Business

Wrecking Ball: Moody’s Downgrades 15 Major Banks

Posted on June 21, 2012 at 7:09pm by Becket Adams
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Bank of America’s debt was downgraded to Baa2 from Baa1. That’s just a couple of notches above junk status.
JPMorgan Chase’s debt was downgraded to A2 from Aa3
Citigroup’s to Baa2 from A3
Morgan Stanley’s to Baa1 from A2
Goldman Sachs’s to A3 from A1
HSBC’s to Aa3 from Aa2
Barclay’s to A3 from A1

Moody‘s Investors Service lowered the credit ratings of 15 the world’s largest banks late Thursday, including Bank of America, JPMorgan Chase, Citigroup, and Goldman Sachs, saying their long-term prospects for profitability and growth are shrinking.

“Citi strongly disagrees with Moody’s analysis of the banking industry and firmly believes its downgrade of Citi is arbitrary and completely unwarranted,” the bank said in an angry response to downgrade.

The ratings agency said it was especially concerned about banks with significant financial markets businesses because those markets have become so volatile. Some of the largest European banks were also downgraded, including Barclays, Deutsche Bank, and HSBC.

The downgrades mean Moody’s is more concerned about the ability of the banks to repay their debts. As reported earlier on The Blaze, Moody’s has been flirting with the idea of mass downgrades for awhile now.

So now that it has happened, what does it mean?

A downgrade usually means that it becomes more costly for banks to raise money by selling debt. Investors demand higher interest for riskier debt, which is what the downgrades represent. However, with interest rates already at rock-bottom levels, the downgrades may not affect the cost of funding for the banks that much.

Moody’s made its announcement after regular stock trading had closed. Morgan Stanley rose the most, 3.3 percent, gaining 45 cents to $14.41. JPMorgan Chase rose 41 cents to $35.92 and Bank of America rose 12 cents to $7.94.

“While Moody’s revised ratings are better than its initial guidance of up to three notches, we believe the ratings still do not fully reflect the key strategic actions we have taken in recent years,” Morgan Stanley said in a statement that, as Zero Hedge notes, was released curiously fast.

“With our de-risked balance sheet, stable sources of funding, diverse business mix and strong leadership team, we are well positioned to deliver for clients and shareholders,” the statement adds.

The downgrades come at a time of great uncertainty in the global economy. Europe’s currency union is under threat from bad bank loans. The U.S. economy is slowing and the fast-growing emerging economies of India, Brazil, and China are also cooling. Financial markets have also been volatile.

On Thursday the Dow Jones industrial average plunged 251 points, its second-worst loss of the year, as new reports indicating slower manufacturing in the U.S. and China made investors fearful that the global economy will continue to deteriorate.

Moody’s has been on a downgrading spree lately. In June Moody’s downgraded Spain by three notches, after downgrading 16 Spanish lenders in May. It also cut the ratings on seven German and three Austrian lenders in June.

Here’s the full list [via Business Insider]:

Cut One Notch:

HSBC downgraded to Aa3 from Aa2
Lloyds TSB downgraded to A2 from A1
RBS downgraded to Baa1 from A3
Societe Generale downgraded to A2 from A1

Cut Two Notches:

Bank of America downgraded to Baa2 from Baa1
BNP Paribas downgraded to A2 from Aa3
Barclays downgraded to A3 from A1
Citigroup downgraded to Baa2 from A3
Credit Agricole downgraded to to A2 from Aa3
Goldman Sachs downgraded to A3 from A1
JP Morgan Chase downgraded to A2 from Aa3
Morgan Stanley downgraded to Baa1 from A2
RBC downgraded to Aa3 from Aa1
UBS downgraded to A2 from Aa3

Cut Three Notches:

Credit Suisse downgraded to (P)A2 from (P)Aa2

The Associated Press contributed to this report

Back to The Blaze »

Comments (101)

Magyar
Posted on June 21, 2012 at 9:32pm
Here it comes—

If you haven’t prepared, safeguarded your finances, invested in Pb, stocked your pantry for at least 6 mos.–then there‘s little left but to beg for GOD’S blessing….

