Shocker: Senate To Launch Investigation Of S&P After Downgrade

If you’re wondering why it took so long for a rating agency to downgrade America’s credit rating, this is probably why. S&P’s gift for their downgrade last week is a target on their back in the form of a Senate-backed investigation.

Into what? Into S&P daring to downgrade the credit of a nation so unserious about its budget problems that it expects the citizens to applaud a debt deal that allows $2.4 trillion to added to the national debt.

Following S&P’s Friday night decision to reduce the nation’s credit standing from AAA to AA+, the panel has begun gathering information about the downgrade, according to a committee aide. Reuters first reported the committee’s interest in the downgrade.

The unprecedented downgrade of the nation’s debt roiled financial markets Monday, and S&P was subject to fierce criticism from Senate Banking Committee Chairman Tim Johnson (D-S.D.).

“As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncertainty. This irresponsible move by S&P may, however, have spillover effects that tax the American people by increasing interest rates on home loans, credit cards, and car loans, and by increasing the cost of finance for some state and local governments,” he said in a Monday statement. “I am deeply disappointed in S&P’s decision to enter into the game of political punditry.”

The only question is, what if Democrats are right and the US didn’t really deserve the downgrade? There’s a case to be made for S&P’s downgrade being based on some sketchy justifications – Nate Silver has been critical of the rating agency’s handling of other sovereign date ratings – but by and large does anyone honest believe that the US didn’t deserve this?

Anyone outside of the myopic spendthrifts on the political left?

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • http://sayanythingblog.com Mountainmouth

    Congress should investigate the Authors of the Legislation that caused the downgrade. 
    Maybe get an explanation why they vote for something BEFORE you find out what it contains.

    Arrest Queen Nancy – off with her head

    • $8194357

      And what about Frank/Dodd?

      • HB

        And Conrad who still has not held accountable for using his public position for personal gain.

      • http://sayanythingblog.com Mountainmouth

        The list is long – you gotta start somewhere.

  • HB

    And we wonder how we ended up with the US economy being a giant pyramid scheme.  Even Democrats acknowledge that this level of spending is unsustainable.

    How can the rating agencies not downgrade the debt when the deficit has increased by over $1 Trillion PER YEAR but the debt limit increase deal only cut $2 Trillion over 10 YEARS?

    We will finish taking care of the US Senate in 2012.

  • 2hotel9

    Yes, Congress should investigate and find out why Democrats continue to refuse to cut spending, since they are forcing through 4.5 trillion in new spending with this “debt ceiling deal”.

  • borborygmi

    saw the start of this on Lawrence last night.

  • http://flamemeister.com flamemeister

    Great!  Televise the hearings!  Bring it all out!

    • mikemc1970

      If it were to come to light that Soros knew of the downgrade before, because he had some insider at S&P or had a financial arrangement with them in some convoluted way, I’d have to wonder if the Senate Democrats wouldn’t drop this investigation like a hot potato.

      • http://flamemeister.com flamemeister

        I believe that this is just bluster & spin.  Whatever S&P might have done, it is definitely not in the best interest of the regime to have all of S&P’s reasons for the downgrade trotted out & hashed over  in public.

  • WOOF

     Hot Women of Standard & Poor’s Bikini Photo Shoot promises to stimulate viewers.

  • NDSuperman

    It’s not like this company is a govt agency, they are a company that makes opinions and analysis of stocks and bonds, and their customers find this analysis helpful in making investments.  Now the government is investigating the OPINION of an independent company?!?!  If you ask me, that is a very dangerous precedent…and can NOT be allowed.

    • Bat One

      But to those on the Left, the federal government ought to control anything and everything, and no one can be allowed to criticize the government’s authority or its decisions.

      • ellinas1

        “But to those on the Left, the federal government ought to control anything and everything,…”

        Oh, cut the crap, and stop your pretentious but insincere and empty language.

        • robert108

          The truth fills you with fear.

        • 2hotel9

          So says another of our resident welfare whores. No screech about how much you hate Americans and how all the world’s problems are caused by those dirty Jooos you hate so much, whinny lying c*nt.

  • WOOF

    S&P’s history is of trading ratings for remuneration brings the question,  “did S&P leak news of  the downgrade to favored customers”, before public announcement.  

    Let me help, think George Soros.

    • http://flamemeister.com flamemeister

      Do you really believe that George Soros depends on S & P for his information?

      • $8194357

        Not when he owns the Billary machine that Barry has tapped for nearly all of his insiders…

    • NDSuperman

      Let’s assume what you are saying is true.  Investors blindsided by this downgrade probably aren’t very good at what they are doing…weather their name is George Soros or George Jetson.

    • Bat One

      In an astonishing turn of events WOOF throws George Soros, the Left’s biggest financial benefactor, under the bus.

