"If I don't believe in solipsism, who will?" - Al Batt

Friday, August 5, 2011

Moody’s Downgrades US Credit Rating

WASHINGTON (The Borowitz Report) – The US economy suffered another setback today as Moody’s downgraded the US’s credit rating to “It’s Complicated.”
At the Treasury Department, Treasury Secretary Timothy Geithner acknowledged that an “It’s Complicated” rating was not ideal but added that he was hopeful it would not affect the Chinese government’s level of interest in Treasury bonds.
“We have sent a friend request to China this morning,” Sec. Geithner told reporters.  “We are still waiting for them to friend us back.”
But in an extraordinary step, the Chinese government announced today that it was “blocking” the United States, suggesting that its relationship with US Treasuries was at an end.
Perhaps attempting to soften the blow, the Chinese government later issued this official statement: “It’s not you, it’s us.”
In other economic news, the US added jobs in the auto sector, which for many Americans is now the same thing as the housing sector.


Tom G. said...

I've been to China several times. As bad as the U.S. economy, and the debt, and the U.S. government is, I would still NEVER move to China. Never, never, never.

99.9% of Chinese citizens would also jump at the chance to live here if they could.

At some point I gave up on ever thinking that any of this government debt would ever effect us. Call me cynical, but I'd take Nuclear Warheads, a large standing Army, and several fleets over a better credit rating, and military vassalage to China.

Please excuse me. I guess that's my rural "they can have my gun when they pry it from my cold dead fingers" up bringing talking.

George A said...

In a Life copies art sort of way, I saw this today: http://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_story.html?hpid=z1

I suppose we'll soon see if the predictions come true.

Anonymous said...

the dickwaads in Washington need all the reality check they can get imho.


Margadant said...

I don't think there's much possibility of Congress coming to grips with anything more complicated than naming federal buildings and post offices until our "friends" start calling in the notes.

Anonymous said...

It doesn't matter! What credibility do S&P, Moody's and their ilk have? These are the people who gave great ratings to such stars as Enron and all the Wall Street banks. Screw them and don't worry about it.

Gunnar Berg said...

Dear unsigned poster,
I do not work and most of my net worth is in the stock market. The market may be just reacting to the messenger, but it is a little hard to say, aw screw 'em, as the result is getting well into the hundred thousand dollar range for me.

Gunnar Berg said...

By the way AnyMouse, did you actually read the posting?

George A said...

I don't have to look--I know that my IRAs have taken a big hit, at least on paper. One can't count on a pension the way our fathers did, we probably shouldn't count on sociable security either (although we've paid into it for years and years) so we're left with "banking" our old age funds in the stock market--how comforting is that for small fish? The thing I come back to is that my job and skills are the most valuable assets I have--at least as long as I have a job and skills I'll eat. I'm going to be 65 this December but I don't see myself retiring much before age 70. It's a good thing I like my job. Others are not as fortunate. Semi-scary times. But I keep telling myself that depressed investments aren't a loss unless you're forced to sell them when they're down. Given time, they'll bounce back--maybe in time for my heirs...

Gunnar Berg said...

Not a loss maybe, but it is the principal that drives most of our income.