Republicans will fix the issues of this country. They preach all the good things people like me and you would perfectly agree with, but when they are voted in, they support other policies.

[dannydarias1]

@SuperGuitarman69 Disagree. The housing, education, tech, stocks, everything bubble has happened because of years and years of credit expansion that happened during Democrat and Republican governments. The US broke off the gold standard in 1974 and since than has been expanding our money supply via credit/debt. Both parties have expanded our debt. Whether you want to believe it or not is your choice. I am sure that you will after the republicans take the white house in 2012.

[kochparadies]

@dannydarias1

Military : 48% and $ 1, 372 BILLION.

[SuperGuitarman69]

@dannydarias1 the only thing in our budget that is constitutional is military spending.. Specifically the defense of our nation.. NO where in the constitution does it say a damn thing about wealth redistribution.. That was NEVER the intentions of the founding fathers.. So it is hard to criticize defense spending when it is in the constitution. Welfare, SS, Medicare and Medicaid take up roughly 65% of the budget while military is STILL at war only 20%... That says it all.. Cut 65%? 20 is peanuts

[SuperGuitarman69]

@dannydarias1 First of all how did the housing bubble happen? Dodd and Frank introduced a bill with Fannie and Freddie guaranteed to be bailed out if the sub prime lenders wound up being dead beats (which they were).. The credit default swaps have been used since the 50's with no problems, so Wall Street isn't to blame for trading the housing commodities. It comes down to bad government.. Which of course is never ever said.. Now in regards to military spending it just so happens that Part1