Thursday, October 17, 2013

S&P minutes away last night from another US downgrade

See this article. John Chambers, the global head of S&P’s sovereign ratings committee, said: "If the government does discontinue debt-servicing, unless it is cured immediately, it goes into ‘selective default’," which is the lowest rating of untrustworthiness. “It is simply not a characteristic of the most highly rated sovereigns that you have to worry about them not paying their debts. It is unheard of in a cohesive civil society, making it all the more puzzling and lamentable that we have these shenanigans over spending that has already been approved by Congress.”

The last time the regressives pulled this stunt in 2011 the US was downgraded. S&P said of that downgrade: "The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy."

This is what the regressives are playing with by creating financial crises with significant global consequences over political ideology. And in the words of S&P. Do we really want suicide bombers like this making decisions for our country? If not, vote them out America.

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