President Downgrade strikes again, Egan-Jones lowers US debt rating to AA- from AA

Another downgrade on Obama’s watch, this time from Egan-Jones. Why? Because of QE3:

ABC NEWSEgan-Jones, an independent credit-research firm, downgraded its rating on U.S. government debt to AA- from AA on Friday, citing the Federal Reserve’s plans to try to stimulate the economy.

The credit rating agency said the Fed’s plans to buy mortgage bonds will likely hurt the economy more than help it.

The plan will weaken the value of the dollar and push up prices for oil and other commodities, Egan-Jones said. That would leave less for consumers to spend on other things.

But at the same time, Egan-Jones warned that the federal government’s borrowing costs are likely to slowly rise as the global economy recovers.

On Thursday, the Fed said it would buy $40 billion of mortgage bonds a month to help the economic recovery.

It’s the second time the Haverford, Pa. shop has downgraded U.S. government debt in five months. In April, Egan-Jones lowered its rating on the U.S. to AA from AA+. It stripped the U.S. of a top AAA rating in July 2011.

Sean Egan, the company’s founder, has long railed against the power of the three major rating agencies, Moody’s Investors Service, Standard & Poor’s and Fitch Ratings. Egan-Jones Rating Co. is one of 10 firms the Securities and Exchange Commission recognizes as a rating organization.

Earlier this week, Moody’s said it would likely lower its “Aaa” rating on U.S. government debt if budget negotiations fail.

Standard & Poor’s stripped the government of its “AAA” rating on its bonds in August 2011. Fitch Ratings issued a warning of a potential downgrade.

A man called into Levin’s show tonight with an interesting theory, saying that he believes QE3 is politically motivated by Bernanke, that he’s doing it because Romney has basically said Bernanke’s doing a terrible job and he would fire Bernanke. So in short, Bernanke is making sure the fix is in. Plausible?

Also, thanks to Mark Levin for pointing this downgrade.

(h/t: Mark Levin)

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  • People who wonder will QE3 help? Well there you go….NO….the idea that 40 billion in buying by the Fed will help Obama…NO…because as the Credit Rating drops all the assets you have in dollars drops as well….So that home value becomes more and more worthless….interest rates are already next to nothing….the QE3 is nothing more than printing paper in a horrible economy…it stablizes nothing and will force investment elsewhere for a better return on money….just pathetic….hello inflation bye bye dollar value…and who believes companies will just go out and hire when their assets are devalued….just unbelievable!

    • LdyDesign

      Those people voting for Obama don’t care. They either don’t have assets or if they do the’re not smart enough to understand how QE3 will affect them.

      • Betsey_Ross

        And it will bite them in the pocket book.

        • warpmine

          As long as those leaches continue to receive food stamps and other financial assistance from the federal teat, this will never affect them.

    • IwjwI

      Exactly, michael.

      Here is what Sarah Palin had to say about QE3:

      “Obama’s Clever Way to Punt the Tough Calls: Driving the Dollar Down”

    • It sounds like QE3 is just an attempt at creating another housing bubble… if it does somehow work, it won’t last and we’ll be right back in this mess within just a couple years.

      Obama can’t even spell ‘economics’… but I don’t expect TARP supporter Romney to be much better on the subject. No matter which one of these fools win, we’ll be worse off.

    • anotherworriedmom

      QE3 props up the stock market by keeping interest rates low. This helps to show the “average” voter that the economy is “not so bad”. This administration skews the unemployment numbers and is now working hard to maintain the illusion that the economy is getting better. What a crock. We have 16% unemployment, and without QE3 interest rates would be rising. Combine that with the Arab Spring policies and BO looks a lot more like JC every day. But we can’t have that! So let’s keep up the illusion that everything is great. Tell that to the guy trying to get a job.

  • anyonebutbarry2012

    one thing romney had said back a month ago was he would get rid of bernanke.

    no one will hold barry accountable for this either, F&F, now the situation in the middle east, another credit downgrade. when is congress going to be outraged? most need to be voted out. vote nov 6th get barry out of there, worse corrupt admin ever.

