Furious with Standard & Poor's downgrade of the U.S. government's credit, a downgrade based upon out of control deficits and dysfunction between the two political parties, the Democrats and Republicans finally managed to unite. Unfortunately it is to threaten S&P and by implication, anyone else who would downgrade U.S. government bonds.
The Senate Banking Committee staff is collecting information about S&P's evaluation of the U.S. government's debt problems and "all options remain on the table," a Committee aide told The Wall Street Journal. The House oversight committee is investigating whether S&P might have benefited by downgrading the U.S. government's credit rating and in addition, Congress is considering toughening restrictions on credit rating agencies. These are some of the actions angry politicians are quickly taking at the expense of the U.S. taxpayer.
Instead of shooting the messenger, Congress should be serving every U.S. citizen, who because of Congress' irresponsible actions, now owe $46,000 each. Congress can do this by getting its financial house in order, a Herculean task. S&P did us all a favor and deserves our gratitude.
Dick
To learn more, please see "S&P Is Facing a Bipartisan Backlash in Washington," The Wall Street Journal http://online.wsj.com/article/SB10001424053111904140604576498611687931304.html
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