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. Ray

    I think this whole fiasco just goes to show how out of touch all our politicians are with the world around them. It's always easier to gamble with someone else's money. They gambled and america lost. This is a really dangerous time for our country. When it comes time to vote, please think about voting for someone (D or R ) that is fiscally responsible, and who is willing to demand Washington enact an amendment to balance the budget every year!

    August 8, 2011 at 5:34 pm | Report abuse |
  2. Ruthie

    Here we go with the blame game.

    August 8, 2011 at 5:35 pm | Report abuse |
    • Mark

      An eye for an eye leaves the whole world blind ,solve the problem , if I here one more American blame either party and not both parties collectively I'll scream!!!

      August 8, 2011 at 5:48 pm | Report abuse |
    • Deborah Baker

      Mich

      Why is it that only YOUR favored party has the right to free speech? First, Tea Party members were called racist, but that didn't go anywhere, because it proved false; now, they're called "terrorists" because their entire platform focuses on fiscal responsibility. Are terrorists necessarily fiscally responsible people, so that fiscally responsible people are necessarily terrorits? What's really surprising to me is the most vicious ad hominem attacks come from supposed "Liberals," like John Kerry, who blamed the entire debt crisis on the Tea Pary!!!! I myself have been a registered Independent for a long time - and people like yourself continue to confirm the wisdom of that decision.

      August 8, 2011 at 6:05 pm | Report abuse |
  3. D. Rogers

    Spending addicts.....and they liberals and president are in denial.
    "just keep raising the debt ceiling and act like there is no limit to printing money".........
    S&P called this one right and Washington needs to make some changes and quick.

    Big government is not the solution and Obama isn't either!

    August 8, 2011 at 5:35 pm | Report abuse |
    • J Hamilton

      Even if Obama brings Jesus to someone like you, your social anger against someone like him would send Jesus to hell. The Federal Government is big, it is going to be big, and you should put this in your headthat it cannot get small. Stop letting people thing for you and begin to do it for yourself. Do you really and truly believe the Federal Government can be small? Just thing about the highway system as a small example.

      August 8, 2011 at 5:43 pm | Report abuse |
    • chmch

      Spending addicts are the fault line for sure, the only problem is it is my belief the real spending addicts are on the right, that borrowed money for a war and now don't seem to want to either pay it back or take responsibility for the decision. Or is that not relevant to the central premise?

      August 8, 2011 at 5:45 pm | Report abuse |
    • Mark

      Gee more mud slinging, does it solve the problem . A negoitated agreement that leaves both parties unhappy is what's needed. And we know from the past decade that one party never wants to let another party pass something positve for the country because they fear the other party may get credit for it. Obama's in power now ,it could just as easily be Bush if this crisis came about during Bush's time the Democrats would do what the republicans did this time.
      They killed a plan that while no perfect is the best we can do until we tweet it more.
      But if it passed under Obama's administration , he'd claim credit for it as Bush would. Neither party is different from the other they both put party interests first and we the public are dumb enough to take sides.

      August 8, 2011 at 5:55 pm | Report abuse |
    • Mark

      Do you truly believe that either party would do what's in the best interest of the country if it wasn't also in the best interest of their party.

      August 8, 2011 at 5:58 pm | Report abuse |
  4. rizzo

    PHUCK HOPE

    August 8, 2011 at 5:36 pm | Report abuse |
  5. 14401

    Our country earned this. Now this administration has to own it. Nothing will happen. The world will go on. Stock up on food, water and guns would probably be a good idea about now. Tomorrow will be worse.

    August 8, 2011 at 5:36 pm | Report abuse |
    • Cindy

      The rest of the world has told us "Americans may be willing to put up with the Teaparty, but we are not."

      THE REST OF THE WORLD HAS SPOKEN!!

