Standard and Poors just downgraded US credit rating to AA+

 

In reality, it should be graded somewhere along the lines of junk bonds.
The general population seems content to be fed from the trough of bulls*** that the mainstream media feeds everyone.

General population: You run a business poorly, you go out of business
Financial population: You run a bank poorly, the government will make sure to bail you out so you can continue to receive your multi-million dollar bonuses

General population: You embezzle money, you go to jail
Financial population: You embezzle money, the Feds look the other way, and legislators try to legalize the criminal acts so you're not restricted from embezzling more money

General population: You're broke, don't have money, you go hungry
Financial population: You're broke, just print more money - you're no longer broke

Can anyone tell me how "borrowing" more money, when you have no possible way of paying it back, makes economic sense? If that's the case, then I should be able to simply walk into a bank and get a loan for a few hundred thousand to tide me over for a while. The previous administration put the ravenous wolves in the henhouse (Geithner, Bernanke and Paulson), the current administration made a deal in order to win the election - so Obamas' "Change" really means what we'll have in our pockets (if we're lucky) when they're done with us.

It's the re-creation of an oligarchic society, guys. And for all of those who call this a "recession" - study the Market collapse of '29, and the resulting Great Depression. If the truth came out, the numbers would make what happened in the Thirties look like a little hiccup of a recession.

 

I get what you're saying Roo but I can't agree entirely. The '29 crash and the '08 dive, and both of their respective fallouts are not an apples-to-apples comparison. No FDIC in '29 among other things. The country was also decidedly different in terms of infrastructure, manufacturing profile, import/exports, as well as population numbers and distribution. Oh, and prohibition was still in effect! Those are just the things that were factors here in the US - we were not nearly as interdependent on foreign economies at that point either.

As far as S&P is concerned, their rating is only one of several. We could argue influence all day, but the other rating houses haven't downgraded us at this point so the S&P is really being viewed as a preemptive strike by much of the financial world.

Plus if everything goes to ****, I'm ready to dig in and fight off UN soldiers when they show up in their black helicopters.

 

Dow down even bigger today: -632

 

this thread should almost be made "sticky" as long as we pay bankers millions for sitting behind their desks and doing nothing, while working people are laid off so their jobs can be done overseas for pennies per day, there will be no real recovery

 

more politics..

 

Glad my 1000rd of bmg just showed up. Wall Street Zombies are awaking!