U.S. gets C credit rating, lower than Mexico

Originally posted by IamAbeliever
I bet those damn Croatians took out a loan in America's name, purchased an R.V., and then defaulted on the loan. Man, identity theft is a b!tch.

Actually, Croatia has a nice tourism fueled economy that's been steadily recovering since the Balkan war. In a few years, Croatia might be making loans to the USA.

At least the mentality over there is not to live outside of your means, which seems to be prevalent here.

And yes, I am originally Croatian... before I came to America, but I don't remember Croatia asking for any bailouts.

Khar

reply to post by maestromason


you just put it into prospective for me...Money isnt natural; Greed, Ownership, Trade: all natural. An item made to represent ownership and the item dosent stay with you to prove your ownership? That is unatural.

reply to post by Solsthime331



I say to hell with credit! I was brought up and raised ALWAYS to pay cash, credit is a sucker's bet. You end up financing something and paying 2 to 4 times what it is worth, and are hit with nice interest. I see this dollar collapse* as a via for slipping in new currency likened to credit.

Originally posted by alchemist2012

Originally posted by SaturnFX

Originally posted by alchemist2012
reply to post by SaturnFX

 

the only Chinese I will enjoy is the food(no disrespect to Asians)America will be the last man standing on the pile you can bank on that buddy

Only if we get serious.
We must not fall into the vanity of the roman empire..America is not immortal, no nation is...and egotistical claims of endless superiority will only make things weaken

You are absolutely correct only if we get serious and well to be honest i have no idea on how,but i do know the current elected officials are not going to cut it.

Sometimes the simple answer is the right answer...however, we have a two party system that lives on making everything as complex as humanly possible (and then some).

Also, our western indoctrination gives us almost physical pain to consider doing things differently. What worked great 250 years ago at the birth of a nation does not apply now...and just saying that will immediately make fire come from the mouth of both sides...so, perhaps the only way to restructure is to let the ship crash and a new formation arise...

Has there ever been a nation that restructured during a fall? (I actually don't know that answer). Or must nations hit rock bottom and collapse before reformation starts?

and then, would we simply reform again to the same old thing...

in 1000 years, America will still be here, there will still be a nation. I am curious though what that nation will look like and how it was reformed...will it be a endless pattern of early capitalism, then corporatism, then fall only to reform again into early capitalism...etc. a endless cycle of ballooning then popping...or will we eventually think outside of the box and do what is necessary to create a stable environment.

I would bet on the bubble and burst trend for awhile.

Did anyone really think we were an A or B? lol C is looking like a gift tbh. And also why they hell do we need some institution to point this out to us? Are people really this ignorant and that far in denial. lol man.

Originally posted by KDM_Souljah
,did you americans ask or want any of this,was it you who got yourself into this debt, ????? this aint kosher people lol

Of course no one wanted this. The problem is we got here incrementally through poor judgment. Up until the 60's we used to scrimp and save to buy things we needed, we planned for it. The 70's ushered in a new generation of deficit spending (both in government and in homes). We became spoiled on it because we no longer had to wait, we could get things that we couldn't afford NOW instead of later. We also allowed our government to spend money that we don't have on the military and our numerous social programs. Somewhere along the line we went screaming right past the point-of-no-return and didn't even realize it. I think the reason the government and media avoid it today is because they know it's already too late to do anything about it. The only possibility at all would be radical (and I mean severe) cuts to the "big ticket" items which are military, social security, medicare/ medicaide and govt. pensions. We'd have to do something serious like cut each of them in half and just remove the govt. pensions completely (and of course, quit borrowing money!) Any surplus as a result of these cuts would go towards paying interest and paying down principal on the debt. Every citizen would be affected, and there's the problem. We have no government officials in this country with the guts to do this and suffer the political consequences. Any politician that does this would be Public Enemy Number One for now, they wouldn't be recognized as true heroes until 10 years or so down the road when people would see the greatly improved economic situation these radical moves would create.

So in summary, no one wanted fiscal irresponsibility, but many enjoyed the benefits of getting stuff they couldn't afford. But reckoning day is now at hand.

For those who are saying the source in the OP is not reliable, please see this article:

Dow falls 140 as S&P cuts U.S. debt outlook

Basically it's the same action, but in this case it's arguably the biggest player in the industry cutting our debt outlook (S&P). They didn't cut our rating, but cutting the outlook is essentially "paving the way" to a rating cut.

Originally posted by maestromason

I say to hell with credit! I was brought up and raised ALWAYS to pay cash, credit is a sucker's bet. You end up financing something and paying 2 to 4 times what it is worth, and are hit with nice interest. I see this dollar collapse* as a via for slipping in new currency likened to credit.