For those who have done nothing, they will surely be the first tier of OWEbama’s victims.
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- Megatron
  Posted on June 21, 2012 at 9:45pm
  I have not done any of that stuff. I have not been able to. Should I be really worried?
  Report Post »
- rickc34
  Posted on June 21, 2012 at 10:36pm
  Megatrron- yes you should be worried. You should always be prepared for the worst and pray for the best
  Report Post »
- muffythetuffy
  Posted on June 21, 2012 at 11:30pm
  Are Chinese Banks in trouble?
  Report Post »
- rickc34
  Posted on June 22, 2012 at 1:19am
  Muffy-they will be your new landlord. We have no choice they own our debt. America has fallen because we have turned our back on God and Israel. Hell is full of those that did their way and thought that Gods word was a fairy tale. The writing is on the wall. Look at greece or italy how about spain or better yet england once they were great and powerful nations now debtor nations they are beggars. Most of our farmland is no longer farmed because of regulations .heck Israel is the second largest producer of fruits and vegetables in the world and soon to be number 1 if we do not change course. They do not need us as much as we need them.
  Report Post »
- docgreen
  Posted on June 22, 2012 at 1:48am
  muffthetuffy
  Just to let you know when America falls, “the dollar” all others will also fall including China! Most people don‘t realize this and think that it couldn’t happen. The problem with this is all the Monetary systems are tied into the American dollar. So what does the bible say about it? In one hour everything comes to nothing! The monetary system will collapse in one hour. At this point the Antichrist will step forward and have some kind of plan for the world. The only problem in order to buy and or sell, your going to have to take a mark. People scoff at this stuff, yet its happening right before our eyes! I feel sorry for the people whom haven’t put their faith in the Lord. I’m not sure if anyone has seen this, but you need to be aware of this. A truck load of explosives was found close to a nuclear plant in Europe. People sooner or later someones going to get lucky by chance! The Bible tells us Earth is not going to be a fun place to be, if your left behind. Put your faith in Jesus and ask him to come into your life if you haven’t already. He’ll do everything from there!……
  Report Post »
- docgreen
  Posted on June 22, 2012 at 1:52am
  http://www.wnd.com/2012/06/truck-of-explosives-found-near-nuclear-plant/?cat_orig=world
  Report Post »
- sillyfreshness
  Posted on June 22, 2012 at 2:41am
  Megatron, you will find out soon enough if you should be worried. When martial law is declared and anyone who isn’t signed up to join the communist party (Democratic Party) will be declared a racist and either be put in gulags, propaganda “reeducation” camps, or outright executed. When you have to go down to football stadium to get your food like they did in Katrina, you will know if you should be worried. Of course even if you do or do prepare, you should be worried since the government will flag you as a “prepper” and will round you up. So either way we’re screwed. The government wants everyone on the grid so they can monitor everyone and make sure you are starving and dependent on them when SHTF. They don’t want any independent self reliant citizens running around out there. You need to be a good sheep. A normal government would actually want their citizens to be self reliant and not a burden to anyone during a crisis……unless you’re setting up a communistic police state.
  Report Post »
- PoliticallyRightUs.Com
  Posted on June 22, 2012 at 2:52am
  Listen we are Americans… We will take our country back and the rest of the world will come running to invest in our great nation once OB and his criminals have fled the country. We will go after them even after they have left office!
  No it is not too late!!!
  Stand by your morals, values and principles!!
  Report Post »
- chalkdust
  Posted on June 22, 2012 at 5:24am
  “Here it comes”? No, we are still seeing the middle of this slow motion train wreck. Take a step back and look at the pace of events. It is very clear that all the central banks are going to try to paper over this latest downgrade. The Fed’s move this week was to attempt to keep long term interest rates low. This came ahead of the downgrades for what is now obvious reasons.
  
  Although, it’s possible that the the train wreck could go from slow motion to light speed, I think, given the central banks actions over the last few years, this will play out over a longer period of time than it seems.
  
  This is not to say that everything is groovy. Just be careful about hitting the panic button and speeding things up. Be as prepared as possible and DON’T PANIC.
  Report Post »
- Magyar
  Posted on June 22, 2012 at 5:29am
  @megatron
  
