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. Jim

    Apparently, staff at the White House finally pulled the man-child away from watching cartoons long enough to educate him on the seriousness of the current market situation. Now the news is that his remarks are being delayed for another 30-minutes!! Perhaps he's having trouble comprehending the situation? My goodness! What kind of ignorance did the left in this country put into office?!?! Nero fiddles while Rome burns. History really does repeat itself.

    August 8, 2011 at 1:11 pm | Report abuse |
    • KKDenver

      Extremely smart people always seem like idiots to fools like you

      August 8, 2011 at 1:18 pm | Report abuse |
  2. Matt

    The US is mired in debt and over extended with it's credit. Taking into account what a bank does to us as consumers when we are over extended with loans and credit card debt, this should not be a shock to anyone, INCLUDING WALL STREET!! With that said, it is the morons in Congress and the WH who are to blame for this mess. Obama is a witless, arogant bafoon who has no inkling about what is happening ot the US. we are falling as a country the same way the Roman Republic fell. Corruption, overspending the people's money and no accountability.

    August 8, 2011 at 1:12 pm | Report abuse |
  3. john

    Who is more dysfunctional ?

    The American public or congress?

    Who's standard of living is threatened? The public or congress?

    Do Americans speak as one nation or as individuals ?

    Are Americans comfortable?

    August 8, 2011 at 1:12 pm | Report abuse |
  4. banasy

    HFM17:

    Beautiful.

    August 8, 2011 at 1:12 pm | Report abuse |
  5. Zeke

    STOP SPENDING, STOP SPENDING, STOP SPENDING, STOP SPENDING.
    CUT THE BUDGET, CUT THE BUDGET, CUT THE BUDGET, CUT THE BUDGET.
    DRILL BABY DRILL, DRILL BABY DRILL, DRILL BABY DRILL, DRILL BABY DRILL.
    MORE NUKE PLANTS, MORE NUKE PLANTS, MORE NUKE PLANTS, MORE NUKE PLANTS.
    STOP FORIGN AID, STOP FOREIGN AID, STOP FOREIGN AID.
    DEFUND ACORN, DEFUND ACORN, DEFUND ACORN.
    CUT WELFARE, CUT WELFARE, CUT WELFARE.
    STOP ILLEGAL IMMIGRATION, STOP ILLEGAL IMMIGRATION, STOP ILLEGAL IMMIGRATION.

    August 8, 2011 at 1:13 pm | Report abuse |
    • Recession

      You can't just stop spending in a record recession, that is what happened in the depression and it caused it to continue. If companies aren't spending money, then the government has to. Eliminating the tax break to the wealthy and closing loopholes for multi-billion companies is a start to bring in revenues, but our government has to spend cash to get us out of this slump.

      August 8, 2011 at 1:18 pm | Report abuse |
    • HOWARD

      ZEKE ... you are exactly correct. Reality is sending the wake up call, screaming that you can't spend your way out of debt ... even if your false messiah says you can. STOP SPENDING !!! SAVE AMERICA ... IMPEACH OBAMA NOW !!!

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

    john,
    Have you a homework assignment you need answers to?
    If not, please stop.

    August 8, 2011 at 1:13 pm | Report abuse |
  7. Amy

    Well, If I owed more than what I took in and couldn't pay, my credit would take a hit too. If this is the case why can't everyone raise their personal debt ceiling when it gets to that point, You can see how stupid this sounds, You should only pay out what you can afford and what you take in.

    August 8, 2011 at 1:14 pm | Report abuse |
  8. Jaime

    I am so disappointed with Congress and the President. I am mostly dissappointed with the Republicans and the tea party. As a person who works the frontlines to get people registered as independents instead of Republican or Democrate. I am hearing so much disapproval with what has transpired but the blame is falling mostly on the GOP. As an organizer who moved independant hispanics to elect George W. Bush and President Obama the GOP has a year to redeem themselves.

    August 8, 2011 at 1:14 pm | Report abuse |
    • Rick

      Read above Jaime, you seem to be in the minority; leftist hemishpere. Most people in the US fully comprehend the idea that spending more than you take in over long periods of time will eventually catch up with you. Could you do it for decades on end without consequences? Go ahead, keep the head six feet in the sand and blast away at the "evil-doers" in the tea party who say we should balance the budget like 49 out of 50 states are REQUIRED to do. Yeah, it's their fault our all our representatives these past 30-40 years have over spent, handing out things we could not afford in an effort to buy our votes. Wake up, pull the head OUT or continue to scream at the right and breathe sand.

