S&P Cuts US Credit Rating For First Time In Modern History

[Saurian Tail]

Credit downgrade makes Cheney embarrassed ... but on the bright side, now he and his peeps have leverage to do the painful, but necessary thing ...

Dick Cheney On U.S. Credit Downgrade: 'I Literally Felt Embarrassed For My Country'

Posted: 9/14/11 12:11 PM ET

WASHINGTON -- Former Vice President Dick Cheney was "embarrassed" when the U.S. credit rating was downgraded in August, and he hopes that the development will compel lawmakers to continue to work to address the deficit.

Cheney's comments came in an extended interview with Rush Limbaugh, published in the right-wing radio host's print newsletter "The Limbaugh Letter."

"Now, these last few months have been pretty messy," said Cheney. "I think like a lot of people I was embarrassed when they lowered our credit rating from AAA to AA. I literally felt embarrassed for my country."

"But I also think that the fact that we've gotten to this point where we are faced with a crisis in terms of the debt problem, that that's going to give those of us who want to address that issue and fix it the leverage that we haven't had up until now, in terms of insisting on the kinds of policies that will be painful, but in the long run are necessary if we're going to restore full faith and credit in the United States government."

continued ...

http://www.huffingtonpost.com/2011/09/1 ... 62112.html

[Elihu]

oh boy. cheney and his peeps are on the job. i feel better already. it might be easier to just sign up for the lobotomy...

[justdrew]

what could the Fed do?

I'll tell you...

Open up their discount window for the rest of us. Allow people to go to them to refinance their mortgages, credit and other debt, ie offer a debt consolidation service to human Americans at these low low rates. Each person could get one non-collateralized consolidation loan, and handle sending the checks out to the creditors too. It could all be handled with a relatively simple web-app. Repayment can be differed if unemployed, though tax rebates go to payoff the loan if there are any, and otherwise, reasonable monthly payments can be arranged.

This would massivly spke the economy, as people would get credit cards and max them out, etc before they get their one time "bailout" consolidation loans.

October 04, 2011
Helicopter Drops: Does the Treasury Have Authority to Lend $10,000 Interest-Free to Every 2011 Taxpayer?