  In a word: YES!
  Report Post »
- mcmeador
  Posted on June 22, 2012 at 8:03am
  Invested in Pb? Lead?
  Report Post »
- turkey13
  Posted on June 22, 2012 at 9:06am
  These people could have waited until after November to do this. They should have waited until after Christmas. As it stands now Obama will have to bail them out or they will go under and all those managers won’t get their year end bonus to buy their children Xmas gifts.
  Report Post »
- SREGN
  Posted on June 22, 2012 at 9:41am
  Mattress stocks are up today…..
  Report Post »
- Bub47
  Posted on June 22, 2012 at 11:05am
  Pb is Lead. Maybe you mean Au or Ag??
  Report Post »
- girlnurse
  Posted on June 22, 2012 at 2:23pm
  Pb. Peanut butter….and lots of it! Also go ahead and gain lots of weight right now while you can…that way you will have a few pounds to spare:)
  Report Post »
- Poppo
  Posted on June 22, 2012 at 4:30pm
  I might also suggest you look into investing in ‘junk silver’. That would be dimes, quarters, and halves minted before 1965. They contain 90% Silver, and will be invaluable when we hit hyperinflation. Currently a dime is worth a little less than $2.00, lowest they have been in some time. Best places to purchase, IMO, are Provident, Ganisville, or APMEX.
  Report Post »
dadsrootbeer
Posted on June 21, 2012 at 9:30pm
Remember, none of this is the socialist dictators fault.
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- Dcjones
  Posted on June 22, 2012 at 9:08am
  The problem is structural in nature the banking system we have now is going to fail and is a mathmatical certainty:
  
  In a debt-based, fiat, fractional reserve banking model only the principal is ever printed. The interest is never printed. Therefore, in order that the interest can be paid back(using someone else’s principal) ever more principal must be printed into existence. It can only be printed into existence through the emission of more debt. This process works on the compound interest principle and follows an exponential path. An exponential emission of debt cannot happen exponentially, indefinitely. That is a fact. This is the route casue of the financial “crisis”. All that the the greed and fraud did to that model was to accelerate its already pre-defined mathematical outcome.
  
  Yes, very soon we will have bank runs, and the goverment will either enact the following or the system will collapse:
  
  Restrictions on bank withdrawals
  Restrictions on money market redemptions
  Restrictions on retirement fund liquidations
  Fixing an official exchange rate and criminalizing market rate transactions
  Banning the conversion of domestic currency to foreign currency or Gold & silver
  Banning the movement of assets out of the country
  Forcing sovereign debt owners to accept longer maturities rather than principal repayment
  Banning gold ownership
  Reissuing the currency in a new form (an acute risk in Europe obviously)
  
  This is already happening in Europe – we ar
  Report Post »
- Dcjones
  Posted on June 22, 2012 at 9:10am
  A read to understand what is going to happen here in the next year or so after the collapse of euro banks and our banks:
  
  http://theautomaticearth.org/Finance/capital-flight-capital-controls-capital-panic.html
  Report Post »
- Poppo
  Posted on June 22, 2012 at 4:50pm
  A comment on DCJones reply to your post. He is so right! Bear in mind, though that 90% Silver Conis (Junk Silver), dimes, quarters, and halves minted before 1965 are US currency. They would have a hard time banning their circulation, and the Silver (Melt Value) will appreciate rapidly when we experience runaway inflation. Bury them in your backyard somewhere, so they can’t confiscate the contents of your Safe Deposit Box.
  Report Post »
SHOWMESTATEGUY
Posted on June 21, 2012 at 9:28pm
BO in 2008 ——hope and change, hope and change. BO in 2012 , hope—————-and if you got any change left please send it to me.

BO says, “I was wrong, I thouht I could destroy America in four years, (I did give it a good shot didn’t I), however let me make this perfectly clear!!!! I will need another four years to finish the job.
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- girlnurse
  Posted on June 22, 2012 at 2:30pm
  He really IS thinking that! You can see right thru this guy! The sheeple are being lead to slaughter….trust God NOT man!
  Report Post »
davetrav
Posted on June 21, 2012 at 9:16pm
Make sure Obama finds out these stats so he can BLAME BUSH AGAIN.
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theycallmeox
Posted on June 21, 2012 at 9:15pm
Um — Oh crap! So anybody want to guess what the stock market does tomorrow?
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WAKEUPUSA2012
Posted on June 21, 2012 at 9:01pm
Alex Jones and Ron Paul (who won Iowa) have been telling us the collapse is coming for years. Just wish we didnt have people like Beck in our way feeding us disinfo on things like Bliderberg and 911. Its all good. If you are prepared.
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- lukerw
  Posted on June 21, 2012 at 9:11pm
  If you do not belong to the Bilderberg Group… then you do not know their role… or how they expect to gain Power & Wealth from the event in the EU. A real GOD knows Everything… and is Worthy of Worship!
  Report Post »
- soybomb315
  Posted on June 21, 2012 at 9:23pm
  Yes, God knows everything
  
  And he is sending us messages every day through various outlets. Read Daniel 5. THE HANDWRITTING IS ON THE WALL.
  