    • I’m no fan of Obama, but you can’t hold him “fully” accountable for something that’s been 100 years in the making. For the 100 years prior to 1913, when the Federal Reserve was created, the dollar gained value – benefiting people who saved… since the creation of the Federal Reserve, the dollar has declined greatly (something we all know) – now you get punished for saving money, unless it is saved as an investment hedged against inflation.

      The Federal Reserve has failed us… it should be shut down next year on it’s 100th anniversary.

  • RosencrantzUndGuildenstern

    Another nail in the coffin of America. When will her resurrection commence? When her people

    WAKE THE ***K UP!

    Excuse me.

    • I know – I feel your rage and frustration!

  • maxb500

    The US is s…… And the we have politicians insulting the Europeans for strong austerity and largevreform to begin living within their means again. No Washington, it’s the only way. EU total debt now 83% of GDP while US debt alreadyvstands at 104% of GDP and rising like a rocket.

  • The idea of qe3 is two fold. First and foremost it is hoped to give voters confidence in the administration and aid in the president’s reelection, if it fails to get Obama elected then the inflationary effects will be delayed as all this new money works it’s way through the economy. These inflation effects will be felt through out a Romney presidency and aid in a democrat run in 2016. Just my take.

    • white531

      Your take is pretty good. Your Mother raised you well.

  • I heard that mittens talked to Bernanke and implored him not to do it. It wouldn’t surprise me if this was politically motivated. He knows his days are numbered without dear leader’s dictatorship.
    People wonder if this will work. Question- did the last Q’s work? He!! no!

    • white531

      If I could ask any of you one thing, it would be this. Mitt Romney is our Candidate for the Presidency of America. I would sincerely ask you to stop referring to him by such derogatory terms as, “Mittens.” Do you have any idea how destructive that is to a person’s character?

      • I’m sorry white531. It comes naturally, and I do have to work on it. I’ve never liked him much as a politician, and it’s been a long time habit of me calling him that. Habits can be changed, but it takes practice.

        • Amjean

          My opinion is that when he wins the election one would call him “President Romney”.
          Until then he is just the guy interviewing. Respect is earned. Let’s see what he’s

          btw there are a lot of worse terms out there than “mittens”, which is sort of cute.

      • Galatiansch2vs20

        Mitt Romney had a history of bare knuckled fighting his Republican opponents in the primary while seeming to handle Obama with mittens by comparison- like calling Obama a nice guy, for example. I think all of us who are conservatives would be glad to see Romney fully expose those knuckles (figuratively speaking) in all 50 states while he’s in the ring with the enemy of our country.

        • sjmom

          You’re singing my song. Romney gave us his take on Obama during the primary when he called him “a nice guy”. It’s about time for America to wake up and admit Obama is not nice, nor are his plans for our nation. His goal is and has been to destroy everything which our Founders did and there is nothing “nice” about any of it.

          Obama and his ilk are evil and I mean that in the most spiritual terms because they are leading this country down the road to perdition and trying to take away from us all which is holy and sacred. In other words, anything which is reminiscent of the Lord God of Heaven and Earth, His Word and our faith. As for me and my house we will serve the Lord!

          • Galatiansch2vs20

            You reminded me of an old Larry Norman song which says, “You can take away a lot of things, but you can’t take away the Lord!”

            • sjmom

              Ronald Reagan is the greatest president of my lifetime because he knew what was important: God, family and country. So did our founders and I can see Reagan in Heaven with some of them discussing the important issues of our day as they look over Heaven’s balcony. I can also see them going to the Throne interceding for us.

              May our God be praised and as I often pray: “It’s You and me always and forever Lord Jesus, it’s always and forever You and me.”

              PS. I’m going to have to see if I can find the Larry Norman song because it’s one I’ve never heard.

              • Galatiansch2vs20

                Looking forward to seeing Reagan in heaven!

                Okay need to edit that- didn’t get the quote right, but here’s the song I meant:

                • sjmom

                  Thanks, I really enjoyed listening.

                • Galatiansch2vs20

                  You found the music to go with the lyrics? Larry Norman passed away some time ago now. He was an early pioneer, as you may know, in Christian rock ‘n’ roll.

                • sjmom

                  It was on the site you sent me.

