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Why S&P cut the United States from a AAA rating to AA+ (Full text)

Saturday, August 6, 2011 11:55

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Despite calls from the White House to S&P, the typically reactive rating agency downgrades the United States from a AAA rating to AA+ anyway!

Tim Geithner, April 2011 (ZeroHedge)

Peter Barnes “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”

Geithner’s response: “No risk of that.”

“No risk?” Barnes asked.

“No risk,” Geithner said.

Sorry Tim, Sorry USA, Sorry global economy, Sorry Mr. and Mrs. Joe Six-pack, the AAA is gone!

While this action by S&P was still typically reactive and not at all proactive, Fitch and Moody’s did not follow suit and maintain the AAA rating for treasury debt.

In an attempt to stave off the action, the White House had called S&P yesterday to tell them that its analysis of US problems was off by trillions of dollars and that a downgrade was unwarranted.

Surprisingly S&P did not take the White House at its word and cut the US to AA+ anyway.

At the same time President Obama, attending yet another 50th birthday after-party fundraiser could not be reached for comment.

When he finally does speak however, remember to refer to your Barack’s Bullshit Bingo card and play along!

While the range of repercussions of this ratings action is not known, and will not be known until markets start to open around the world tomorrow, what is known is that other federal governmental issuers along with state and local municipalities who rely on the federal government in some way will likely face downgrade as well.

The full text of the S&P decision to downgrade US debt is at The Political Commentator here.

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