Friday, September 14, 2012

Note to Ben Bernanke: Thanks Alot Buddy, We're Downgraded Again

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.

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.

Moody's Investors Service ... currently rates the United States Aaa, Fitch rates the country AAA, and Standard & Poor's rates the country AA- plus. All three of those ratings have a negative outlook.

So Ben, do you Remember W.R. Grace's short-lived "The Debt Trials" PSA in 1986?  I do. When it ran, our national debt was 2 Trillion Dollars. Now its 16 Trillion and thanks to you and your buddy Barack its accelerating out of control. Heck of a job, Ben! For your sake, I hope you can find a competent lawyer in 2017 willing to zealously advocate in your defense. Good luck with that....

In case the PSA slipped your mind, watch it here below.

1 comment:

  1. ANYTHING to get Obama elected.

    The economy is in the frigging tank, and no place is that clearer than in the Socialist Republik of Kalifornia (where I unfortunately live). And because there is need for more pay for the shouters and marchers Governor Jerry Brown (D-CA) wants to vastly raise taxes across the board including more oppressive taxes on businesses so that they'll leave the state and set up shop somewhere else like tax-free Nevada, next door.

    The ObamaNation has failed, and Obama - cheerleader for the radical left - has led the charge. I can't imagine anyone voting for him, but there are a lot of recipients of Democratic Party Hand-Outs who owe their stipends to the continued practice of 'social redistribution of wealth'.