                • Galatiansch2vs20

                  Oh, cool! I hadn’t even noticed that!


    The real problem is the man on the street does not relate to this kind of information, especially if the media (beacons of truth?) do not present the threats of such an act as this. The average Joe who enjoys watching football, being told that things are better, and rich people are the enemy will never get it. UNTIL it is too late, and by that time the damage is done and America is reduced to a country on her knees.

    How do we bridge this gap. Most of our politicians do not understand what is happening.

    God help us.

    • Mike Lee

      The man on the street relates to higher gas prices and higher food prices – both of which are coming as a result of this QEn.

      • white531

        Yes, but they will come after the election, and as Nukeman pointed out, Romney will get blamed for them.

    • white531

      REHLV, this is precisely the problem. Half the American public don’t even know what QE3 means, and probably are not going to take the time to look it up. There are too many other important things to do.

      They think gasoline comes from a pump down at the local convenience store/gas station, electric lights come from a switch on the wall, and your local supermarket is where you get food, and they never run out. It’s always there.

      It has never crossed their minds, that most of our commodities are re-supplied by diesel trucks every night after they go to bed. Without that re-supply activity, what is on the shelf or in the coolers, would be gone in about seven days. All you have to do, is take away diesel fuel.

      And diesel is only one magical component in the artificial lives we all live. There are many others. Because we moved from farms, where we were self sufficient, to cities, where we are not, we are extremely vulnerable to any breakdown of the system. That is one of America’s great weakness. If I were an enemy of this country, it would not miss my consideration.

      Our water supply. Another weakness. It isn’t protected. In Arizona, we have open aquaducts running across the desert, unprotected, which contain most of the water we drink in Phoenix and Tucson.

      But, I’m getting off the topic of money, which is what QE3 is about, and why REHLV made the comment in the first place. Cut me some slack, it’s Friday night. 🙂

      The average Joe six-pack, looking forward to his football game, is not going to spend much time on QE3, but the next time he goes to buy that six-pack, it’s going to cost him more money. Because QE3 means inflation.

      Our Federal Government has hundreds, if not thousands of official-sounding names for things to confuse you. Most of the time, it works. Because Americans are that stupid.

      Take for instance QE3, Quantitative Easing. Sounds really official and important, doesn’t it? Hate to disappoint you, it’s not. All it means is the third time in recent history, when they have printed more money on a printing press, to make the dollars in your wallet worth less than they were yesterday.

      The idea, is to stimulate the economy and create job growth. That’s how they sell it, but that’s not what it does. Far from it. All it does is create more inflation, which makes it more difficult for individuals and small businesses, to get ahead, or make a profit.

      I’m sorry, It appears I have started another book. I really didn’t mean to. When I start typing these things, I get lost in the words.

      REHLV had a really good point. The average man on the street does not relate to a conversation like this. And the Left understands that.

      And we don’t. Joe six-pack is watching his football game right now. Likely as not, he’ll never read these words. It’s an equally good chance that I probably missed his football game. And that’s America.

      • Nukeman60

        What’s interesting to watch for is that, as you said, QE3 merely raises inflation (eg, the price of oil, and hence the price of gasoline). This monetizing the debt temorarily boosts the stock market and makes Obama look good.

        However, people don’t like their gas prices going up, so watch for Obama to release the Strategic Oil Reserves within 2-4 weeks to temporarily bring down the oil prices.

        Both these actions (the QE3 and the Strategic Oil reserve move) are meant to help Obama get reelected and do nothing to improve our economy. In fact, they both hurt the economy more, but the average joe won’t know it until after Obama is elected again.

        Clever, but insidious. We need to get the populace informed.

        • white531

          True, Nuke. I also read on another thread, where someone said that perhaps Bernanke did not like Romney’s comment that he would replace him and that was part of the reason. Notice that the easing did not have a time period or level like they usually do. He made it open ended until results are seen.

      • sjmom

        I, for one, like your books because you educate me as well.

        • white531

          sjmom, that is very kind, but I am always aware that they are too long.

  • Sober_Thinking

    QE3 was financially the worst thing they could have done – I don’t care if the stock market jumped because of it. Our dollar bill will literally become Monopoly money at this rate.