    • $8194357

      They sent the cooking show and home decoration lady up the river…Lets see if they have the family jewels big enough to go after a “Internationalist player”.

  • Bat One

    S&P’s decision to downgrade is going to be a lot more difficult to attack when Moody’s and Fitch decide that they too will lower their respective credit ratings on the US.

  • Guest

    They downgraded our credit because you all continue on insisting that we give all our stuff to the one percenters.  Don’t pretend there is any other reason.

    Tax the rich.  Period.

    • Bat One

      Sorry, poptart, but that “our stuff” horseshit just doesn’t cut it.  Whether I earn $200,000 this year, or ten times that amount, NONE  of it belongs to you or any other hateful, economics-illiterate, redistributionist.  Go peddle your class warfare crap to someone who doesn’t know any better and believes that those who are successful are somehow indebted to those who aren’t.

      • Guest

        That’s right, you owe them none of it… if you earn your money in a vaccuum.  However, if you earn it in a stable, first-world country replete with fancy infrastructure and a fairly well-provided for workforce and labor base… then you owe taxes, f*cknut.  It doesn’t matter how much bullsh*t and astroturf the Koch brothers blow up your skirt, princess, the facts on the ground aren’t changing.

        My you are a selfish, spoiled little brat.  I wonder how much you could earn in Somalia, where they have no taxation or rule of law.  Or any other country without infrastructure, public works, a labor base who is fairly well provided for and fed, etc.

        I know it';s fun for you to imagine and go through these little mental exercises, but at the end of the day, reality will bash you in the bratty, selfish face.

        Happy trails, dbag conservative c*nt.

        • $8194357

          You are a very sad and hateful boy, de-based god..What did your parents allow to happen to you in that hippie commune anyway?

          • Jesus

            He’s just very angry that his wife is banging the big Cuban guy and because he’s usually drunk, there’s nothing he can do about it.

        • Bat One

          I’m terribly curious… exactly how much is Hannitized charging you for rhetoric tutoring?  Not that you’re getting your money’s worth, of course, but since you’re oh so big on charity anyway…

        • robert108

          In all your childish prattle, little sparkie, you omit the fact that we are a first world country BECAUSE of the achievers, who pay for everything, including your fat cat politicians and union mob thugs.
          The achievers pay for that infrastructure, goons like you don’t pay for anything.  You’re lucky to live in a country where achievers thrive and pay your way.

    • Jesus

      They downgraded our credit because you all continue on insisting that we give all our stuff to the one percenters.”

      I didn’t realize that the 1% were getting the extended unemployment benefits, the food stamps, the cash assistance and the free health care.

      • 2hotel9

        Oop, there it is.

    • http://www.bikebubba.blogspot.com bikebubba

      Since when does the government give everything to the Hell’s Angels, Pagans, and Sons of Silence?

      Reality here is that due to our nation’s heavily progressive tax code, tax evasion is said to cost the government up to $300 billion in lost revenues annually.  Do you think that this will get better if we raise tax rates?  Or will the goose stop hissing and start biting?

      My bet is on the latter, if God forbid you liberal fools get your way.

      • Guest

        Biker politics today?

        THere is a happy medium which neither party is anywhere near.  The far right drives no bargains.

        I wonder how long til the pirates are off ft lauderdale, in addition to somalia?

    • 2hotel9

      Ah, ain’t that cute, our resident PAwelfare whore came to long enough to stumble to mom’s computer and type more nonsensical and anti-American sh*t. Bless its little meth riddled heart.

  • SigFan

    It’s not like they didn’t warn us they would do this, not like they didn’t tell us how to avoid it.  But the intransigent left insisted that they could tinker around the edges, make some nominal (and farcical) “cuts” that didn’t even come close to what was needed and all would be well.  Passing Ryan’s budget and Cut, Cap and Balance would have avoided this, the idiots on the left were told so, and they chose to ignore it.  The Republicans via the Tea Party freshmen offered up and passed two plans that could have stopped this in it’s tracks, and Obama and Reid stubbornly refused to even consider or vote on them.  This is all on the left, and no matter how many bitter little lefties call for “taxing the rich” that isn’t going to change the fact that we do not have a revenue problem, we have a spending addiction problem.

    BTW – Confiscate all the privately held wealth of the top 1% in this country and you’ll get a one-time payout of approximately $500 billion to $1 trillion from the reports I’ve read – not even enough to erase one year of the Obama overspending.  And you’ll only be able to do it once, and those people will promptly shutdown their businesses and put untold thousands more out of work.  Rich people already shoulder enough and more of the burden, time to make everyone put some skin in the game.  Flat tax now!

  • Mark

    wow just what we need
    another study
    come on america
    wake up

    oh sorry
    we dont have a voice

  • D17

    Maybe the investigation will allow the Senate to finally see that their spending habits are the cause of the downgrade.

    • 2hotel9

      Naw, that’ll never happen.

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