S & P downgrades U.S. credit rating....

[tarheelsman71]

One of the dominoes ..... lets see new debt deal signed by congress. 2 days later....Dow drops 500 pts. Next day, loses credit rating. I guess monday the dow goes down significantly more, and then on tuesday, moody's drops our rating as well. BBB time folks.

[miked2345]

S & P downgrades U.S. credit rating....

Just broke on Yahoo News a few minutes ago... Standard and Poor has downgraded the U.S. credit rating, saying that the government did not go far enough to stabilize the country's debt situation.

Hmm..... any bets on Monday's stock market direction?

Tomorrow's Saturday - a good day to do some more prepping!

[Patriotic Sheepdog]

Wonder what Turbo Timmy thinks about this, as he was quoted in April that there was no way we would lose our AAA rating.

http://video.foxbusiness.com/v/4651704/geithner-no-risk-us-will-lose-aaa-credit-rating/

[Bearman202]

When I read this, I called a friend who knows a LOT more about financial stuff than I do. He follows the markets, etc. Anyway, he pointed out that the big drop was on Thursday. After thinking about it a bit, he came to the conclusion that the reason it dropped on Thursday was that the big players knew what was coming. In other words, this was planned, or at least foreseen. This once again reinforced the notion that by the time the little guy, (i.e. you and me) get the financial news, any money that's going to be made from it is already made. After he told me that, I told him about a technique used in writing horror movies. I studied that for several years, back when. Anyway, the idea is that when you write a scenerio involving horror elements, i.e. something really big and really nasty, what you do is a little bit before the really nasty hits, you drop a board or something to scare the stuffings out of the "at risk" character. This gives them a chance to blow off some adreneline. Then they continue on, fat, dumb, and still a little scared, but not as bad as before. Then they get whacked.

With that scenerio working, I could see the S&P people going, "oops, we made a mistake" and kicking the rating back up. Shortly after that, he read some more of the Wall Street Journal blog, and someone popped up and said that the good folks at S&P had made a slight error in their calculations. They had somehow missed TWO TRILLION dollars in deficits. Keep in mind that these are people who do this stuff for a living.

Sounds like a good opportunity to go "oops" to me. Personally, I'm taking advantage of Sam's free weekend tomorrow.... (I feel like I should be in the back room, loading magazines.) Oh, he also mentioned the fact that this occurred on the fifth of the month. Most of the people get their food stamps on the first. I don't know what conclusion to derive from that, but it makes sense. Most of the sheeple won't panic until they run out of food.

[Urban Survivalist]

And so it begins. I think I'm going to pull more money out of my bank and keep it in the safe at home. For some reason I think it will be safer even thou it wont be worth anything soon.

[TyrannyUnleashed]

When I read this, I called a friend who knows a LOT more about financial stuff than I do. He follows the markets, etc. Anyway, he pointed out that the big drop was on Thursday. After thinking about it a bit, he came to the conclusion that the reason it dropped on Thursday was that the big players knew what was coming. In other words, this was planned, or at least foreseen. This once again reinforced the notion that by the time the little guy, (i.e. you and me) get the financial news, any money that's going to be made from it is already made. After he told me that, I told him about a technique used in writing horror movies. I studied that for several years, back when. Anyway, the idea is that when you write a scenerio involving horror elements, i.e. something really big and really nasty, what you do is a little bit before the really nasty hits, you drop a board or something to scare the stuffings out of the "at risk" character. This gives them a chance to blow off some adreneline. Then they continue on, fat, dumb, and still a little scared, but not as bad as before. Then they get whacked.

With that scenerio working, I could see the S&P people going, "oops, we made a mistake" and kicking the rating back up. Shortly after that, he read some more of the Wall Street Journal blog, and someone popped up and said that the good folks at S&P had made a slight error in their calculations. They had somehow missed TWO TRILLION dollars in deficits. Keep in mind that these are people who do this stuff for a living.

Sounds like a good opportunity to go "oops" to me. Personally, I'm taking advantage of Sam's free weekend tomorrow.... (I feel like I should be in the back room, loading magazines.) Oh, he also mentioned the fact that this occurred on the fifth of the month. Most of the people get their food stamps on the first. I don't know what conclusion to derive from that, but it makes sense. Most of the sheeple won't panic until they run out of food.

For some odd reason I like this reply. Oh and it sounds about right to me. The part that bothers me was a report in "The Blaze" that said one of the reasons to downgrade was that the U.S. didn't raise revenue (putting part of the blame on the evil TEA Party)....What are you kidding me!
The insanity needs to stop now, or it never will. I'm going to try to find a list of all the dems and Rhinos that voted yes on this horible debt deal. Sorry for injecting polotics in here, but I have enough of this garbage.

Please read the quote below. We are at that point right about now.

[monkeybird]

I personally feel like crying. To see this once honorable and great nation begin to stumble is heartbreaking. I listened to the spin coming from liberal news and am disgusted. No matter what happens, it's always those racist, terrorist tea party folks who caused it. No democrat will admit that it is their spending was to buy votes with government checks to keep their power. They are the ones that caused this issue. Sorry, I personally believe the Rhinos as Tammy calls them, did the best they could do with only 1/3 of the government.

The next election will be critical. If Obama has a second term, we all need to go to our BOL.

[Patriotic Sheepdog]

[QUOTE=TyrannyUnleashed;21095]... I'm going to try to find a list of all the dems and Rhinos that voted yes on this horible debt deal.... QUOTE]

Here is the House roster

Here is the Senate roster

Hope that helps...

[TyrannyUnleashed]

[QUOTE=Patriotic Sheepdog;21117]

... I'm going to try to find a list of all the dems and Rhinos that voted yes on this horible debt deal.... QUOTE]

Here is the House roster

Here is the Senate roster

Hope that helps...

Great, Thank you Patriotic. That is a big help. I now see where I need to get busy in replacing a few elected officials from TN.

[tarheelsman71]

And then monday comes....nikkei drops like a stone, and the dow does the same today. Still early, but I bet today is a big loser of a day for those not selling short.

[All Talk]

Stock market will be oversold soon (relative to the short term) and investors can probably pop in and ride the "recovery" up a ways. I don't think this will be only a "dead cat bounce" (which are short and merely technical in nature), but a sense that this isn't all that bad that may persist for a while. QE3 would also bouy the equity market for a while.

I stay out of equities these days except for short-term plays from time to time. I may jump in on the SPDR, QQQ, or DJIA at some point here.

Bought two Au Eagles on Friday -- nice timing :-)