Credit isn't the enemy, there are great uses for credit. Very few people could pay cash for a home for example. BUT.... paying back debt should ALWAYS be a priority in goverment and at home. Paying off debt should come before everything else. But in our country, you pay bills, you buy new shoes, you get your hair done, buy a new TV, oh and if anything is left then try and pay down some debt. My family has no debt, even our home is paid for. We don't talk about it much but when we do people are astonished and want to know how we did it, what our secret is. There is no secret, we just made it a priority. It came BEFORE buying a new car, BEFORE a new TV, etc. etc. The same people who ask us this have homes twice the size of ours with two new cars in the driveway and a boat out back and they don't understand why they're saddled with debt and we aren't. No doubt some of them would say it's not "fair" even!

I've been watching/a fan of Weiss for about four years now. They saved me a bundle before the stock market crash in saying to pull out. They are "contrarian"..meaning anti-establishment or just plain different in their view of things. They do try to sell inverse ETF's (funds that go up when stocks go down). So far they've been spot on. No, they are not Official but they may as well be. Listen to them and subscribe to their newsletter. You'll be glad you did.

reply to post by alchemist2012


all those countries have better health care than we do too...

America... ha!

Wait until it's an F

You know what F stands for.

They'll all probably blame it on Bush, LMAO, morons

reply to post by alchemist2012


This is what is behind the collapse!
english.aljazeera.net...

reply to post by alchemist2012


This is not an actual C rating but a BBB if it was rated by S&P.

A C from Weiss is roughly equivalent to a BBB rating from the big rating agencies like Moody’s Investors Service, Standard & Poor’s and Fitch. That’s about two notches above non-investment grade, or junk, status.

So America is going down but not that fast. If they were to get rated C in bigger agencies than you would really be in trouble! Not that you aren't in trouble already but you still have a little bit of time to get a push in the right direction because things become set in stone.

Originally posted by SavedOne

Originally posted by maestromason

I say to hell with credit! I was brought up and raised ALWAYS to pay cash, credit is a sucker's bet. You end up financing something and paying 2 to 4 times what it is worth, and are hit with nice interest. I see this dollar collapse* as a via for slipping in new currency likened to credit.

Credit isn't the enemy, there are great uses for credit. Very few people could pay cash for a home for example. BUT.... paying back debt should ALWAYS be a priority in goverment and at home. Paying off debt should come before everything else. But in our country, you pay bills, you buy new shoes, you get your hair done, buy a new TV, oh and if anything is left then try and pay down some debt. My family has no debt, even our home is paid for. We don't talk about it much but when we do people are astonished and want to know how we did it, what our secret is. There is no secret, we just made it a priority. It came BEFORE buying a new car, BEFORE a new TV, etc. etc. The same people who ask us this have homes twice the size of ours with two new cars in the driveway and a boat out back and they don't understand why they're saddled with debt and we aren't. No doubt some of them would say it's not "fair" even!

Credit is the enemy, there is ABSOLUTELY no need for FINANCING ANYTHING! There is an old adage...

"IF you can't pay CASH, then YOU CANNOT AFFORD the S#5t!"

Plain and simple, credit was instituted to keep people in DEBT!, I learned that maybe at the age of 4 or 5 from my Mother. If you see an item and you do not make enough to purchase said item out-right with cash, then guess what? You cannot afford it, keep stepping and keep it moving!

Cash...it is what should be in your bank account! and BTW I have Tri-A credit, and I am living TOTALLY DEBT-FREE! and I did not get it from buying BS either! Everyone's way of living is not the same, I just thank God I got the heads up from me Ma'dre!

Originally posted by PurpleDog UK
reply to post by alchemist2012

 

Alchemist

The UK got a C- so we are worse than you ???!!

Here's a link to all the countries they rated.....

www.weissratings.com...


Regards

PDUK

edit on 28-4-2011 by PurpleDog UK because: addition

So how can we prepare ourselves now for the worst case scenario? Should I buy Swiss Francs? The Swiss Franc looks the strongest western currency right now. The Swiss bonds still receive an comfortable A- rating and if you comapre the Swiss Franc to the dollar or euro the currency is getting stronger and stronger.

By the way, if you look to the ratings Spain has the same rating as Portugal (D+) so they will probably also be bailed out soon.

Originally posted by biggilo
Netherlands and UK are in the same mess relatively speaking yet these guys put Netherlands higher, based on this you have to question the validity of this report and how many facts they actually based it on.

If you should have a good look at the economic statistics then there are great differences between the two countries you name. To begin with unemployment and inflation are different. And more important: the public debt ratio is also different...

reply to post by maestromason


lol you think so? You dont know me so dont talk like you know me I could survive without money with ease....can you?

Not a huge surprise and very sad indeed.
Oh well, TPTB will continue to bleed that everything is fine, the economy is growing, jobs are offered to all and we will all be ...going to the moon soon, I mean be... (con)fine(ed).

Originally posted by SaturnFX

Originally posted by lifeinthematrix
ROFLMAO

So long USA...

ROFLMAO

Enjoy Chinese culture...

你好

I see someone posted this already. 3 months ago. OOHHH. I thought the budget deal was going to get it lowered.