US Rating Cut By S&p For 1st Time On Deficit Reduction Pact

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Author	Replies: 7 / Views: 990
biggfredd Rest in Peace United States 9104 Posts	Posted 08/06/2011 06:02 am http://www.newsmax.com/Newsfront/BB...05/id/406308 The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor's on concern spending cuts agreed on by lawmakers to raise the nation's borrowing limit won't be enough to reduce record deficits. ***** Will other rating services follow? My guess is across the board by next friday, aug 12. Report this Post to the Staff

Tim Stroud Pillar of the Community United States 2661 Posts	Posted 08/06/2011 08:50 am Could this lead to more record highs in the PM markets? We will have to wait and see. If anything I hope it drive oil down by at least 50%. Report this Post to the Staff
junior e Pillar of the Community United States 931 Posts	Posted 08/06/2011 09:13 am This is bad news, but certainly not unexpected. It has been inevitable that this would occur ever since dollar weakness passed the point of no return years ago. The market is so weird right now who knows what will happen to the PM market. Gold and Silver have a very solid credit rating. I hope Geithner or Bernanke are on Face The Nation tomorrow. Fat chance. Edited by junior e 08/06/2011 09:17 am Report this Post to the Staff
tripncoins Pillar of the Community United States 648 Posts	Posted 08/06/2011 09:23 am So much for bailing out Wall Street.... Report this Post to the Staff
macmercury Pillar of the Community United States 5832 Posts	Posted 08/06/2011 10:32 am Bail Out = With our tax dollar. Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 08/06/2011 11:24 am I can see all commodities (including oil) at higher prices when expressed in USD as a reaction. Like e sez, no surprise. Report this Post to the Staff
junior e Pillar of the Community United States 931 Posts	Posted 08/06/2011 1:30 pm I wish that I had the guts to go all in on gold. I was too much of a scaredy cat to go in hard at $700 and I kick myself at least twice a day. At least I have a day and six hours to make up my mind. Report this Post to the Staff
Ed_B Pillar of the Community United States 4008 Posts	Posted 08/06/2011 8:09 pm Quote: So much for bailing out Wall Street.... Two things. First, "bailing out" is what you do when unfriendly folks shoot your aircraft full of holes, not what is done for you after you have shot your aircraft to pieces from the inside. Second, we can expect ANYTHING from the banksters... anything at all... anything but gratitude, that is. Report this Post to the Staff
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