It appears a Black Monday may again be upon us, this one not caused by uncontrollable market factors set off by international fluctuations and bad deals. Instead, the economic ripples set off by the first ever downgrading of America’s credit rating, caused by the childish antics of Tea Party Republicans, have made their way full circle and back to America’s shores Monday, August 08, 2011.
As everyone knows, Standard and Poor’s, one of the credit agencies that rates the credit of Countries, lowered the USA’s credit rating from AAA to AA this past week. The manner in which they calculated the numbers that they used to determine the downgrade and even the numbers used themselves have been strongly criticized by very smart financial minds of our Nation. One agency alone downgrading the USA and which agency apparently has the reputation for handing out AAA ratings rather loosely, does not the death of the USA commence, but there was a message that Standard and Poor’s was anxious
With the debt-ceiling debate apparently at an end, save the House of “Lack of Representatives” acting to block the passage of the announced “deal”, our great Nation needs to do what it has done since it was created, that is come up with something big for ourselves that gets us back into a “boom”. Hopefully it is not like the packaged mortgage contracts of the Bush era that were sold to investors worldwide, gave us a boom but then imploded and shook our economy to its’ core and was felt negatively throughout the world as well. There are no doubt big ideas being worked on as we write and re
Rep. Michele Bachmann, former Gov. Sarah Palin and other members of the GOP have made it their mission to see that President Barack Obama only serves one term even if it means that the economy, poor and middle class suffer even more than what they are now.