U.S. rating likely to be downgraded again: Merrill

[DonCoquixote]

http://www.reuters.com/article/2011/10/23/us-usa-rating-merrill-idUSTRE79M2J120111023

From the article:

"The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan" to cut the deficit, Merrill's North American economist, Ethan Harris, wrote in the report.

"Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes," he added."

Now, allow me my translation:

We want people to be scared of Wall Street again, so we plan to blame this on the dirty hippie and democrats. And we know that even if Obama caves and WHEN the Blue Dogs cave, we will still do this, until any social spending not on something we can profit Ten cents for ever nickel of worth is Eliminated. Do not worry Europe, we will fix you when B of A goes bust."

[OHdem10]

1. or Wall St. is just remindeing Congress that they(WS) run things

and they want entitlement reform and they want it now.

[DonCoquixote]

3. dont use entitlement reform

These things are not entitlements, but things we have worked for...and what they have in mind is not reform, any more than an Electric Chair is a tool to relieve backache. :)

[Odin2005]

2. These fuckers should be charged with extortion.

[CoffeeCat]

4. My guess is that there are behind-the-scenes

negotiations happening--because BofA is about to tank. They're going to need
another bailout.

We all know what happened behind the scenes, during 2008 when the banks began to
topple. Before "We The People" even knew that a problem existed, the banks--together
with Hank Paulsen and Ben Bernanke--were meeting and negotiating in a vacuum--discussing
OUR FUTURES and what would be done.

My guess is that BofA doesn't like the answers that it's getting from our government.
Quite possibly, they are being told that Americans won't tolerate another bailout--
especially as we're out in the streets protesting these banks. Furthermore, no
politician is going to okay a bailout with an election one year away.

Bank of America owns Merrill Lynch. Merrill Lynch thinks it can use their grading
system as leverage, "Do what we want or we'll downgrade you!"

That's my guess at what is going on with these stupid bullies. These incompetent
boobs couldn't run a lemonade stand--and they fail at running their own businesses--
and they want our money to --once again --bail them out.

Although this scenario is pathetic on Merrill's part--and it also speaks to how
corrupt and sick our system is--there is possibly a silver lining. If this is
what is happening--it appears that our politicians don't jump every time the
banks demand that they jump.

In my opinion--our politicians need to tell these banks to go to hell. Get them
on tape--making these threats--and sick the DOJ on them. ENOUGH!!

[DonCoquixote]

8. I agree

especially since B of A's debt may kill the hated FDIC, the last new deal protection.

[snot]

5. Actually, I thought I read that the rating agencies WANT TAX INCREASES.

At least, that's what I saw around the time of the last downgrade.

[Cali_Democrat]

6. That was indeed the case

But the corporate media did a great job of hiding that reality and making it seem like it was all about spending and not the tax increases. The ratings agencies warned about downgrades when the Bush tax cuts were extended. That's when the downgrade talk really took flight.

[Yo_Mama_Been_Loggin]

7. Merrill Lynch should've been allowed to fail.