USA loses AAA credit rating

[jam666]

BREAKING NEWS: A leading credit agency has downgraded the USA's AAA credit rating to AA+. for more information: http://www.reuters.com/article/2011/08/06/usa-downgrade-sp-idUSN1E7741TJ20110806

[-:Undertaker:-]

The Telegraph have been covering the financial crisis rather good; http://www.telegraph.co.uk/finance/financialcrisis/8680820/Debt-crisis-as-it-happened-August-5-2011.html

I wouldn't rate it AA+, debts of $14.3tn and soon to rise to $16tn+ (thanks to the 'deal' by Obama and the useless Republicans) this is expected news. The ship is about to hit the rocks sooner than we can imagine - Italy, Spain, Belgium and Cyprus and next with Ireland, Portugal and Greece due again sometime next year for a bailout fund which has run dry. The results of bailing out bankrupt banks with taxpayer money (thanks Gordon), the results of state spending being too high and damaging the wealth creating private sector, the results of a monetary Union which does not fit.. we're about to see them in all their glory. America only has one hope (http://www.youtube.com/watch?v=FFDD-CqazAY&feature=player_embedded#at=62), I hope in 2012 they don't throw it away.

So to all the advocates of high state spending on here, I have only one question - has it worked?

[GommeInc]

They only have themselves to blame, I'm amazed it happen so soon though :/ It's been a very bad 24 hours for the World Economies, and this news has made it that little bit worse.

[jam666]

So ontop of:

*Greece
*Portugal
*Ireland
*Italy
*Spain
*Cyprus
*Belgium
*France (this will be the next country in line)

we now have the problems of the USA. It wouldn't surprise me if come monday morning the FTSE 100 drops below 4500.

[Chippiewill]

We need to bail from the EU and recoup costs before we're next :/

*Starts panic buying food*

[Wig44.]

We need to bail from the EU and recoup costs before we're next :/

*Starts panic buying food*
I'm way ahead of you man, I built my nuclear/anarchy shelter stocked with a 25 year supply of food years ago. Hopefully when I emerge the economy will have grown by 1% (not likely)