[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."
All in the book at wwwTheDimensionMachineDOTcom
It's time to buy stocks! :)
Isn't anyone surprised that Moody's and Fitch didn't lower their ratings?
This operation was planned months in advance by S & P to make money buying up the stocks that are tanking today. The will come out richer than before.
We deserved this downgrade and all of Congress deserves to be fired. This is Congress' fault. I wouldn't even call it Obama's fault. Congress is extremely disfunctional.
I don't like Lawrence ODonnel, but he' dead on about this issue. S&P is wrong and stupid.
The President, Congress, Banks, and Congressmen need to balance the budget like I balance my checkbook. Plain and simple. Run it like a business........ Duh???????????????????????? Everything I learned in school / college for some reason does not pertain to out govt?????????????????? What are they teaching our children????
What a mess.
"I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt."
I hope that when it comes time to vote, everyone realizes who created this mess and who is responsible for prolonging this agony. During the George W. years, this country went on a spending spree for a war that was nothing more than someone trying to prove a point. The very same politicians who couldn't get their act together to come up with a solution to the debt ceiling problems are the same ones who voted for the Iraq war funding, George W. was basically given a blank check with no accountablity at all. There are numerous accounts of tremendous cost overruns generated by the ex-VP's company and yet nothing has happened to KBR/Haliburton and in fact, they have gotten more govt contracts.
We also need to stop being the meal ticket for other countries/nations that basically spit in the face of United States and promote terrorism against American. We have schools, teachers, infrastructure that could use the money that is sent overseas to these rogue nations and for what, to say that we are "good" Americans?
So true! Enough paying for everyone else. Beef up our border defenses and stop sending the money elsewhere.
I agree with everything, except it is time for rational sane people to STOP blaming political parties!! Every president, from each political party has overspent, and has contributed to the National Debt. It is WAY past time to nip it in the bud. It is time to do what any intelligent person who is over their head in debt has to do, and that is, pull in the belt and scrimp and cut and make a significant spending changes! We can do this! We all need to join together on this, every person, and every party! We need to solidify as a nation, and determine that we will eliminate, at least a significant portion of this horrendous debt. And that is at the least. If it was a family, being tutelaged by Dave Ramsey or Clark Howard, we would tighten the belt until ALL the debt was eliminated. If we were good grandparents to our future descendants, that is exactly what we would do!.
The last video of Osama bin Laden–he said: "the next attack will be in the American Economy! And so it is! Obama should have shown strength today and called back all the Congress, but he chose not too-one of Obama's suggestions will be NO MORE CAMERAS IN THE NEGOTIATING ROOM-no REMARKS to Reporters–every mouth must be shut.
If you ever watch BBC Network-when their Justice system is being argued it is in front of the cameras. This is true Transparency. All the American people need is for Obama to stop it–after he promised it–and still hasn't completely done it--what if Obama uses this event to shut up those Dems-Republicans–and my voice will be the only voice heard.
Americans you need to do a search LIST OF US SENATORS–REPS–and begin calling and calling before this avenue is ever launched by this administration. Pass it along with your friends–let the WH know how you feel!
Also-the FCC is going to begin what they call good and acceptable programs on our television-soaps must clean up their act–and our GOVT WILL HAVE THE AUTHORITY OF ORCHESTRATING WHAT WE SEE ON TV__WHAT TALK SHOWS ARE ALLOWED-and WE MUST Do IT NOW_-
Our credit rating downgrade is because they saw the events before the budget was signed-then after the signing–Obama flew straight to Chicago-fundraiser Birthday Bash-$37,500 PER PLATE–BALL ROOM-$40,000 a night–and to have your picture of the President will cost another $10,000 PER PHOTO-does this sound like a President who is a leader of a great country which is collapsing with each dance step! Downgrade came as a no confidence vote in this Administration.
Frankly, I wished America was thriving–I wished Obama-Pelosi-Reid–could see the need of the American people–and not dictate to them–but treat them as a Citizen of one of the greatest country–BUT their actions speak as if they hated the American system and we need to redo everything fresh–God Help The USA
Partisan paralysis has gotten us here – and we deserve what we're getting. Our government is simply reflecting the US public's money management.
We need our Government to step up and "Take the Bitter Pill" we need to take to get our spending in line, cut our excessive and unsustainable government programs, and raise our taxes. NONE of these are popular, but its the ONLY way we're ever going to make headway on these Budget Deficit and Debt problems.
We need our Government to HAVE THE COURAGE to step up and make these necessary changes WITHOUT REGARD TO THEIR PARTY LINES OR CONCERN ABOUT RE-ELECTION as their driving forces!
The Tea Party is dangerous. They own the Republican Party and they wanted this. The fools thought it would not matter if there was a downgrade. Don't vote Republican any more, or this country will crater.
Our government has always been reactive instead of proactive, they wait till the last minute to tackle ANY issue-Republicans AND Democrats... no one wants to make the hard choices anymore....until they are FORCED to. U.S. deserves this downgrade. Downgrade was there anyway, has been for a long time. It just wasn't "announced" until the S&P did so. Credit downgrade is just another term for confidence...and it's not there. And, once again, instead of taking accountability, Washington has to badmouth S&P....for doing its job!.....just because they don't like what they had to say!.....The truth hurts! Now, quit pointing fingers and DO YOUR JOB WASHINGTON!!!....ALL of you, or you WILL be voted out!!!!!!!!!!!!!!!!!
S & P has nothing to lose since its reputation went into the toilet with Lehman and Derivatives. The employment crisis, not credit ratings is producing investor fears. As for the Washington gridlock its existed for most peoples lifetimes.
SHOT in the FOOT. After the 2008 election there developed a Reactionary movement – an INSURGENCY bent on taking down the elected Government. They COULD NOT EXCEPT both a 'Refudiation' of the Right's FAILURE under BUSH and seeing a BLACK MAN as President. They set out to create CHAOS and DESTRUCTION in Washington D. C. – Mission Accomplished.
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