[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."
The government has playing this game of bailing itself out by printing more money, and using this notion of debt ceiling to appease public opinion that it is spending to much, the problem is that it was a ceiling made out of vapor, just like the value of the dollar is vaporizing before our eyes. This administration is no longer fooling anybody. If you keep creating money out of thin air...it will eventually become worthless.
What I find amazing is that all the liberal and progrssives blame S & P, when they are the SECOND credit rating bureau to downgrade the United States. Egan-Jones downgraded the US in July.
I LOL at you liberals, should have seen this coming.....althought that would require foresight.
Based on the complete inability of the USA government to function as reasonable people and having read some of this nonsense Americans write. Yes you deserve the downgrade. You aren't too smart guys.
Debt ceiling was bs. All it did was point out that the US govt cant stop spending. They made no real change to reducing the debt. The us debt is what worries the world. Our govt is fiscally out of control and there appears no logical effort on anyone's party to resolve this. The impetuous is on the 2012 elections, not the citizens needs. The prez, every member of the house and senate; rep, dem, tbag, who/whatever. They are all losers.
If "the world" was worried about our debt they wouldn't be flocking to Treasuries, would they?
The USPS is losing 2 billion a year. Do you just keep raising taxes to cover that?
@ Regardless of what you might assume the USPS does not receive tax dollars. They do receive government funds for a couple of things...providing free mail for the blind, and for overseas voters. But, remember some private companies receive federal grants for providing services to the needy. The postal service like any other business is paid by the government for any federal jobs it contracts.
Yeah Mark Jean is absolutely right. USPS is not subsidized "that much" by the Fed government. So the only other reason why they could possibly lose 2 billion every few months is why ?? Because they are run by morons ?? Or is it because of UNIONS Yeah for unions !! Hip Hurray !!
Great for S&P! Finally someone is awake enough to realize that there is a problem with our never ending spending and no accountability. I bring in a certain amount of money which determines how much I can spend. To me it is basic 101 Economics! You only spend what you actually have!!!!
The reality is that S&P did downgrade the creditworthiness of US debt/bonds and like it or not there is nothing that we can do about it. But... it's no wonder that after the tea party and their whack-job, amateur, moronic followers who were sent to Washington last year by their whack-job, amateur, moronic voters... AND the shameful display that they made holding the debt ceiling raising hostage right up until the very last minute that S&P lost faith in the full faith and credit of the US...
A small minority of idiots (the Tea Party) did this all and in my view deserve to be held accountable.... That's what elections are for.
Maybe by November 2012 Tea Party members may find a clue and learn that the debt ceiling is NOT directly connected to downsizing Washington and reining in government spending but it is directly connected to how much interest we the people will all have to pay in the near future...
That's the problem with democracy – any mouth breather not in jail, of US citizenship, with a racist bend can embrace idiots such as "I skipped history in school" Bachman (who can't dance...) and vote for policies that may in time destroy the US.
On the other hand it's in keeping with the true form of the GOP since they caused the great recession and tanked the US and global economies in 2008 that they simply do it all over again.
GOP/Tea Party = death of the middle class....
Really? People that want a responsible budget are to blame for this? People that want the government to live within it's means are responsible for this? People that realize taxing the people that create jobs at 35% and then deamnding more is economic suicide are to blame? Moronic.
Blame. blame, and more blame.
WRONG! The Dems held the raising of the debt cieling hostage, not the itty bitty Tea party! The Dems cannot stand to curb spending and balancing the budget!
Wow Hesh, I have to laugh at your comment. So, you are basically saying that a bunch of hicks far down in the minority totally outsmarted the Great Obama and his dumbocrats ! Haaaaaaaaaa ! I love it. Sorry Hesh...we're sick and tired of you losers spending our money like drunken sailors. People like you have no problem upping your credit to pay off the loans you took at to pay your minimum balance on the outstanding loans you already blew through. Let me tell you something... The Tea Party has just officially become a force. Anyone sitting on the fence or peaking over the fence concerning the Tea Party are now on board. Sorry buddy. You just gonna have to start paying for yourself instead of mooching off us. I guess you guys are going to have to find a way to import more illegals and give them fake SS #s so that you might have chance to not be squashed for next decade
herpderp13 – and you believe that these so-called "job creators", who are sitting on the most money they've had since 1958 but are refusing to create any jobs,, deserve to keep that money? Where are the jobs? They are already taxed far less than they ever have been, so where are the jobs? And you call other people morons? Look in the mirror.