    I think they smell the end of their term and are torching everything on the way out.

    • white531

      Makes you wonder, doesn’t it Sober?

    • IwjwI

      Sober, It does look like they “are torching everything on the way out.”

      They are being driven by fear. Fear that Romney will find out all their dirty little secrets when he becomes POTUS and that he will tell the world.
      Fear is a great motivator that pushes people into horrendous actions to save themselves.

      Obama will cause murder. Then, he and the LSM will try to justify and cover it up to get him re-elected.
      (Fast & Furious)

      Obama will go to any length to keep the “Empty Chair” in his possession.

      We learned a couple of things by looking at his voting record. The same pattern of voting “present” and not being there can be applied to being POTUS. He has had the taxpayer on the hook for his partying ways ever since he started getting government grants when he was a community organizer.

      Obama thinks that all our money belongs to his government and that his government ought to give us only what we need to survive.

      Obama has the firm intention of keeping his gravytrain just the way it is, so he can golf and party on.

      • Amjean

        And Palin pointed all this out during the 2008 campaign and the media covered
        for Obama and tried to destroy Palin. Do not forget that the LSM is our enemy too.

        Has QE3 been mentioned by anyone with the exception of Palin? The media is
        too busy with their faux gaffe story on Romney.

      • Sober_Thinking

        Excellent response.

        You’re right about the fact that being “present”-only is his M.O. – I never really thought of that. Aside from destroying our nation and getting Americans killed, he hasn’t done a single thing in his political career – except maybe lower his handicap.

        Good observation!

    • Nukeman60

      QE3’s purpose is to boost the stock market, but as you pointed out, it’s only temorary and cannot be sustained. QE3 is supposed to raise the amount of money banks have in order to allow further lending, however the banks are already flush with cash. It is merely monetizing the debt and making Obama look good for the election.

      QE2 pumped over $100 billion/month for over 8 months into the banks and we saw no improvement in our economy. How do they think $40 billion/month is going to do any better (although this time they’ve decided to do it infinitely rather than for only 8 months). Once the banks (and the stock market) gets used to monthly payments of $40 billion, they won’t want it to stop – ever).

      Inflation will go through the roof, the economy will crash again, and it won’t be obvious to the casual observer until after Obama gets elected.

      How convenient.

      • At some point, the general public must recognize and accept the simple fact that prosperity cannot be printed. I suspect that point will be after the dollar-based world fiat currency system collapses.

      • Sober_Thinking

        Good points.

        If Obama gets re-elected, he won’t care and will be even more irresponsible in the next 4 years… he’ll continue to wipe his pampered fanny with the U.S. Constitution and the American flag.

        And you’re right… this is ONLY to try and make Obama look better for the election… that’s the only potential “good” outcome of this asinine move.

        Bernanke’s days are numbered.

    • sjmom

      Once again, you and I are on the same page because I said the same thing to my husband. The thought process is one of a sore loser; if I can’t win then I will destroy you. The evil within is now shouting loud and clear. Hope and change is now officially Hell and Chaos.

      My hope in the Lord who made heaven and earth. I just saw Ps. 118:6 in one of my devotionals this morning and it lifted me up. Hope it does you also.

      “The Lord is on my side; I will not fear. What can man do to me?”

      • Sober_Thinking

        Amen my friend. Jesus already won the victory. I have to remember that He is in control… and as a child of God, I am firmly in his firm hands.

        Thank you for sharing that scripture… I appreciate it.

  • 1vote

    libtards are like the 3 yr old that says, “you don’t have to pay for it daddy, just show ’em your plastic card.” Yeah, just kick the can down past Nov. That’ll do it folks.

    • white531

      The simplicity of your comment will probably go unnoticed, but I look for comments like yours. Because they give me hope. Kudos.

  • Jim Botts

    If you are reading this and aren’t sure if you are registered to vote, GET REGISTERED AND VOTE. Right now, go to your state government website and get registered. Time is short!

    In 2008 it is estimated that 20-30 million right leaning voters stayed home. And I don’t want to hear any crap about jury duty. State governments use property tax roles and automobile registration in addition to voter roles to create pools of jurors. Not registering to vote WONT prevent you from being called to perform jury duty.

