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Old 09-14-2012, 09:23 PM
 
5,787 posts, read 4,363,656 times
Reputation: 850

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US Credit Rating Cut by Egan-Jones ... Again



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.



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, 09:26 PM
 
172 posts, read 248,617 times
Reputation: 103
We will be at a C rating if Obamy gets a 2nd term
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Old 09-14-2012, 09:26 PM
 
Location: Cape Coral
5,503 posts, read 6,763,243 times
Reputation: 2243
Quote:
Originally Posted by jt800 View Post
US Credit Rating Cut by Egan-Jones ... Again



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.



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.
No leadership at all from the White House on reducing our debt. Wah. The president needs super majorities in both houses to do anything.
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Old 09-14-2012, 09:28 PM
 
Location: CHicago, United States
6,934 posts, read 7,919,573 times
Reputation: 3497
I guess I shouldn't be surprised ... by the ignorance expressed in many discussions on these forums. I think some of the folks posting comments preceding these need to go back to high school and re-take the Civics and/or government class ... so that they learn how the country works, how currency valuations work, and what the role of the branches and agencies of government are.
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Old 09-14-2012, 09:43 PM
 
5,787 posts, read 4,363,656 times
Reputation: 850
Quote:
Originally Posted by gomexico View Post
I guess I shouldn't be surprised ... by the ignorance expressed in many discussions on these forums. I think some of the folks posting comments preceding these need to go back to high school and re-take the Civics and/or government class ... so that they learn how the country works, how currency valuations work, and what the role of the branches and agencies of government are.

Yeah.....a partisan Fed Chairman that is unelected is quite dangerous.

Bernake should resign.
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Old 09-15-2012, 09:35 AM
 
5,787 posts, read 4,363,656 times
Reputation: 850
What's up Libs.....aren't you PROUD of this accomplishment by your fearless leader?
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Old 09-15-2012, 09:46 AM
 
Location: NC
1,672 posts, read 1,652,198 times
Reputation: 523
Egan Jones is not one of the "big three" rating agencies and is widely seen on Wall St. as not being the most credible source since the Jeffries fiasco.
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Old 09-15-2012, 10:02 AM
 
5,787 posts, read 4,363,656 times
Reputation: 850
Quote:
Originally Posted by Maabus1999 View Post
Egan Jones is not one of the "big three" rating agencies and is widely seen on Wall St. as not being the most credible source since the Jeffries fiasco.
Oh sorry then......so this is a GOOD THING then right?
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