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Old 09-14-2012, 03:54 PM
 
Location: San Diego, CA
10,584 posts, read 7,971,847 times
Reputation: 4146

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After cutting the U.S. credit rating from AAA to AA+ in July 2011,
and cutting it again from AA+ to AA in April 2012,
Egan-Jones has cut our credit rating once again today, from AA to AA-, on Sept. 14, 2012.

There's a pattern here somewhere.

Is it November yet?

------------------------------------------------------------

US Credit Rating Cut by Egan-Jones ... Again - US* Business News - CNBC

US Credit Rating Cut by Egan-Jones ... Again
Published: Friday, 14 Sep 2012 | 3:43 PM ET

By: CNBC.com With Reuters

Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market.

(Isn't that like saying, "The beatings will continue until morale improves"? -LA)

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt.
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Old 09-14-2012, 03:57 PM
 
Location: Great State of Texas
86,093 posts, read 69,929,185 times
Reputation: 27520
Duplicate..and this is active and still on the first page here.
US Downgraded...... AGAIN
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Old 09-14-2012, 04:10 PM
 
Location: San Diego, CA
10,584 posts, read 7,971,847 times
Reputation: 4146
As noted in the article, the Fed Govt said it would keep printing money and buying up mortgages, to the tune of $40 billion a MONTH, until jobs start picking up.

What makes them think that printing money and buying mortgages, will have that effect?

This rating firm seems to think that just the opposite will happen.

How much more unemployment, people quitting and stopping even LOOKING for work, etc. will we have to incur, for how many years? Before the Fed finally decides that maybe they were wrong?

How long will we have to put up with these endless liberal academic theories and experiments, that use our NATIONAL ECONOMY as a guinea pig?
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