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I saw that on ABC news a couple hours ago which kind of surprised me. I guess if there is an announcement like that the MSM can't just sweep it under the rug. The reporter was bordering on doom and gloom when telling of the possible ramifications from a downgrade.
 

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Good ole country folk
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Discussion Starter · #3 ·
I saw that on ABC news a couple hours ago which kind of surprised me. I guess if there is an announcement like that the MSM can't just sweep it under the rug. The reporter was bordering on doom and gloom when telling of the possible ramifications from a downgrade.
News reports will attempt to downplay this to keep people from panicing. That would be like the weatherman saying there is a chance of rain when a Categy 5 hurricane is breathing down our necks.

Thank goodness we do not have any funds tied up in the market. I just feel for those who will lose everything when it does crash. Far to many people have all their eggs in one basket. We get our eggs everyday straight from the hen house.
 

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performing monkey
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from what I understand, the other rating agencies also have to downgrade as well because the BEST rating is used... :dunno: (guess countries get the benefit of the doubt, unlike individuals and their credit ratings :ignore: )

not to say that won't happen either tho... :gaah:
 

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This is just politics to justify QE3. I don't see the end until after the next presidential election. US credit rating is a meaningless value. The entire worlds monetary system is based on the US Centric system. Setting a value really has no impact on anything. Also, central banks all over the world have purchased US fiat money. It's in their best interest the US economy doesn't collapse.
 

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Good ole country folk
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Discussion Starter · #6 ·
from what I understand, the other rating agencies also have to downgrade as well because the BEST rating is used... :dunno: (guess countries get the benefit of the doubt, unlike individuals and their credit ratings :ignore: )

not to say that won't happen either tho... :gaah:
Sure, in the big game of smoke and mirrors all ratings are factored into the big picture, but I'm confident that when the Asian markets open on Sunday night we wll see what investors feel about the downgrade.
 

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when the Asian markets open on Sunday night we will see what investors feel about the downgrade.
I found it interesting that they waited until the markets closed to make the announcement.

TheBlob
"from what I understand, the other rating agencies also have to downgrade as well."

I just read an article that said Moody's is reexamining their assessment of the US debt situation. Sorry, don't have the link at the moment.
 

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It's been coming, you can't keep spending money on stupid stuff, then run yourself deeper in debt and not feel any ramifications from it. The government only tells us what they want us to hear, then they make up the rest. It's all going to come out in the wash, I hope that I have everything that I need when it does.
 

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It's been coming, you can't keep spending money on stupid stuff, then run yourself deeper in debt and not feel any ramifications from it.
Exactly. It's amazing it's been able to get this far in the first place.

And I think in their minds QE3 is already justified. Heck, I wouldn't be surprised to find out they've been doing it already...
 

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China downgraded our credit rating last month and no one said anything about it. Another country did the same.

Standard and Poor, that one is gonna kick us in the ass....
 

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The Future?
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Although no one is sure of the exact ramifications of the credit downgrade perhaps it will be a benefit to all of us. Perhaps it will wake up these pricks in Congress to stop spending.
 

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Everyone needs to calm the hell down. I swear, maybe we DO need a little bit of this "hardship" to get everyone off their high pedestals of existence. I can just imagine what other people from other countries would think of us if they heard just how freaked out we were over a little bit of "poverty."

Listen, there are no Hoovervilles along the outer borders of our major cities, most people have shoes on their feet, aren't plagued with constant sickness, aren't malnourished, aren't 25 but look 40 because of the stress of life, and we aren't having massive bouts of violence or workers' strikes like Blair Mountain. The US Army, and the National Guard aren't tear gassing crowds of rioters, and upset citizens. 8 year old children aren't cleaning the lint out from the inside of moving textile machines to make coin to keep their family from starving to death. Plague does not sweep through our cities, and we no longer have an entire region called "The Dust Bowl" wherein thousands are dying.

Until all that happens, I think we need to concentrate on making things better from where we are now, lest we stymie ourselves in this thinking, and make things worse than they need to be. Things are a lot better off than what we may perceive in our heads as "awful, terrible, the sky is about to fall." My grandparents would have considered some of the levels of lacking levelheaded thought in some of these discussions laughable if they were still alive today, considering they grew up in a real depression in the boroughs of New York City.

This country has been in debt since the damn French helped get our asses out of hot water in the Revolutionary War. We're Americans, "and for everything else, there's Mastercard," so I think we all need to calm down, and be rational. Another election is coming, and soon after, Senatorial and Congressional seats will be playing musical chairs too. We can do this as a country, as a united people...so let's not throw good judgment to the wind simply because we are no longer the "economic powerhouse" we really sort of weren't for a while anyway.
 
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