US Loses AAA Credit Rating From Standard & Poor - Foreign Affairs - Nairaland
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| US Loses AAA Credit Rating From Standard & Poor by hispy99(m): 1:41am On Aug 06, 2011 |
(Reuters) - The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday in an unprecedented blow to the world's largest economy in the wake of a political battle that took the country to the brink of default.http://www.reuters.com/article/2011/08/06/us-usa-debt-downgrade-idUSTRE7746VF20110806 |
| Re: US Loses AAA Credit Rating From Standard & Poor by owo2390(m): 2:03am On Aug 06, 2011 |
It was bound to happen. You can't borrow trillions of dollars without any plan on paying it back and expect to stay number one. Also the US almost defaulted on their loan. That was also a factor. Hopefully, the wars end soon, so that the country can rebuild the economy, and the country as a whole. |
| Re: US Loses AAA Credit Rating From Standard & Poor by olaolabiy: 2:06am On Aug 06, 2011 |
Chei! Moody's about to press the downgrade button. LOL. Recession is back. 1930? |
| Re: US Loses AAA Credit Rating From Standard & Poor by okadaman2: 2:14am On Aug 06, 2011 |
Does this mean New York is now a state in China?  I thought S&P is headed by Indians ? So is it true that US visas will now be given for free? Americans are worried.  |
| Re: US Loses AAA Credit Rating From Standard & Poor by owo2390(m): 2:16am On Aug 06, 2011 |
LOL Hopefully, it doesn't get that bad. I don't want to learn Chinese. It's hard. |
| Re: US Loses AAA Credit Rating From Standard & Poor by olaolabiy: 2:21am On Aug 06, 2011 |
This is where economics becomes useless. lol Remember S&P gave AAA rating to those securities-based mortgages. Eventually, we had subprime bubble. S&P were fo.oled by banks. Or, S&P fo.oled us. |
| Re: US Loses AAA Credit Rating From Standard & Poor by olaolabiy: 2:32am On Aug 06, 2011 |
Please, don't dump this thread in the Foreign Affairs section. Instead, move it to the Business/Money Section. It is silly to move a topic that will have a huge contagion effect on the world's economy - even Nigeria's, in the Section. Please, do the correct thing. |
| Re: US Loses AAA Credit Rating From Standard & Poor by 2bosun: 2:40am On Aug 06, 2011 |
Now that will have some repercussions. More spending on debts for America, less value for the dollar say against the Yen. Less exports, more chinese imports- rising unemployment. It's a tricky one for Obama's and he's lucky none of the republicans are looking good in the run up to next years election. Still, he has his work cut out for him. IMO Obama hasn't looked like he has to balls to tackle the deficit as opposed to Osborne or Merkel. He would need to really tighten spending and I'm sure he can't wait for Bush's expensive tax cuts to expire. |
| Re: US Loses AAA Credit Rating From Standard & Poor by okadaman2: 3:37am On Aug 06, 2011 |
How can a company with a revenue of barely $2B make a decision that will impact billions of people and Trillions of Dollars across the world? Why didn't someone shoot the Indian boy before he signed the S&P rating decision? Economics is sometimes very backwards That's why I'm sticking with my Okada. |
| Re: US Loses AAA Credit Rating From Standard & Poor by hispy99(m): 4:15am On Aug 06, 2011 |
okada_man: Because the U.S govt gave them the authority to |
| Re: US Loses AAA Credit Rating From Standard & Poor by 4Play(m): 6:25am On Aug 06, 2011 |
There are disputes regarding the significance of a downgrade of US credit ratings but it will certainly mean more expensive credit for everyone - your loans will be more expensive for instance. For Nigeria, the risk is that the world is going into Credit Crisis 2 and I know we're not prepared with foreign reserves barely increased despite the rise in oil prices and our 'rainy day' fund severely depleted already. We're in uncharted territory and it's not going to be fun. |
| Re: US Loses AAA Credit Rating From Standard & Poor by Tyche(m): 9:34am On Aug 06, 2011 |
Lord God of Hosts, do not forsake us now, lest we be forgotten. |
| Re: US Loses AAA Credit Rating From Standard & Poor by justwise(m): 10:12pm On Aug 06, 2011 |
ola olabiy: Thank you!! S&P has always got it wrong, remember they rated AIG [/b]and [b]Lehman Brothers hgih just few weeks b4 those two companies collapsed? |
| Re: US Loses AAA Credit Rating From Standard & Poor by geosegun(m): 10:16pm On Aug 06, 2011 |
the rich also cry |
| Re: US Loses AAA Credit Rating From Standard & Poor by justwise(m): 10:22pm On Aug 06, 2011 |
2bosun: Actually its good news for USA manufacturing industry, they will export more now that dollar will be less valued which means cheap good. Importing from China will be less if Yen is valued more than dollar. China shouldn't punch the air yet cos they have to upgrade the value of their currency now China has deliberately de-valued Yen for a long time now. . making China products cheaper |
| Re: US Loses AAA Credit Rating From Standard & Poor by antitpiah: 10:24pm On Aug 06, 2011 |
ola olabiy: Are you an economist or you just listen to NPR a lot I thought you were in Nigeria. Hmm, Professor. Igi Iwe, eso . . . . |
| Re: US Loses AAA Credit Rating From Standard & Poor by GoldCircle: 10:32pm On Aug 06, 2011 |
following this right now on Aljazeera. first time in history! one has always wondered why the U.S had a triple A rating despite the huge debt. Lets wait and see if Moodys and Fitch will follow suit. meanwhile, CNN has deliberately not focused on this the way they would ordinarily have if it were another country. Its a SHAME! would like to also see how stock markets around the world would react on Monday . . . |