  Just like it was for Belshazzar, God has indeed judged this country and is giving us warning signs. We must heed his call
  Report Post »
- The-Monk
  Posted on June 21, 2012 at 10:33pm
  @WAKEUPUSA2012
  “Alex Jones and Ron Paul (who won Iowa)….”
  
  It takes more Iowa to win an election and BTW… Ron Paul came in third in Iowa.
  http://en.wikipedia.org/wiki/Iowa_Republican_caucuses,_2012
  
  You Paulitians are as faaaaar out as Deep Space 9 and Star Trek and about as friendly as Faringes.
  Report Post »
- Individualism
  Posted on June 21, 2012 at 11:03pm
  http://itmakessenseblog.com/2012/06/18/global-elites-thrown-out-of-iceland-iceland-dismantles-corrupt-govt-then-arrests-all-rothschild-bankers/
  
  Lets do what Iceland did.
  Report Post »
- AshogNorth
  Posted on June 22, 2012 at 12:11am
  @THE-MONK
  
  I hate to burst your bubble, but you don’t know a thing about the GOP Primary. Popular votes doesn’t mean jack squat, because what you have to say is not important to politicians. I am not a “Paulitian” as you call it, but if they are faaar out there then I guess you have your head faaar up your rear.
  
  If you want to quote wiki, at least use the correct page which shows who won which state by DELEGATE COUNT:
  http://en.wikipedia.org/wiki/Republican_Party_presidential_primaries,_2012
  Report Post »
- The-Monk
  Posted on June 22, 2012 at 1:50am
  @AshogNorth
  
  Either way, Ron Paul will not be the POTUS in 2013 and he will just go back to adding earmarks to Bills that he votes “did not vote” for but pass anyways. : (
  Report Post »
- WAKEUPUSA2012
  Posted on June 22, 2012 at 12:20pm
  Monk,
  
  Go back to feeding your power trip and kick people off you troll. Ron Paul got 23 out of 25 delegats in IOWA. Paul won IOWA. The blaze ran story after story bashing Paul. Now that he is out of the race, they are nice.
  Report Post »
JUSTANOTHEROPINION
Posted on June 21, 2012 at 8:54pm
Batten down the hatches, here we go folks. And it starts.Be afraid, yes be very afraid.
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suzy000
Posted on June 21, 2012 at 8:27pm
Glenn has been warning us for over two years that this day was coming…we are on the brink so those who failed to heed will be up the creek. Thank you SO VERY MUCH, Glenn…we are prepared!
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h20sue
Posted on June 21, 2012 at 8:00pm
I can only hope BOA and JPMorgan Chase get “theirs”. They have screwed me too many times and it’s time they take their medicine. I better not hear of Obama giving them more bailouts. Shame on all of the banks listed, as they won’t suffer near enough. They have caused havoc with the American people and it’s time we give it back to them. I’m sure Obama will intervene. He’s known to put his A#1 mouth in everything.
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- hatchetjob
  Posted on June 21, 2012 at 8:58pm
  Goldman Sucks is the one that screwed me and mine, they can rot in Hades.
  Report Post »
- lukerw
  Posted on June 21, 2012 at 9:00pm
  If the Banks go… the Financial System will collapse… you will be eating Dirt!
  Report Post »
lukerw
Posted on June 21, 2012 at 7:52pm
The Down Grade of Big Banks is really about DERIVATIVES… which are often alike Insurance Policies that propose to cover any ShortFall between an Expected Profit and the Actual, Realized, Profit… which are considered to be alike a Hedge Fund and make the issuer Big Bucks if they Bet Right… or cost a Bundle, ask Jamie, if the Producer does not meet Target. So, only an inside analysis would reveal how much Risk & Liability exists, especially if the EU begins to Fail.
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- progressiveslayer
  Posted on June 21, 2012 at 7:58pm
  When the EU fails because their day of reckoning is coming.
  Report Post »
- docgreen
  Posted on June 22, 2012 at 2:13am
  Lukerw
  Your right, the only problem with this, people don’t understand that the Federal Reserve whom is funded by the tax payers is supposed to guarantee money we deposit into the Banks. The problem with this, they have been giving money to Europes Banks, the IMF and a few others. So their all tied into the dollar. There is No way in H_ll the Federal Reserve can cover everyones money and it was a bad Idea right from the start! We and all the other people of the World will wake up one day and ask ourselves how the heck could we be so stupid! People for to long we have put our faith in money and not in the Lord. Its Coming just like the Good Book says! For all of us who Believe in the Rapture its getting really close. I have a feeling obama is going to lead us into the New World Order, just like Henry Kissinger stated. People can say its not true but look it up. Obama’s the one that will tell everyone he has the answers to everything. And the World will believe him! That is everyone except the Christians who have read the Bible and put their faith in the Lord!
  Report Post »
- lukerw
  Posted on June 22, 2012 at 9:12am
  @DOC…
  I interpret the Greek that you cite to mean “rapture” as “Repair”… and think we will be killing each other before a Miracle Occurs.
  
