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NEWS
August 9, 2011
When Sen. John Kerry called Standard & Poor's downgrade of the U.S. credit rating "The tea party downgrade," he illustrated perfectly the intellectual dishonesty and absurd politicking that has given Congress its stellar 14 percent approval rating. If Senator Kerry can honestly conclude that it was tea party that caused the downgrade and not men like him who voted for two unfunded wars in Afghanistan and Iraq and the failed stimulus, who applauded for President George W. Bush's unfunded Plan D, who voted for the health care reform bill that is racking up debt even faster than the wars, who voted to table the only plan that met the S&P's criteria of $4 trillion in cuts, then it's no wonder we're in the mess we're in. If it were true that ratings agencies downgrade because of squabbling, then Exxon or GE might get downgraded because of hard-headedness in the boardroom.
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NEWS
August 9, 2011
From the tea party supporters to President Obama, RINOs (Republican In Name Only), liberal spending Democrats, and all those no-cut-my-benefits entitlement folks: We told you so ("U.S. credit rating cut 1 s t time ever," Aug. 6). The Standard & Poor's downgrade to AA+ is just the beginning process for the painful but necessary steps to quickly correct the out-of-control deficit spending binge this country has been on for the past 11 years - unless we want to become another Greece (and now Spain and Italy)
BUSINESS
By Eileen Ambrose, Liz F. Kay and Andrea K. Walker, The Baltimore Sun | August 9, 2011
Bettie Dunkin was surprisingly unfazed by the financial turmoil of the last few days. The 53-year-old accountant, who had been out of work for months and only recently landed a temporary job, spoke for many Americans when she said: "We're getting numb. " Consumers and businesses have been buffeted by a spate of bad economic news in the past three years. For every positive sign that a recovery has taken hold, there were other signals that raised doubts. Then came Monday's stock market plunge on the heels of the unprecedented downgrade of the country's credit rating.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | August 9, 2011
Maryland's treasurer expressed confidence Tuesday the state's AAA credit rating would not change as a result of Standard & Poor's historic downgrade of the federal government's rating. Maryland has maintained the top rating from the three major ratings agencies. Officials in the state treasurer's office said they were advised Tuesday morning by an analyst with Standard and Poor's that the agency would take "no action" on the state's rating in the immediate future. But it remained unclear whether the state ultimately would see an effect on its own credit rating.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 8, 2011
Investors watched stock markets swoon and economists fretted about the nation's fragile recovery on the first day of trading after the unprecedented downgrade of the nation's credit rating. But amid the gloom Monday were a few bright spots for consumers: Borrowers may be able to get better rates on mortgages and other loans, and even pay less at the pump. In an ironic twist, jittery investors who bailed out of stocks poured money into U.S. Treasuries — still considered a haven in an uncertain world despite doubts raised by Standard & Poor's in its credit downgrade late Friday.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | August 8, 2011
As the United States coped with the fallout of its first-ever credit downgrade, officials in Maryland were taking a wait-and-see approach Monday on the possible trickle-down effects on local governments' finances. Standard & Poor's has not cut the credit ratings for Maryland or any of its cities or counties in the wake of its decision last week to downgrade U.S. debt from AAA to AA+. But Maryland is on a short list of states that credit analysts believe could be affected by the federal downgrade, because its economy benefits disproportionately from federal agencies, contracts and employees.
NEWS
August 8, 2011
As Warren Buffett once observed, it takes about 20 years to build up a reputation and five minutes to ruin it. Last Friday's decision by Standard & Poor's to downgrade U.S. debt from AAA to AA+ was just that kind of hit - and the markets are showing their unhappiness with it today. One can debate S&P's decision-making process endlessly. It's telling that Moody's today reiterated its choice to keep the U.S. at AAA, citing the debt ceiling deal and signs of long-term economic improvement.
NEWS
By Jim Rosapepe | July 20, 2011
Earlier this week, Moody's credit rating agency announced it is reviewing the credit of Maryland and four other AAA rated states in light of the debate in Washington about the possible default of U.S. government debt - even though Maryland pays its bills on time. It may seem myopic to focus on what U.S. government default would mean for Maryland, but our state's members of Congress should think about it as they consider the willingness of some Republicans in Congress to default rather than vote to raise the nation's debt limit.
NEWS
By John Fritze, The Baltimore Sun | July 19, 2011
WASHINGTON —A leading bond rating agency threatened Tuesday to downgrade Maryland's gold-plated credit rating because of the protracted debate over raising the nation's $14.3 trillion debt ceiling. Moody's Investors Service announced it would review "for possible downgrade" the credit ratings of five states, including Maryland, that could be hit particularly hard if Congress fails to raise the nation's debt limit by the Aug. 2 deadline and defaults on its financial obligations.
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