| Re: US Loses AAA Credit Rating From Standard & Poor by cap28: 10:38pm On Aug 06, 2011 |
about time too - america's $14 trillion dollar trade deficit is totally unsustainable - S & P are a discredited organisation and are not taken seriously by anyone who knows anything about economics - the fact that they are only now downgrading the US's triple A rating should tell you that they are in the pocket of washington. |
| Re: US Loses AAA Credit Rating From Standard & Poor by olaolabiy: 10:42pm On Aug 06, 2011 |
antitpiah: Strangerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr. |
| Re: US Loses AAA Credit Rating From Standard & Poor by cap28: 10:43pm On Aug 06, 2011 |
justwise: which manufacturing industry? hasnt the US out sourced the bulk of their manufacturing capacity to the Far East? |
| Re: US Loses AAA Credit Rating From Standard & Poor by okooyinbo(m): 10:46pm On Aug 06, 2011 |
cap28: |
| Re: US Loses AAA Credit Rating From Standard & Poor by antitpiah: 10:48pm On Aug 06, 2011 |
cap28: Whaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa? You read too much junk news |
| Re: US Loses AAA Credit Rating From Standard & Poor by okooyinbo(m): 10:50pm On Aug 06, 2011 |
justwise: China does not use YEN. That is japanese currency. YUAN (Rim'bi) is China's money. |
| Re: US Loses AAA Credit Rating From Standard & Poor by boyt1: 10:51pm On Aug 06, 2011 |
Is the big Apple been eating up by China,War, and India. USA, God's own country, they say use to be nigeria's only hope in those good old days. we go fear fear! |
| Re: US Loses AAA Credit Rating From Standard & Poor by antitpiah: 10:53pm On Aug 06, 2011 |
okooyinbo: Dont mind all these internet goons, very stupid people I tell ya |
| Re: US Loses AAA Credit Rating From Standard & Poor by RickyRoss1(m): 10:58pm On Aug 06, 2011 |
The US economy will continue to dwindle unless they change some of their foreign policies. Staging a useless war in Iraq was a BIG mistake, the US spent hundreds of billions of dollars in Iraq alone. The US has military base in about 100 countries or so, some of these MUST stop if the US want to get out of this mess. Oh how has the mighty fallen? The US is becoming less significant in the world today, and China is the new world power, militarily, economically and otherwise. I would still prefer the US to be the most powerful nation in the world, but they have to stop being GREEDY. America doesn't give anything for free and so is China. Both are mean and GREEDY, Infact, let God come soon and end these evil ways of things, am TIRED |
| Re: US Loses AAA Credit Rating From Standard & Poor by olaolabiy: 11:03pm On Aug 06, 2011 |
Ricky_Ross: |
| Re: US Loses AAA Credit Rating From Standard & Poor by cold(m): 11:16pm On Aug 06, 2011 |
Blame the downgrade on the tea party nutters who want nothing but to see Obama out of office.How can you insist on a deficit reduction without a commensurate increase on the Bush tax cuts for the super rich |
| Re: US Loses AAA Credit Rating From Standard & Poor by justwise(m): 11:18pm On Aug 06, 2011 |
antitpiah: don't take that person seriously. |
| Re: US Loses AAA Credit Rating From Standard & Poor by justwise(m): 11:20pm On Aug 06, 2011 |
okooyinbo: Thats true, my mistake but the point i made there still stand. |
| Re: US Loses AAA Credit Rating From Standard & Poor by Sweetnecta: 11:23pm On Aug 06, 2011 |
This is the time USA or even Nigeria need a maverick business mind, who will float the currency of his nation against Chinese Rim bi, Swiss Franks and many other and make a killing; turning the economy of the country around and lowering until quietly eliminating the national debt altogether. if President Obama had started out with jobs creation instead of social projects like health care and bugging himself down with rescuing AIG, and others, instead with the same money creating companies headed by younger work force to take the places of the aged and badly managed companies he rescued, he would will be a sure in for a second term right about now. and right now, he could have started his social program of health care and no republican would have the gut to challenge his agenda. debt ceiling; all of that is artificial. america can have a turn around just like that if the politicians are not pretending to be doing something when they are not doing anything at all. All the USA has to do is to start new ideas, re-engineering the economy in all known and new concepts including manufacturing. |
| Re: US Loses AAA Credit Rating From Standard & Poor by odumchi: 11:24pm On Aug 06, 2011 |
These are signs of end for the American Empire. Similar signs also occured at the end of the Roman Empire. Romans: -Spent a large sum of their funds on wars. -Invaded by thousands of foreigners who undermined the "Roman Way of Life" -was bankrupt by 476 ad. -Had many barbarain enemies (Vandals, Franks, Cekts, Scots, Arabs, Sassanids etc. Americans: -Spent a large sum of their funds on wars. -Invaded by millions of immigrants who tend to work, save, and spend their money in their homeland instead of the states. -Is going bankrupt by August 2011. -Has many ideological and political enemies throughout the world "Iran, Libya, N.Korea, China (to some extent), Russia. |
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