      August 8, 2011 at 1:29 pm | Report abuse |
    • Amy

      Jaime, I don't know who to blame anymore, I think it is all of them, We need NEW policies in Washington and not the same old. It is not just one party, it is greedy people who want to make their fortunes off the backs of the working people and no one understands that they are supposed to be working FOR the people and DOING what the people want. They are doing what benefits them and what they want and to heck with what is best for the country as a whole.

      August 8, 2011 at 2:29 pm | Report abuse |
  9. Time for an investigation

    S&P is one of the many organizations involved in the creation and fleecing of money through derivatives and credit default swaps. These are the same corporations which drove the world economy into the ground. I think our government should look at the anti-trust laws for these too big to fail companies. The political parties ned to revamp their selection of candidates so we don't get stuck with such far out fringe candidates.

    August 8, 2011 at 1:15 pm | Report abuse |
  10. Mary

    PURE POLITICS!!!

    August 8, 2011 at 1:15 pm | Report abuse |
  11. George

    Is it true that the furniture in the White House was acquired at the local rent-to-own store?

    August 8, 2011 at 1:16 pm | Report abuse |
  12. David Funk

    Perhaps we had this comming. Lets hope we've learned our lesson. Lesson one it's not about debt it's about revinue. If washington had been creating jobs instead of defunding planned parenthood and fighting goverment funded abortion we would not be in the mess we are in. The Bush tax cuts have more to due with the current budget deficit than any thing eles not to mention fighting two wars at once. You can't play if you can't pay

    August 8, 2011 at 1:17 pm | Report abuse |
  13. vinny

    We deserved to be downgraded. We spend too much money trying to help people who dont contribute a dime and also on never ending wars. We have a clueless President and a bunch of children in Congress. you reap what you sow

    August 8, 2011 at 1:17 pm | Report abuse |
    • Amy

      We have to count our pennies and make sure that we have enough money to pay all our bills, I can't for the life of me understand why Washington thinks they don't have to count the cost?? Why?? Please people that are elected in Congress have some sense and do what is right. No matter if you are a Republican or Democrat make the decisions that benefit America as a whole.

      August 8, 2011 at 2:53 pm | Report abuse |
  14. Carl

    May S&P go bankrupt.

    August 8, 2011 at 1:17 pm | Report abuse |
  15. Rick McDaniel

    A wake up call to Obama........you cannot spend more than you are taking in.......and the Democrats, aka "the welfare party", has a totally misguided philosophy of spend, spend, spend, on social issues, which accomplishes very little.

    That spending occurs, with zero responsibility on the recipients, to contribute anything to society. They simply take the money, and use it for vices, and other irresponsible behavior. They do no public work, they do no volunteer work, they do nothing but rob the country.

    It is time for this administration to own up to their bad policies, bad programs, and squanderous spending, and it is time to take a different direction, that helps this country, as a whole, instead of just a small part of it.

    August 8, 2011 at 1:19 pm | Report abuse |
    • Brad5013

      It is time for right wing traitors like you to get a brain. If President Obama cured cancer, the Republicans would vote no. If another 9/11 was imminent, the Tea Party would deny the funds to prevent it. As the Tin Man said, "If you only had a brain..."

      August 8, 2011 at 1:26 pm | Report abuse |
    • a6102658

      2 unpaid wars + unpaid Medicare part B + Tax cuts for the Rich + Big Oil subsidies = Bush
      Economy collapsed in the last weeks of his term, Could you tell me how this is doing?
      You are repeating talking point from Fox News, you do not have an independent mind and don't allow yourself to make your conclusions, they need to be fed to you via Fox News in soundbites, bumper stickers and one-liners.

      August 8, 2011 at 1:27 pm | Report abuse |
    • a6102658

      Definitely another weak minded sheep.

      August 8, 2011 at 1:28 pm | Report abuse |
    • Lou Jones

      You are so absolutely right – I am so sick of these thieves, and yes, that is what they are. There is no unemployment issue in this country. THEY WILL NOT WORK! I and many companies like mine are desperate for drug-free, felony-free, willing to work types..try and find them.

      August 8, 2011 at 1:34 pm | Report abuse |
    • JP0

      I'd love to hear what you have to say when you reach the ranks of the poor. Unless you are already among the super rich that's where you are going to end up. Too bad you can't see it coming.

      August 8, 2011 at 2:21 pm | Report abuse |
    • Amy

      Brad5013, please tell us what you would do, I would really like to know.

      August 8, 2011 at 2:55 pm | Report abuse |
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