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Note: S & P and other major credit agencies partnered with Wall Street speculation and grand theft because they're paid by the companies they rate. In fact, Washington, too-big-to-fail banks, other FIRE industry (finance, insurance and real estate) giants, and major rating agencies were complicit in fueling the bubble economy and crash by design, not chance.
They're in league again now, targeting entitlements for privatization, so Wall Street can rip off recipients for big profits, leaving millions unable to comply with their rules high and dry, and those who do will be defrauded.
April 18 was step one. Follow-up came on August 5, saying:
"We have lowered our long-term sovereign credit rating on the United States of America to AA+ from AAA and affirmed the A-1+ short-term rating....The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
"The outlook on the long-term rating is negative. We could lower the long-term rating to AA within two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case."
In other words, Wall Street wants deeper cuts, using S & P as its mouthpiece to demand them. Washington, in fact, needs this pressure to enact what's already planned - successive entitlement and other social benefit cuts until government no longer provides them. That's what this is all about.
The entire S & P statement can be accessed through the following link:
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