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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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Everyone will feel the downgrade in some form or another!
Remember:
In london police shoot man, londoners riot.
In America, police beat to death disabled man, citizens videotape encounter.
We'll be ok, right? Won't we?
"Anyone who listens to S & P after the crimes they committed during the financial meltdown is an idiot" – CNN commenter Jon King
I love this guy. Whether this perceived spade is a spade; Jon King at least possess the Mt Oysters to call what appears to be a spade... a spade.
What about Egan-Jones. they downgraded the US. Should we listen to them?
It's too bad the president is still clueless.
Scary, isn't it?
We can always pray, right?
S&P HAS DECIDED TO GRADE OTHER COUNTRIES AS STANDARD & USA AS POOR
America can always look to the lord for the answers they seek.....
This will help us, right?
Dear Herpderp13 – So it's the unions, the poor, the elderly that are causing all the problems with their demands??? Of course it couldn't be the fact that the upper echeleon of business are make 6000+ times their workers salaries! The corporations are offshoring jobs and loading the stores with cheap crap from foreign countries where the are little to no regulation. The common person is being saddled with all the cuts while the rich are raking in more and more money – corporations are gouging – and the Republicans only know how to give handouts to corporations. You apparently have no end of charity for big business and millionaires, but can't see helping people who need help. What a guy! Cheap bast–d!
What is one thing that no politician is willing to do? Cut spending to the black hole that is the social programs of this nation.There is your largest interest group.
Unions and .gov mandates have made it cheaper for companies to manufacture good 6000 miles away and pay tarriff's while shipping their good in a big ol' boat that gets .00000000006 MPG. DERP!
Look at not union companies like toyota and subaru.....they are CREATING manufacturing jobs in this country. Now look at union jobs like ford, GM, and Chrysler.....going offshore. DERP!
Emotions have no place in finances. When emotions are uses, unreasonable andpoor descisions are made, like what we are going through now.
so, then the question is: "WHY are the corporations off-shoring their jobs???"
Read my previous comment and you will have the answer.
We need more tea over here please!
How could anyone who has any intelligence blame the tea party for the downgrade. They are the ones who have been fighting to stop the wild run away spending. We were downgraded because we are not solving our debt problems, stop blaming the group who wants to solve our debt problems.
BALONEY the republican teaparty terrorists are responsible for this mess.
@Tim Americans do not solutions, they just want to left alone. We don't want security, we just want the illusion of security.
The problem with your logic is Americans don't want results. They do not care about finding the rootl problem. They just don't want to be bothered with all this economics stuff. They just someone to give them a job with a big paycheck, no wait at the drive-thru window, coffee that is hot but not too hot, and reality TV on every channel when they get home.
It is not the debt but lack of revenue. JOBSs, JOBs JOBS is what is needed. Not the fake debt cutting... lack of JOBS creation by this idiot republicans in congress.The lowest taxes in 50 years with twice the population 2 unfunded wars for the last 12 years large Tax Cuts to the Useless wealthy, unproductive people is the total result plus the Republican Nuts in Congress are to blame for causing this mess.
Havildar, why would someone get a job when they make more money living off the government teat?
Why would a business hire when taxes and .gov mandates have made it cheaper to produce overseas?
Why would a business hire when the .gov has created an uncertain future with Obamacare and talks of a cap and trade bill?
DERP!
You want jobs? get the government out of private business. Taking money away from those that create jobs does not create jobs, no matter how badly you want it to be true.
HAVILDAR - you dissemble...if you would take the time to do a little research and forgo the talking points repeated over and over from media outlets nationwide, you would come to discover that the TEA PARTY has become as popular as it is because tea party members are americans who have been crying out to the federal government, "STOP SPENDING MORE THAN YOU HAVE!!!" the problem facing the US is a spending problem...
Gov debt just downgraded and people & retirement fund managers bail out of stocks to hide in the safety of treasuries. Don't get burned in the upcoming treasury bubble!
Too Bad the Nuts in this Clueless, No idea, Republican congress are still asleep.
Baaaaaaa baaaaaaaaaaaaa, good sheep.
deficit spending isn't exclusively a republican issue...or haven't you noticed that from 2007-2010, congress tacked-on an extra $6+ trillion onto the DEBT???
Are Americans apathetic uninvolved lazy?
Will Rome burn as we videotape it?
Should congressional republicans be arrested for treason?
Will America sit back, comfortable while Washington fiddles with the future of our country?
Oh look, another partisan idiot!
We have a president who is clueless!
we've all lost already. My parents and many of their peers have their retirement funds in the stock market, our politicians are killing their savings.
a politically manufactured crisis, the debt ceiling and the reduction plan never had to be linked, now destroys the worlds economies, and we're worried about the S&P? damage is done, forget the blame game, it's pointed at our government anyway. the world will be very upset at us. this is not a game