The politicians need to stop playing games with middle America. For the last 20 years politicians have flipped what it means to be a public servant and have operated under the assumption that the public serves them. We are tired of the senseless bickering between two groups of power hungry elite snobs, and it is our responsibility as citizens to send a message that we will no longer tolerate these petty games. We were asked to invest in corporate America when social security was robbed to provide to corporate interests. Now we are asked to live with nothing now that Wallstreet is pilfering our retirement accounts. Stop welfare for corporations, stop digging into our nation's reserves, or risk a political upheaval by third-party politics.
Politicians, in general, but especially Dems, do not know how to control spending. They have an open checkbook. Spend on anyting that makes them look good for re-election, Or for anything that lines their pockets. This is how it has always been. Why should everyone be surprised. The only way to change this is when you vote. Please vote and vote for politicians who are not carreer driven in politics. Out with the old and in with the new. Stop the spending spree. Stop useless programs. Stop at least 50% of foreign spending... at least 50%. Bring home our troops, Brining home the troops was one of Obama's primary promises. Where are they? Politicians are hipocrits, VOTE! VOTE! VOTE!!!
S&P rated the sub-prime loans AAA, so no comment!
But on the other hand the debt ceiling fiasco was a surreal picture, thanks to the tea baggers morons we looked like a banana republic and that is the reason they downgraded us! Last, we need to get more revenues so we need BIG measures, cutting the budget is not enough, it's dangerous because it can potentially deeper the crisis.
The right balance is: cutting expenses and raising revenues (tax reform, and others )
How about eliminating handout programs, as the is the largest contributor to the debt? Your sheep herders would like for you to believe it's defense and the wars, but far from it. Welfare, medicair, medicaid, and social security are bleeding this country dry. And you demand more from the employers who are already taxed at 35%. Shame on you. You are getting exactly what you ask for. the results for an unsustainable model.
Also, Egan-Jones also dongraded the United States credit worthiness. I guess that'll happen when you are paying off credit cards with other credit card and taking out loans just to make the minimum payments.
Actually, Americans HAVE started paying off their credit cards and are buying less junk they don't need, driving used cars, and living in smaller houses. That alone is bringing down the banksters' house of cards. We stopped borrowing to buy things we could not afford and started living within our means. Now there is no one to buy all the useless cr*p that China needs to sell us. So they downgraded us then bought another downgrade opinion from S&P.
I think we are putting too much stock into what these guys think..
Who's to say it's not just another "wag the dog" trick? More manipulation ..
I personally have lost all trust.. If I had any.. I think this past couple weeks just about ended any I might have had left..
Here is how much I have left ( . ) See that dot in the middle.. ? There it is.. Thats what I have left.~!
It was the republicans (including the tea party) plan to have the government look bad. Just so they could win an election. The whole crisis was manufactured by people with no thought for the country just their party and themselves.
You do know that Obammy approved the debt descision, right? he does have a veto stamp.
The defining headline of this century:
Americans await solutions from Washington. Washington abandons public. Citizens experience anxiety.
We can always brag about our military, right? right?
They are after all fighting for our freedoms and liberty, right?
We have the bravest military in the world, right?
The best American workers the world over, right?
We are the greatest country in the world, right?
We always have god on our side, right?
Hell, we still have the World Series,.....,oh wait......we are the only ones in the world series.
The average Joe will not feel the downgrading, unless they are invested in bonds. The state of business is not different for most Americans. What is wrong is the political inability for the US House of Representatives, to find compromise. This might be due to their two year election cycle, which means they feel they must show results to get reelected. The US Senators deal with compromise all the time. For that is the way business is done in the Senate. The problem is leadership of both political parties, in the US House of Representatives. In the past the party leaders and whips would wrangle votes and compromise in joint meetings with the Senate. Today the leadership of both parties is so polarized, with moderate conservatives being mugged by singled minded Representatives who have not thought out the entire situation and only have knee jerk solutions. The liberal Representatives are no better, the liberal leadership is too far to the left to think of other solutions. We need to elect moderate leadership for both parties within the next two election cycles to provide political leadership and will to rebuff both extremes, or our economic problems will not be solved in a generation.
Bud, that's why this country is in trouble because people like you won't even look who is running. They will just vote blindly.
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