REMEMBER ME MENTIONING THE FIVE NANNY STATEs TOTTERING ON THE BRINK OF DISASTER?
TODAY PORTUGAL'S FINANCIAL RATING DROPPED TO JUNK STATUS AS IT JOINED IRELAND AND GREECE IN THE JUNK RANKINGS.
I BELIEVE THAT SPAIN AND ITALY WILL FOLLOW SUIT WITHIN 6 MONTHS.
NOW THE REALLY GREAT NEWS. WERE WE ALL AWARE THAT OF THE DEVELOPED NATIONS WITH AAA RATING THE GOOD OL' USA UNDER OBAMA HAS FALLEN TO THE VERY BOTTOM OF THE AAA LISTING? CLINGING BY THE AMERICAN WORKING AND TAXPAYING MIDDLE CLASSES FINGERNAILS TO KEEP FROM DROPPING INTO THE AA+ CATEGORY. THIS OF COURSE IS AS OBAMA AND HIS NANNY ADMINISTRATION PUTS THEIR IRON HEEL DOWN ON OUR RIGHT HAND. GERMANY, FRANCE, AND THE UNITED KINGDOM COULD VERY EASILY FOLLOW THE USA ON THIS LOWERED RATING.
THERE ARE CURRENTLY 10 GOVERNMENTS WHICH HAVE A GREAT POSSIBILITY OF DEFAULTING ON THEIR DEBT. THESE ARE DUBAI, CALIFORNIA (whose debt is as great as that of Greece), LITHUANIA, LEBANON, ARGENTINA, LATVIA, PAKISTAN (where we send billions of USA tax dollars every year), ICELAND, UKRAINE AND VENEZUELA. THE LAST THREE ALL HAVE A 55% OR MORE CHANCE TO DEFAULT.
S &P HAS WARNED THAT SHOULD THE USA NOT INCREASE THE ABILITY TO ACCRUE MORE DEBT THEY WILL DROP US TO A "D" RATING FROM AN "A", MOODY MAY DROP US TO NEAR JUNK LEVEL.
IS IT SAD THAT OUR CREDIT RATING SUFFERS BECAUSE WE ARE ATTEMPTING TO GET OUT OF DEBT?
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