US Credit Downgraded Again - QE3 Cited as Reason

[CuteOldGuy]

Here's the statement:

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, 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.

I don't suppose we're ever going to learn, are we?

http://www.cnbc.com/id/49037337

[joe bloe]

It's like a junkie that's sick from taking drugs, who takes more drugs to feel better. I think America needs an intervention. The Democrats are enablers.

[CJ7]

maybe the republican house will get off their partisan asses and get something done ...

naaaaah.

[CuteOldGuy]

Congress has no control over the Fed, dumbass. That's why we need the audit you oppose.

[Whirlaway]

The republican house has passed multiple budgets, sent them to the Senate....what did harry reid and the Democrats do ?

NOTHING.

[Whirlaway]

Moody's announced they will likely downgrade..............it is only a matter of time before our budget process will be dictated to us by our creditors - CHINA and others.

http://www.nytimes.com/2012/09/12/bu...debt.html?_r=0

[CJ7]

Originally Posted by CuteOldGuy

Congress has no control over the Fed, dumbass. That's why we need the audit you oppose.

bullshit

in 08 congress gave the fed more power ..


look that up sport ..


In the late summer and fall of 2008, Congress granted the Federal Reserve significantly more authority to deal with the turmoil in the financial markets. This includes purchasing illiquid securities from institutions, making loans to troubled firms, and making investments in banks and other institutions to provide additional capital for their operations


Denny Crane

[CuteOldGuy]

Did Congress have any say in monetary policy? Did anyone ask Congress if they could do a QE for a third time? The Fed operates on its own, for the benefit of their member banks, not the people of the United States.

[LovingKayla]

OK wait. All bullshit aside. All shit slinging aside.


WE ARE DOWNGRADED AGAIN? WHAT. THE. FUCK.

You all can piss and moan till your cows come home, it won't change the fact we are in serious, serious trouble.

In all of US history, this has never happened. Has it? Then twice during one president? I'm a very financially minded person, and this alone would give me pause on voting for the president in office during TWO downgrades.

[CJ7]

Originally Posted by LovingKayla

OK wait. All bullshit aside. All shit slinging aside.


WE ARE DOWNGRADED AGAIN? WHAT. THE. FUCK.

You all can piss and moan till your cows come home, it won't change the fact we are in serious, serious trouble.

In all of US history, this has never happened. Has it? Then twice during one president? I'm a very financially minded person, and this alone would give me pause on voting for the president in office during TWO downgrades.

if you have gold I wouldnt piss and moan

[CJ7]

Originally Posted by CuteOldGuy

Did Congress have any say in monetary policy? Did anyone ask Congress if they could do a QE for a third time? The Fed operates on its own, for the benefit of their member banks, not the people of the United States.

The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution. As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year

[Iaintliein]

Imagine that, you start printing money around the clock with no end in sight and nothing to back it with and people get the strange idea that it isn't going to be worth much. . .

I've always refrained from the kind of name calling the left does but I've had it, these people are simply stupid.

[CJ7]

Originally Posted by Iaintliein

Imagine that, you start printing money around the clock with no end in sight and nothing to back it with and people get the strange idea that it isn't going to be worth much. . .

I've always refrained from the kind of name calling the left does but I've had it, these people are simply stupid.

cog calls people dumbass on a regular basis ... ignore it

[CuteOldGuy]

I only call dumbasses dumbass, dumbass.

[CJ7]

Originally Posted by CuteOldGuy

I only call dumbasses dumbass, dumbass.

see what I mean?

forgive him, he's a leftie ..................