    Gallup says conservatives outnumber liberals 2-1. Well, you wouldn’t know it based on 2006 and 2008 election results.

  • Mike Lee

    So basically the Fed is down to trying to blow another bubble in order to get counter deflation and sustain growth. Madness. And to do it at a time where stocks are relatively expensive with most companies guiding lower for next quarter.

    • They are moronically trying to reinflate the housing bubble of all things. Absolutely idiotic. Not going to happen.

  • Lemuel Vargas

    And what would happen if the economy would not improve with a certainty of 100%? Maybe by the time it is Dec. 21, 2012, the American capitalist system will go the way of the Soviet system..

    Just posted that Mayan doomsday date because hey, with this QE3, it could happen..

    What do the commenters here think? Plausible, isnt it? I mean, the doomsday date..:-)

    • stevenbiot

      Nope. Doomsday will occur the day after the election, if Obama get’s a second term.

    • white531

      Actually Lemuel, it’s not. Most of us here on The Right Scoop, tend to stick to reality, as much as possible. Reality, itself, is plenty frightening, without introducing doomsday predictions.

      We invite and encourage anyone who learns about The Right Scoop, to join us and enrich the experience that we all enjoy. You will only survive here, because the members who make up this site make up their minds about you. It’s a level playing field. We don’t deny anyone an existence here. They make that decision for themselves.

    • Nukeman60

      First of all, I agree with you. Yes, Dec 21, 2012 will occur.

      Whether it’s a doomsday or just a day where our world “ends as we know it” is yet to be seen. Obama is changing our world as we know it. The Muslim Brotherhood is changing our world as we know it. Even Ben Bernacke, with his insidious QE3, is changing the world as we know it.

      It all depends on your point of view. There is a world-wide catastrophe awaiting us all, just around every corner, with the possibility of super solar flares at the solar peak, rogue asteroids roaming space, or massive super volcanoes (like at Yellowstone National Park) waiting to erupt.

      We cannot hide under our beds waiting for it to happen. We live our lives and determine our futures as if there is a tomorrow, not as if there isn’t.

  • stevenbiot

    I bet the administration thinks, ” Well, it’s still an A.” They will chime in and say, ” Don’t be greedy, America. We don’t need triple A’s. One “A” will suffice.” Guarantee they will turn this into roses and sugar plums.

    • Channeling Obama: “At some point, you have enough A’s”

  • Who is Egan-Jones ??? Probably seeking attention. QE3 is nothing but good news.

    • Arrrggghhh

      Do you realize that printing money hurts the poor the most? It’s merely an insidious tax that increases the cost of ALL goods by devaluing the dollar. When I say everything, that includes meat, bread, milk, heating fuels, and basic necessities.

      I’m meeting with a retired 72 woman early next week to advise her on investing her very modest retirement savings. Let me ask you, what should I tell her? Cash is returning less than 1%. QE3 will possible help stocks in the short run. How long do you think it will help cover up the abysmal economy? Which poison should she pick? The former will ensure that she runs out of money within 10 years. The latter will cause her to lay awake at night in fear. Please tell me. I’m dead serious. Tell me. I really need to know.

      BTW, I’m doing this completely pro bono, so don’t give me any crap about gouging her.

      • She should take possession of physical gold. Now.

        • Arrrggghhh

          Hey, that’s a great idea. That way, if gold plummets from its current highs, which it certainly could, she can sue me for recommending an unsuitable investment. And guess what? She would definitely win because any securities attorney worth his salt could easily convince a jury that putting 100% of an old lady’s retirement portfolio in gold is unsuitable. That’s why QE3 really sucks – there is no good answer – especially for retirees.

          The only winners under Keynesian economics and the inflation it brings are people that are in debt, NOT the people that have done the right thing and saved for their entire lives. I ask Liberals (who are obsessed with “fairness”), how is that FAIR?

          I’d really like John D to answer my question. He’s the one that thinks QE3 is such a great idea. How about it John?

          • Gold is strong in both inflationary and deflationary scenarios. We are in the end stages of a failing paper money scheme. I did not say to put everything she’s got in gold, that is up to you and her.