      August 8, 2011 at 5:43 pm | Report abuse |
  6. Suze

    From outside the U.S.A.
    The Tea Party basically said they would damage the world economy if they didn't get what they wanted.....hardly responsible governing.....well they got what they wanted (no tax increases) and they still damaged the world's economy (Thank you very much!!) So now the USA will have to pay more in interest payments (to Chinese communist bankers!!) rather than pay taxes to help their family members and neighbours. Hmmmmmm

    August 8, 2011 at 5:36 pm | Report abuse |
  7. Vijai Jain

    S & P should have done the downgrade much earlier, why they waited so long. The market already expected it. The current reaction is reflection on country's leadership (both Democrat and Republicans. Specially Republicans who caved into stupid Tea Party candidates). God bless America. America can recover and it has the power to recover if the two parties compromise for the good of the country without worrying about 2012 re-election and stupid ideologies).

    August 8, 2011 at 5:38 pm | Report abuse |
  8. Allen N Wollscheidt

    S&P was purchased ! ! !

    August 8, 2011 at 5:38 pm | Report abuse |
  9. WM J WELCH

    I SAY IT IS TIME TO SEND MORE INTELLECTUALLY DISINGENUOUS, MORALS-BEREFT, BOTTOM-DWELLING TYPES TO WASHINGTON!

    THEY'VE DONE A HELLUVA JOB THUS FAR.

    August 8, 2011 at 5:38 pm | Report abuse |
  10. Cindy

    Yes, I agree with S & P. One criteria they have to use is – "ability and willingness to pay our debt." We have the ability but Michelle Bachman and others telling everyone to vote down the debt limit extension shows that some people do not have the willingness. So we must be downgraded.

    August 8, 2011 at 5:40 pm | Report abuse |
  11. Wanted: An Experienced Leader

    There is something to be said about inexperience and Obama has plenty of it. Blame who you wish but Obama had NO PLAN whatsoever. He may have "inherited" a large debt but he made it a lot worst since becoming President. The stimulus was supposed to keep unemployment at a level not to exceed 8%. Regarding the shovel-ready jobs, his folks litererally laughed when he admitted its failure – never realized that unemployment was a laughing matter. When we go to work – for those of us who are blessed to be working – we "inherit" projects and assignments everyday that our bosses expect us to fix...whether it's our fault or not. How many times do you think you can get away with telling your boss that you cannot successfully complete tasks you've been assigned because you inherited them and still keep your job? In spite of our country's history of major wars, civil uprisings, inflation, dot.com bubble burst, natural disasters, 9/11 attacks, etc...we where always kept our AAA rating until now!

    August 8, 2011 at 5:44 pm | Report abuse |
    • simone

      So short sighted. Obama is simply trying to clean up the mess caused by far too many moronic BUSH yrs. Who started the Afghanistan debaucle ? Look back and THEN look ahead.

      Proudly Canadian

      August 8, 2011 at 5:56 pm | Report abuse |
  12. bill

    Shooting the messenger does not help. Fix the problems by cutting spending and increase taxes. Planning to reduce deficit by 1.2 trillion in ten years is a joke on us. Double the redaction on a five year plan is more like it.

    August 8, 2011 at 5:45 pm | Report abuse |
  13. Kerry Kimball

    A. They didn't need to do it!
    B. They were in it at the begining and did nothing when the banks were approaching the edge.

    August 8, 2011 at 5:45 pm | Report abuse |
  14. DB402L

    For months I've heard the drum beat telling the "faithful" to pay off their mortgages & credit cards, build up a sizable cash reserve & get ready for what was coming. Now I know what they were getting ready for! I believe they intend to destroy our govt- they keep saying they don't believe in government. Maybe we should be listening better. When they called themselves LIbertarians- no one would vote for them. So they wrapped themselves in the flag- called themselves a good ol' American name like the Tea Party & apparently fooled a lot of people. Personally I LIKE my government. It keeps the roads working, the bridges over the rivers safe, my food safe, the products I buy for my children safe......& on & on. Try to take my government away & it will get ugly!

    August 8, 2011 at 5:46 pm | Report abuse |
  15. mo

    Who do we owe money to? why don't we just erase the debt and call it square.. who gives a crap what other countries think of us.. they will still purchase the crap we peddle and our corporations will find a way to make it through. Wipe the slate clean.. no one is gonna have the cojones to ask the U.S. for its money back..

    August 8, 2011 at 5:46 pm | Report abuse |
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