August 8th, 2011
01:41 PM ET

Your take: Where do you stand on S&P downgrade?

[Updated at 1:41 p.m.] The inability of Congress and President Barack Obama to reach a deal to raise the debt ceiling sparked a firestorm of anger directed toward Washington. Readers said they were angry, disappointed and fed up. They had no problem about where to point the finger when it came to blame. Quite frankly there was downright outrage.

And now Standard & Poor's has downgraded the U.S. credit rating by one notch to AA+, removing it from the Triple A-club for the first time in history.

CNNMoney.com: Did S&P get it right? | Time.com: A political miscalculation

As the market reacts to the downgrade status, CNN.com wants to know how people feel about it. Grab a video camera and sound off on iReport here.

Some iReport contributors are already speaking out about the downgrade, whom it affects and how much the American public understands and cares about the issue.

Egberto Willies, a frequent iReport political commentator, says he believes that the S&P downgrade of the U.S. is “a fraud on the American middle class.”

“The reality is, Standard & Poor's and all these organizations are the same companies who rated credit default swaps that brought down the economy and forced us to get into further debt to bail out the financial sector,” he argues in his video. “They're the ones who allowed that to occur.”

Omekongo Dibinga says he thinks Americans simply don’t care what the country’s credit rating is.

“Most Americans are too busy worrying about their own credit to care about America's credit rating,” he says in his video.  “With our AAA rating, we've still had a Great Depression and a Great Recession. People have still lost their homes and thousands of jobs. Is this what our rating got us?”

Dibinga says the lowered rating may even serve as a needed wake-up call for politicians and corporations.

"Maybe this credit will be good for America," Dibinga said. "Maybe these corporate types at the top will start to think twice, but for the rest of us, we're going to wake up tomorrow and our life won't seem to have changed because of a downgrade.”

Melissa Fazli from Yorba Linda, California, sent a video reaction shortly after the S&P downgraded the U.S. credit rating. She says that everyone should pay as he goes: “No more debt.”

She says she also believes the downgrade is “a kick in the face” but hopes that people will vote for politicians who will “wake up” and “get their act together and work together.”

And those commenting on CNN.com and CNNMoney.com haven't shied away from sharing their views either. Here's a sampling of what you had to say:

"S&P was absolutely right to downgrade the US government–the country is frighteningly deep in debt. For decades, the federal government has proved itself utterly incompetent in managing the taxpayers' money and this is the result. And if government can't manage our money responsibly, it's time to cut up the credit cards–we need a balanced-budget amendment." - CNN commenter HenryMiller

" The S&P is full of it. This is the same agency that assured investors and gave excellent ratings to toxic mortgage back derivatives. They are
responsible with the banks for the finical [sic] crisis and now they are playing more games and leading us into a double dip. Make no bones, they have their own agenda. I would not be surprised if they are short-selling and making out like bandits. These people are all crooks!!!" - CNN commenter Daniel Tal

"good for S&P....you clowns in Washington want to act like fools? You get called on it!!!!!" - CNN commenter stooges999

"And they are "sticking by their decision"? Wonder if the S&P is also "sticking by their decision" on the sub-prime mortgages the touted as
AAA before the collapse in 2008???" - CNN commenter esmith3750

"Anyone who listens to S and P after the crimes they committed during the financial meltdown is an idiot" - CNN commenter Jon King

In response to that comment user Barfly52 wrote: "Looks like investors are listening. Market down 325 points in first 75 minutes."

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Filed under: Business • Economy • Finance
soundoff (1,062 Responses)
  1. Al Copps

    since the u. s can print it's own money it can always pay it"s debts, so they should have only two possible credit ratings: aaa or default!!! i wonder if there is an internal memo somewhere in the S & P offices that reads " let's get those b---" for giving us such a hard time over the lehman bros. fiasco".

    August 9, 2011 at 2:32 pm | Report abuse |
  2. John Wannemacher

    Poor is the new Standard.

    August 9, 2011 at 8:34 pm | Report abuse |
  3. Raven

    I can't believe the number of lies spreading about the downgrade, and I wish Obama would come out and read the paragraph at the bottom of page 4 of the S&P Report.

    The paragraph explains EXACTLY why the downgrade happened.

    "Compared with previous projections, our revised base case scenario now
    assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP."

    I guess republicans and corporate news don't understand what these words mean:

    ". We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. "

    When will we here that statement in a news broadcast? Did I miss it?

    August 10, 2011 at 12:37 am | Report abuse |
  4. yvonne moore

    S&P just another ploy to discredit and it's not just aimed at the country. It's intended to paint a picture of our leader. A house divided...........................................!

    August 10, 2011 at 6:40 am | Report abuse |
  5. Rb3331

    S&P downgrades, stocks bottom out, the truly rich, buy up all the cheap stocks and get richer. GOP plot to drive our country into a 2 class society.

    August 10, 2011 at 3:48 pm | Report abuse |
  6. sydell stapler

    One more time, foxes watching the hen house. Every one of these people on this committee are multi millionaires. The have cheated, lied, stolen, gotten filthy rich "by any means necessary." They already have theirs. What do they care about anyone else. Our leaders have become like the third world dictators who hoard billions while the people starve and die. It's absolutely aweful. I dont trust any of them to fix anything. They are not the fix, they are the problem. Leadership without integrity is no leadership at all. Greed rules the world and has crept into our government, and there is no cure. So, lets see what gets fixed. No more medicare. No more social secutiry. No more tax breaks for middle income. SOS. Same old crap.

    August 10, 2011 at 5:37 pm | Report abuse |
    • Tee

      Very well said, Sydell. These multi-millionairs don't give a rap out middle class, working poor, or the poor. These repubs. dont have to worry about keeping a roof over their family's head, or food on the table, or sending their children to college. I'm just so digusted right now, as I just received a $6,100.00 tuition bill for my daughter. I'm on the edge right now. All Washington can do is bicker and argue, because Repubs. think Obama is spending to money.

      August 25, 2011 at 12:34 pm | Report abuse |
  7. Cleidiane

    Bernardo Huberman,a0 HP Senior Fellow and director of HP Labs’ Social Computing Research Group.“User actviity and number of followers do not contribute strongly to trend creation and its propagation,” he

    April 22, 2012 at 5:30 am | Report abuse |
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