            I too would like John D. to answer your question.

    • Since people are mysteriously replying as though your comment were a legitimate contribution, I’ll add this article on QE3:

      “Further monetary stimulus now is unlikely to result in a discernible improvement in growth, but if it does, it’s also likely to cause an unwanted increase in inflation”

      It’s not just a bad idea, it’s a bad idea covered in gasoline, wandering into a room full of sparklers.

  • 12grace

    By the time obama’s financial experts are done, our dollars will have no more value than toilet paper.

  • I was going to comment, but then I read Marc Faber’s comments on CNBC (posted on Drudge) and decided to let him do the commenting for me. He explains it better than I would have.

  • Glad to see another thread about the destruction of our nation through dollar debasement. This is why Ron Paul fought so hard for so long to bring attention to the Federal Reserve and the danger inherent in our corrupt monetary system.

  • I’m no financial wizard (heaven knows that), but what I don’t understand is, if “QE1” and “QE2” didn’t work, why should “QE3” work? The Fed has already pumped literally billions of dollars into the economy and unemployment, if anything, is going up and the economy is falling apart. Obama, no doubt, will blame Europe, or bad weather, or locusts for the downturn in the economy, anything but his lame fiscal policies. But what is Bernanke’s excuse? Bernanke is beginning to remind me of a compulsive gambler in Las Vegas. He’s at the blackjack table losing his shirt, but he is absolutely convinced that if he makes one more bet he’ll win real big. And he never does. Ben, it’s time to leave the casino and stop gambling with OUR MONEY!

    • rich wojcik

      receivers of those monies give kickbacks to DemocRats…capisce?

  • gunsmithkat

    How the Bernank can make the proposition that the Fed buying 40 Billion dollars worth of MBS per month from the TBTF Banks will stimulate small businesses to start hiring is just beyond any realm of sanity but is typical of the dysfunction of our financial “bett(o)rs”. It’s way past time for the rest of the ratings agencies to start facing reality.

  • 1217Chic

    Bernanke is history when President Romney takes over….

  • NYGino

    If I may, I’d like to pass along some surefire financial advice to my fellow Scoopers. Buy stock in wheelbarrow manufacturing firms. Everybody is going to need one to haul the amount of money to the store needed to buy a loaf of bread.

  • ebola131

    Until the “mob” starts capturing, tarring and feathering these guys, nothing changes.
    We workers and taxpayers are the sheep being slaughtered.
    GITMO is too good for them.
    A Joe Arpaio, pink undies prison seems about right.
    Prepare for the worst.
    Buy guns, ammo and food.
    If Obama loses, it will be ugly.

    • NYGino

      If he wins it will be uglier.

      • ebola131

        Which outcome has the larger body count?

        • NYGino

          Not sure about the body count but what I do know, if he wins we lose our nation’s soul.

          • The private cabal of banksters with a monopoly on counterfeiting our currency stole that a long time ago.

  • ebola131

    Well here we are…leeches vs sheep
    Obarry and his Fascist minions….Act II; or R/R….same old, same old
    We missed the chance to end the nightmare….Ron Paul….the only guy that truly sees the reality of the Levithan. He scared us too much.
    The “non-political” Fed is legally robbing us of our wealth to cover the Pols asses.
    It’s all corrupt….on Fox, they’re debating which crazy ragheads get our borrowed money, when.
    It’s over

  • msverde1

    The best panacea as a reminder that if you are in doubt faced with a small iota of [political] lethargy during any one election cycle, quickly hail a taxi (particularly, if you are an urban dweller like moi), jump in, and begin the therapeutic process, your good-nature purification overhaul to [re]set and [re]establish your sense of direction by discussing policy with your urban taxi driver. There’s no better medicine to cleanse the palate than trying to speak with a socialist who doesn’t understand basic Econ101 and bring to his fog-induced (self-inflicted, I might add) stupor of relying on the wallet of the American taxpayer to fort the cash to pay for his or her medical bills caused by years of smoking, drug use, promiscuity, unhealthy dieting, …Hell, what else?…Name it! I hope that I do not have to explain to anyone that this is not a generalization nor oversimplification, but rather a matter-of-fact synopsis from self-proclaimed amateur good doctor regarding the extreme, dire importance of firing this current POTUS out of office.

