Saturday, 8/6/11, Public Square


Filed under The Public Square

17 responses to “Saturday, 8/6/11, Public Square

  1. S & P downgrade of US credit rating sends clear message to Congress: shape up

    S & P, one of the three major credit-rating firms, downgraded its rating for US debt Friday night – a move that has the potential to further spook global markets and drive up borrowing costs in the US. The reason for the downgrade, S & P said, was congressional dysfunction.

  2. prairie pond

    Cui Bono?

    When we know the answer to that question, the whole debt ceiling/downgrade fandango will be clear.

    I bet our resident economists have some thoughts about who profits.

    • We know it wasn’t any of us! Or anyone similarly situated.

      We also know Congress protected the money their wealthy funders are hoarding.

    • What I read, it was based on was the GOP resistance to drop the tax breaks for the rich. The agreement that was reached is based on revenues that will be received in 2012 after the Bush tax cuts expire. With the GOP extending the cuts previously and their resistance to do away with them, the added revenues in 2012 can not be depended on.

    • Zippy

      Aw c’mon, didn’t you get the memo? Disaster Securities was selling USACollapse derivatives months ago. I’m going to make a fortune!

  3. World wide web celebrates 20th birthday

    The world-wide book that anyone can read or write and publish is 20 years old today. Now remember the World Wide Web is different than the internet.

  4. Typhoon Muifa: China evacuates thousands as storm nears

    Chinese authorities have evacuated more than 200,000 people from its east coast as the region braces for its most powerful typhoon in years.

    More than 7,000 fishing vessels have been called to harbour, with Typhoon Muifa’s winds reaching 162km/h (100mph) and generating 36ft (11m) waves at sea.

    At least 140 flights have been cancelled and rail services disrupted.

    State meteorologists say the storm may intensify as it nears coastal Zhejiang and Jiangsu provinces, near Shanghai.

  5. Today is the 66th anniversary of the use of atomic weapons for the first time – Hiroshia, 1945. That opened the door for many things that still affect all of us.

  6. Zippy

    Police raid Milan offices of Moody’s and Standard & Poor’s

    Chief prosecutor of Trani conducts investigation into whether the two rating agencies abide by regulations

  7. The world has gone mad.

  8. BTW, LOVE the cartoon. Something to finally make me laugh this a.m. I needed it. 🙂

  9. Zippy

    P.S. To the extent that any sort of credit rating is defensible, it must relate to repayment of debt. Not that S&P has been alone in ordering sovereign nations to toe the line, or else. It’s not even limited to the ratings agencies.

    WTO, anyone?

    There is a big difference between what China calls “outside interference” and genuinely dictating terms to nations.

    Though If the US — still the wealthiest nation in the world — had in fact defaulted, an AA rating would have been kind.

  10. Freebird1971

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  11. WSClark

    It’s drivin’ me freakin’ nuts!

    Fellow travelers in Blogdom, I usual excuse minor grammatical or spelling errors – no big deal. Lately one particular word usage seems to crop up and it truly, really, no kidding, drives me crazy.

    LOOSE and LOSE are two different words! Dang.

    The laces on your shoes may be loose and you might lose a shoe, but you certainly will not loose your shoe.

    None of you are guilty of this crime against the King’s English, but I am sure that you know people that are far from innocent.

    Straighten them out!

    (Sorry, I just had to vent.)