BBC NEWS: Eurozone debt crisis, economy stalling and global market turmoil. - August 6, 2011 (HD)

One of the world's leading credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating for the first time ever.

S&P cut the long-term US rating by one notch to AA+ with a negative outlook, citing concerns about budget deficits.

The agency said the deficit reduction plan passed by the US Congress on Tuesday did not go far enough.

Correspondents say the downgrade could erode investors' confidence in the world's largest economy.

It is already struggling with huge debts, unemployment of 9.1% and fears of a possible double-dip recession.

The downgrade is a major embarrassment for the administration of President Barack Obama and could raise the cost of US government borrowing.

This in turn could trickle down to higher interest rates for local governments and individuals.

http://www.bbc.co.uk/news/world-us-canada-14428930
http://www.bbc.co.uk/news/

BBC © 2011

Category:

News & Politics

Tags:

• Economy
• collapse
• crash
• crisis
• fall
• dollar
• bankers
• madoff
• bailout
• housin
• cars
• financial
• stock
• Europe
• Euromarket
• wall
• street
• Global
• market turmoil
• US Downgrade
• US Crisis

[lblythe01]

@SUCKITAMERICA So true! And it's not just in the US where things are turning sour. I’m 1 year into my masters in economics & the more I learn, the more depressed I get. Mark my words ppl - THE EURO WILL COLLAPSE – funds in capital/money markets in Europe are drying up FAST – the double dip recession everyone keeps talking about IS coming - there’s only so much nonsense rhetoric governments can use before the inevitable happens. THE WHOLE SYSTEM NEEDS CHANGING. Keep up the good work over there!

[SUCKITAMERICA]

@MrCuthamana123 Which actually just goes to prove MY POINT even further. AND I THANK YOU FOR YOUR SUPPORT! lol

[MrCuthamana123]

@SUCKITAMERICA ally think i like this gov, no i dont ur saying im ignorant ur just being a ignorant asshole urself by replying to my comment stupid bitch

[huiren92]

One month after a debt crisis, America can no longer hold on and from double A plus will become double A.

[SUCKITAMERICA]

@MrCuthamana123 Just by that ignorant remark you really don't deserve to live here! How do you like that? The whole point of a FREE COUNTRY is to express what is wrong with it! Obviously you are too ignorant, complacent, stupid, and lethargic to give a damn so... YOU CAN LEAVE!! If you have any FAITH in this government you are deluded and I fell VERY VERY SORRY FOR YOU!!!! WELCOME TO THE NEXT DEPRESSION ASSHOLE! My vote is for Russia anyway.

[MrCuthamana123]

@SUCKITAMERICA if u dont like america dont live here its just so stupid to make fun of the country u live, eat, drink in ppl these days

[Blacktigernumberone]

Skriblah DanGoghRiot Freestyle 2011

[SUCKITAMERICA]

@3rdWorldGame You and some others are really the only reason I keep going! I know that there are innocent people out there that know and are hurt over the way our nation has conducted itself over the years. I am shamed with this country BUT I AM NOT ASHAMED OF THE PEOPLE IN THIS COUNTRY! We all, ALL AS IMMIGRANTS OURSELVES, fought for freedom and liberty, it courses through our veins freedom will not be ignored and the PEOPLE will either hear the call or ignore it. GOOD FOR YOU, YOU ARE A HERO!!

[3rdWorldGame]

@SUCKITAMERICA The fact really is that the majority of the people are so ignorant they cannot see whats wrong with the system they live in, they have their heads in the clouds while the private banks, like the Federal reserve are allowed to commit financial terrorism and Polticans try to cover it up. The US needs an anti-banking revolution so that the people can regain control over their currency, econemy and freedom, i say freedom because debt is slavery...

[SUCKITAMERICA]

LETS NOT DILLY DALLY JUST PUT AMERICA AS JUNK STATUS AND LET US FINALLY EAT OUR CONSEQUENCES FOR WHAT WE HAVE DONE! i WOULDS AT LEAST PUT AMERICA AT A BBB RATING! i HAVE NO CONFIDENCE IN MY COUNTRY!!