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Thread: Abercrombie and Fitch the other Credit Rating Agency.....

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    Abercrombie and Fitch the other Credit Rating Agency.....

    Fitch says.....

    The increase of at least $2.1 trillion in the $14.3 trillion debt ceiling means "the risk of sovereign default remains extremely low," Fitch said in a statement.

    "The fundamental economic and financial underpinning of the United States' 'AAA' status remains strong despite the heated political debate over the role of government and how best to reduce the out-sized federal budget deficit," said Fitch, one of the three leading credit-rating agencies.

    Fitch said the deal, which President Obama is expected to sign shortly, shows that "there is the political will and capacity to ultimately do the right thing." The deal is "an important first step" toward a long-term plan to reduce the nation's soaring budget deficit "that would secure the United States' 'AAA' status over the medium-term," the credit-rating agency said.....snip~

    http://latimesblogs.latimes.com/mone...-approval.html

    http://www.reuters.com/article/2011/...7714LR20110802

    Fitch noted that without significant changes in fiscal policy, The U.S. federal, state, and local debt as a percentage of gross domestic product "will reach 100 percent by the end of 2012, and will continue to rise over the medium term -- a profile that is not consistent with the United States retaining its AAA sovereign rating."
    The firm expects U.S. federal debt-to-GDP levels alone to reach 70 percent by the end of this year, and increase over the next 15-20 years into the mid-80 percent range.
    In comparison, Fitch says debt-to-GDP levels are at 191.8 percent in Japan, 148 percent in Greece, 88 percent in Portugal, 73 percent in France, 50.9 percent in Spain, and 44.1 percent in Germany.....snip~

    So Fitch and Moody's keep the rating the same.....Interesting to note that they are now talking about pulling France' Triple AAA rating and the Brits. Who have increased in their inflation. Now Germany and the EU shows no growth for the second quarter like these European and Independant Economists thought. The same ones that our Economists keep looking to with their so-called assessments for the US and our growth. Thoughts?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Re: Abercrombie and Fitch the other Credit Rating Agency.....

    Yo.....yall see this.
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Re: Abercrombie and Fitch the other Credit Rating Agency.....

    I think Fitch is dead on. We will still be ok if we cut spending now, but if you project current expenses out we're hosed. The feds finally got the message and while the original agreement isn't perfect, it's a step in the right direction. Four years ago they weren't even concerned about this stuff, now they are finally getting around to addressing it. Even though our debt is huge, so is our GDP. 100% is scary but not at all unusual on the world stage.

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    Re: Abercrombie and Fitch the other Credit Rating Agency.....

    Quote Originally Posted by Conlette View Post
    I think Fitch is dead on. We will still be ok if we cut spending now, but if you project current expenses out we're hosed. The feds finally got the message and while the original agreement isn't perfect, it's a step in the right direction. Four years ago they weren't even concerned about this stuff, now they are finally getting around to addressing it. Even though our debt is huge, so is our GDP. 100% is scary but not at all unusual on the world stage.
    Yeah but as I hears it Bernanke wants to print more money and gives us that QE3 while keeping interests rates low until 2013. Which tells all this economy is going to take a hit and they cannot expect any change until the Middle of 2013. Thats if they can get the budget balanced. These same damn EU economists stated they expected to see growth with the second half of the year with the US.

    It has been nothing but a loss of jobs.

    Borders,Verizon, Motorola, Cysco-Sytems, Banks dropping people, now BOA with another 10k more, Newspaper industy, and of course Construction for housing and infrastructure. >
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Angry

    Looks like we're getting downgraded - again...

    State Dept. Briefing for Foreign Reporters: ‘We’re Going to Get Downgraded’
    November 7, 2012 - An economic analyst invited by the State Department to brief a group of foreign journalists on the U.S. economy on Election Day responded to a question from a reporter from the Egyptian newspaper Al Wafd by predicting that U.S. Treasury securities—the means by which the U.S. government finances its debt--will be downgraded again.
    On Aug. 5, 2011, three days after President Obama signed legislation increasing the U.S. government debt limit by $2.4 trillion, Standard & Poors downgraded U.S. Treasury securities from its highest grade of AAA to AA+. Prior to that, U.S. government debt had always maintained the highest rating.

    At Tuesday's State Department event, the Egyptian reporter asked analyst Kathy Bostjancic, director of Macroeconomic Analysis for the nonpartisan Conference Board, what impact the so-called “fiscal cliff” facing the U.S. federal government would have on the rating of U.S. Treasury securities. “I mean, to me, it seems the odds of us getting downgraded again are very high,” said Bostjanic.

    “But I think that they [Republicans and Democrats] get around the sequestration,” Bostjanic went on to say, “and I think by consequence, because they’re not going to find an agreement on how to offset that in the budget, we’re going to get downgraded.” The Conference Board, a global membership organization for businesses, describes itself as “an objective, independent source of economic and business knowledge with only one agenda: to help our members understand and deal with the most critical issues of our time.”

    The “fiscal cliff” is the colloquialism used to describe a series of federal tax increases and spending limitations scheduled to automatically take affect at the beginning of 2013. Among the automatic tax increases, as summarized by the Congressional Research Service, are the termination of all the lower marginal income-tax rates enacted under President George W. Bush, the termination of the “patch” in the Alternative Minimum Tax that now protects about 27 million middle-class American households from having to pay a higher federal tax rate, and the 2-point cut in the 12.4 percent Social Security payroll tax that President Obama signed into law in 2010.

    MORE
    See also:
    Stocks Slammed by Fiscal Cliff Fears
    11/07/12 --- The major U.S. equity averages were plunging Wednesday worries about the fiscal cliff rattle investors in the wake of Tuesday's status quo election results
    President Barack Obama won a second term in The White House, while the Republicans maintained control of the House of Representatives and the Democrats kept the upper hand in the Senate.

    Violent protests in Greece as the country's parliament votes on austerity measures were adding to the dour mood. Bonds were making a huge move higher with the 10-year Treasury jumping 1 2/32, pushing the yield down to 1.636%.

    At last check, the Dow Jones Industrial Average was tanking by more than 280 points, or 2.12%, at 12,965. The drop pushed the blue-chip index below 13,000 on an intraday basis for the first time since Sept. 4.

    MORE

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