[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."
I think this downgrade of the Us credit rating is very unfair. I think there are other factors involved here to bring down the President.
No one should underestimate the pure hatrid some people feel for the President. People forget that in 2009 nearly every economist felt a stimulus was needed to stem the bleeding. People also forget that the last stock meltdown voted AGAINST the stimulus. Cooler heads prevailed, the GDP was bolstered, and here we are. Those who blame the President for our plight are either purposefully or unknowingly rewriting history. After everything that happened under G.W. Bush, all you can pin President Obama with is a stimulus? Pretty irrational . . .
What's the difference between now and last Friday when the market was up 60 points....oh yeah...nothing. We are in the same debt stance we were before...now some firm states what we all knew and down it goes. There really is nothing much different between AAA and AA+.
S & P is a crap agency with a terrible rating history. Thanks to them, millions of people bit it big time due to S & P's AAA rating of enormous toxic debt. NOW, when the economy is trying to get out of the trenches, they decide it's an opportune time to regain their street cred. They're criminals and should be tried as such for their past dealings.
Dumb money is selling Smart money is buying cheap. I wonder who at the s&p is getting paid to create a blue light special stock sale.
100% agree with S&P. Wake up Congress. If I performed like you do, I'd be out on my a** and nobody would hire me back.
S&P correctly blames the inflexible Tea Party. News agencies are useless when it comes to indicating blame for the S&P downgrade. They neutralize everything so that everyone receives equal fault. No guys to tale a position
What do you think he will get for Christmas?
The downgrade by S&P is just another step by the far right to artificially create havoc in the hopes that their hero can ride into the White House on a white stallion as the savior next elections. And the insiders who knew that the US credit rating was going to be downgraded made millions. Makes me want to vote for Obama for the first time.
C'mon people. S&P is not the problem. Politicians and lawyers are the problem, and they will likely talk their way out of it, and we will let them.
Now, we will have the fox watching the henhouse as this super commission looks for further cuts. It's kind of like a big university saying, "we have to cut 20% from our athletic budget,) and then putting the football and basketball coaches in charge of determining where the cuts will be made.
Agree with those who point out that S&P was one of the rating agencies responsible for the financial meltdown of 2008 ... guess they are overcompensating. Totally irresponsible act by S&P, and totally irrational response by the stock market. Who's to blame? WE ARE. We elected the people on the hill who played chicken until the last possible moment. Obama can't control what Congress does, he can't override spending voted on years ago. Congress – elected by the people – are the ones who screwed up. Not even during the Reagan first term was it this polarized.
Obama owns this!
He is our president.
Any CEO would tell you this.
2012 – a new day is coming...
Long term memory loss? Our President may own it, but he inherited it . . .
The Republicans – whose only goal is to make sure the power elite continue to grow in power – own this.
The Republicans and the folks who pull their strings continue their ruthless quest to hollow out our country, by redistributing wealth to the top few percent of thepopulation.
The DOJ needs to investigate this situation since it smells of manipulation of our economy. There are a couple of individuals making milions on today's plunge. The extremist right could be behind this entirely. They do not want to pay any taxes and only care about themselves.
Isn’t Standard and Poor one of the geniuses that rated the mortgage backed securities AAA? Now they missed $2,000,000,000,000. Impressive!
S&P's authority as a rating agency is regulated by the SEC. S&P has repeatedly shown that they make bad calls and are worse than useless. The SEC should simply revoke their authority as a rating agency. Not because of this most recent decision, but in light of a decade of doing a terrible job. Nate Silver over at 538 has a great analysis of S&P ratings over the last 5 years that shows very clearly that they add no value and cause only market distortions.
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