  On the other hand… I agree with you upon the International Economics… but nothing solves the problem of Outstanding Derivatives issued by Banks & Insurances… which will kill the Fiancial System if Honored… and which will kill the Monetary System if “Too Big To Fail”!
  Report Post »
Bernice Durdan-Rowland
Posted on June 21, 2012 at 7:49pm
These are “sweet” words to Obama’s ears and Georgie S. is smiling like a “chessy cat” !!!!!!!!!!!!!!!! Their design is coming more and more into focus……….. it won’t last boys – - – - – - -
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- progressiveslayer
  Posted on June 21, 2012 at 8:05pm
  Indeed it is ‘the fundamental transformation of America’. as promised by our bisexual Marxist POS president,the deliberate destruction of our economy is the campaign promise the bastard kept.
  
  Hmmmmm after the collapse what to change it into let’s see,oh okay a communist state where there’s no private sector at all,government controls everything and everyone will be equally poor,except for the ruling class they’ll all be rich,two classes uber rich and us serfs.
  Report Post »
- lukerw
  Posted on June 21, 2012 at 9:05pm
  A Radical Ideology… cannot hold Empathy nor Concern… of Collateral Damage: Just let the Chips fall wherever they may! This just about what Soros said!
  Report Post »
AngelAuthor
Posted on June 21, 2012 at 7:48pm
2012 is halfway over, but (having NOTHING to do with the Mayans), it’s still going to be an awesome year-end!
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abbygirl1994
Posted on June 21, 2012 at 7:47pm
How come we o’t see Fannie or Freddie there??
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- hatchetjob
  Posted on June 21, 2012 at 9:00pm
  Maybe because they are the big cheese.
  Report Post »
progressiveslayer
Posted on June 21, 2012 at 7:45pm
There‘s 238 trillion reasons why we’ll have another depression very soon because this government is addicted to debt,kind of like how Barry is addicted to power.A megalomaniac bi sexual Marxist POS president addicted to spending and power,not a good combo.

Too much debt people and a candyass congress that will not slash spending,even when Mitt takes over in Jan does anyone believe he’ll slash spending?