    Just think about it! You bust your ass to achieve greatest to not only set things up for yourself financially but for your children and your children’s children, and then lo and freaking behold some external misguided force (nefarious freak of nature, e.g., POTUS) decides that life is not fair for the miserable losers…Oops!…Pardon me! I meant to say moochers…Yes, six of these and a half of dozen of those…Got it!!…and now it is time for a little retribution by leveling the playing field – some parity, per se – by “downgrading” your ability to earned the income “you deserve” through taxation. Indeed, long-winded, but I’m sure you understand my point.

    Our country is great (and will return to that previous spot of greatest) not because we underachieved for the common good, but because we dared and excelled (and refused to be downgraded, patronized, watered downed, vitiated, etc. in the process) individually to strive towards greatest. Period, which is the place in which my little socialist taxi friend dove off the proverbial cliff after determining that he had had enough of commonsense and rationale thrust at him in the form of a great (oh, there’s that word again) Niagara rush!! My medical advice to him would be take two 30-minute segments on the treadmill, stop smoking (nor excessive alcohol and absolutely no drugs buddy), find a mentor to hold your ass accountable, and stop your bitching and complaining, because once you fall into a routine as such, the rest of the hard-working citizens of this great and magnificent land called the United States of America will certainly be much relieved to know that one more person is now carrying his (or her) own damn weight.

    Pardon my rant for the week force, but not only am I pissed off for greatness, but I am simply pissed.

    • white531

      Well, msverde1, you get my vote for the best rant of the week. I wish I could write like that. Got my attention, anyway. Your words are full of passion. You speak the truth. Please write more. I enjoyed the hell out of that!

      • msverde1

        Thank you, White531!! Keep the faith and continue to march onward! We are at the critical mass stage with this charlatan in office.

  • ebola131

    Sorry friends, but elections are just magic shows.
    Presto, changeo….everything will be great with the new guys.
    Until the sheep (payers) revolt, nothing changes.
    The rules that the Pols put in place have made real change impossible.
    They are building a massive security force to keep us all in line….1.2 billion rounds of ammo…the TSA at political events…
    Shrillary’s Rules of Engagement for Libya got those folks killed…no ammo allowed.
    I’m a bit depressed today…I mourn the loss of the Republic.

    • white531

      Question I have to ask is, are we just watching this, or are we fighting against it?

  • Galatiansch2vs20

    I’m reminded of an old Randy Stonehill song which says,
    “Our economy is shrinking.
    Our money is a joke.
    We should go back to trading sea shells.
    And just admit that we’re broke.”

    All this money printing not only causes inflation here at home but the weakening of the dollar this way also affects people like my brother who lives in a European country.

    • white531

      Good comment, Galatiansch.

  • physicsnut

    why should rating agencies have any credibility ? Either they were not doing their job with mortgage backed securities, or they were engaging in fraud. That is independent of what Bernanke is doing. An independent assessment would be worthwhile.

    • white531

      You make a good point.

  • President Downgrade strikes again and Egan-Jones downgrades our rating to AA-(minus)

    Well, I grade President Downgrade a rating of FU++

  • Yazz55

    I see QE3 akin to giving a junkie another shot of heroin.

    Makes you feel real good for a little while. But when it wears off you crash real hard. After you recover from the crash, you need another shot.

    Each time you need a larger shot just to get the same effect. And then you crash even harder.

    And the cycle repeats indefinitely.

    • white531

      You must have a degree in economics. The Economics of Reality. 🙂

  • Pamela

    REALLY, who wouldhave figured that? I say round up the whole stinking lot and ship them to a country that’salredi 3rd world since they’re hell bent on making us one, no benefitsof cells/laptops/ac/jobs. Ask them in a month how that” hopey changey” life is working out! DISGUSTING

  • bobemakk

    Just another nail in Obamas coffin….we need to get rid of him.

  • anneinarkansas

    QE3 does nothing for main street but it does help Wall Street.
    How does this help Obama?
    Maybe Bernake just wanted more more say in things before Romney kicks him out.
    Romney/Ryan in November!