Obama Has Now Caused This:The United States Has Lost Its Sterling Credit Rating

Michele Bachmann reacted to the news tonight that S&P downgraded the US credit rating. Bachmann was on with Greta Van Susteren.

“This president has destroyed the credit rating of the United States through failed economic policies and his inability to control government spending… President Obama is destroying the foundation’s of our economy one beam at a time. I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and to submit a plan with his list of cuts to balance the budget this year, turn the economy around and put our people back to work.”

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FLASHBACK…..
Obama Treasury Secretary Tim Geithner back in April where he was asked point blank if there was any danger the U.S. could lose its AAA Credit Rating.

His answer: “No risk of that.” He cited the “leadership of the President of the United States of America” and a key reason why it could not happen. Geithner further said, “Absolutely” the U.S. would keep its AAA Credit Rating.

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Standard & Poors downgraded the U.S. Credit Rating from AAA to AA+, the first time such a downgrade has ever happened to the U.S.
August 5, 2011
FOX News
The United States has lost its sterling credit rating.
Credit rating agency Standard & Poor’s on Friday lowered the nation’s AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion — a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.
The drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. The three main credit agencies, which also include Moody’s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade. Moody’s said it was keeping its AAA rating on the nation’s debt, but that it might still lower it.
Speaker John Boehner issued a statement saying that the downgrade is “the latest consequence of overspending by Washington.”
One of the biggest questions after the downgrade was what impact it would have on already nervous investors. While the downgrade was not a surprise, some selling is expected when stock trading resumes Monday morning. The Dow Jones industrial average fell 699 points this week, the biggest weekly point drop since October 2008.
“I think we will have a knee-jerk reaction on Monday,” said Jack Ablin, chief investment officer at Harris Private Bank.
But any losses might be short-lived. The threat of a downgrade is likely already reflected in the plunge in stocks this week, said Harvey Neiman, a portfolio manager of the Neiman Large Cap Value Fund.
“The market’s already been shaken out,” Neiman said. “It knew it was coming.”
One fear in the market has been that a downgrade would scare buyers away from U.S. debt. If that were to happen, the interest rate paid on U.S. bonds, notes and bills would have to rise to attract buyers. And that could lead to higher borrowing rates for consumers, since the rates on mortgages and other loans are pegged to the yield on Treasury securities.

Wild Thing’s comment………
God help us and our country.
Unprecedented! This is NOT a good thing.
Stop blaming the Tea Party movement. The media needs to quit spreading blatant lies! Do they think they and their families are immune from the consequences of destroying the US economy?
Obama has deliberately put this country on a road to ruin, with his debt bomb.
Obama should be tried for treason in our Courts and hung! Let it be strong lesson to any other aspiring POS dictators.