I’m not talking about a few trillion I mean whole departments need to be abolished because this much debt requires such action.
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- 65Plus
  Posted on June 23, 2012 at 2:04pm
  Amen. Our House would not even defund Obamacare – the King/Bachmann proposal was deep-6ed by Boehner. They all LIKE Obamacare. Evidently there is a FORTUNE to be made in the Federal takeover of medicine. I also have repeatedly asked my Congressman what he will do if: 1. Obamacare is ruled UnConstitutional; and 2. Obama ignores the Decision [like he has ignored the Judge's order in the Gulf drilling]. Will the Congressman STILL fund Obamacare? If “no,” why not defund it now? No answer. Perhaps that is the most telling answer.
  Report Post »
JohnQTaxpayer
Posted on June 21, 2012 at 7:45pm
This must be Bush’s fault
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- MIKEYB
  Posted on June 21, 2012 at 7:56pm
  No George Washington’s fault.
  Report Post »
- soybomb315
  Posted on June 21, 2012 at 9:54pm
  Republicans and Democrats will continue blaming each other till the cows come home. We must look past their smokescreen and understand the true problem is government.
  Report Post »
barber2
Posted on June 21, 2012 at 7:44pm
Thanks, Democrats. Welcome to Third World America. ( See what happens when you let ACORN force banks to give loans “ to the poor minorities” who do not have credit histories or jobs ? Gosh, that old nasty capitalism which kept everything running securely and functionally before the ACORN Lefty invasion, was so cold hearted and so ” mean.” ) Time out, Democrats. That is also known as the November 2012 election ! Clean out the fiction of the Obama White House and Washington . Bring back the adults and the traditional non-fiction world of rules, standards, savings in your bank accounts, and good credit histories. Enough of this foolishness.
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- Individualism
  Posted on June 21, 2012 at 8:45pm
  typical ****** that believes in the two party system, right republicans will save our country, you stupid redneck try doing research instead of watching faux news wrinkled inbred fices. only reason you don’t like obama is because you and your kkk buddies hate his blackness because romney is the samething. enjoy being on the street when your entitlements are gone.
  Report Post »
- Fubared
  Posted on June 21, 2012 at 10:16pm
  Whoa there Indypants. Gave up on the converting peeps thingy, huh?
  Report Post »
bankerpapaw
Posted on June 21, 2012 at 7:35pm
And so the snowball is starting to roll downhill. You ain‘t seen nuttin’ yet.
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- starman70
  Posted on June 21, 2012 at 7:43pm
  How many of these banks got “Bailout” money from the government?
  Report Post »
- Outlaw_Josey_Wales
  Posted on June 21, 2012 at 8:10pm
  Keep your powder dry
  Report Post »
- hatchetjob
  Posted on June 21, 2012 at 9:03pm
  BANKER, Only it’s not a snowball, it’s a ball of feces.
  Report Post »
bankerpapaw
Posted on June 21, 2012 at 7:35pm
And so the snowball is starting to roll downhill. You ain‘t seen nuttin’ yet.
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RightPolitically
Posted on June 21, 2012 at 7:34pm
The end is near….. AGAIN!
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Individualism
Posted on June 21, 2012 at 7:31pm
Sound money is our only choice and it will be realized when these banks destroy themselves along with the goverment.
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- barber2
  Posted on June 21, 2012 at 7:48pm
  Oh, INDI. You are so into a ” revolution.” Too bad you aren’t equally into intelligent thought, understanding of functional economics and functional human behavior. Please slap your “mentors.” They have sold you a bill of dysfunctional baloney. Bet you are young , trusting and sadly, misguided…
  Report Post »
- Individualism
  Posted on June 21, 2012 at 8:41pm
  coming from a ****** that trims hair off people o wow so smart.
  Report Post »
- Conservative2
  Posted on June 22, 2012 at 12:53am
  Wow all that coming from a person that doesn‘t know what side he’s for, Individualism? On Obama’s side there is no such thing, it’s the Collective, there is no individualism on the Left. At least read up on what your radical left stands for.
  Report Post »
progressiveslayer
Posted on June 21, 2012 at 7:29pm
Nothing to see here folks it‘s just the policies of the fed and our Marxist president’s prelude to the real change you can believe in.When China decides to stop buying our debt we’re finished and no amount of BS any politician lays down will change that fact.

We’ve been a debtor nation for many years and the time to pay the piper is upon us and in conjunction with the above I believe the dollar will lose reserve currency status resulting in hyperinflation.
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- soybomb315
  Posted on June 21, 2012 at 7:45pm
  America is still the best looking cow in the slaughter house. Once everyone realizes what is going on, it wont matter which cow you are – we are all screwed
  Report Post »
- 65Plus
  Posted on June 23, 2012 at 2:07pm
  China HAS stopped buying our Debt; they have actually been dumping it. Who’s our “savior”? Why the Fed! 61% of the new debt is being bought by the Fed. So – where does the Fed “get it’s money”???
  Report Post »
marcus_arealius
Posted on June 21, 2012 at 7:23pm
I can’t wait for the day Well F..ing Fartgo goes belly up. ES&D you rat bank.
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Personalforrest
Posted on June 21, 2012 at 7:19pm
This is where the real thermonitor of the state of our ecomonomy is revealed.
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Sirfoldallot
Posted on June 21, 2012 at 7:16pm
Glenn Beck & crew r eatting pop corn on the edge of there seat knowing whats next , but when is the ? ….. lol, hold on ppl , u have been told
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- hatchetjob
  Posted on June 21, 2012 at 9:01pm
  You’re right, and normally bad news comes out on a Friday, but this is Thursday, h-m-m-m-m.
  Report Post »
CatB
Posted on June 21, 2012 at 7:14pm
“However, with interest rates already at rock-bottom levels, the downgrades may not affect the cost of funding for the banks that much.”

Well isn’t that “special” … anyone else gets a lower credit rating and they charge them MORE!
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- soybomb315
  Posted on June 21, 2012 at 7:24pm
  yea, the federal reserve sets the interest rates and Uncle Sam will backstop all of their debt. And to top it off, if they go bankrupt – the taxpayer will cover everyone’s loses. Gotta love our corrupt financial system.
  
  There was only one guy who spoke against…….ah whats the use
  Report Post »

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