US will eventually lose AAA credit rating, top investor says
OPS_admin | May 22, 2009 | Comments 0
US will eventually lose AAA credit rating, top investor says
The co-chief investment officer of the world’s largest bond fund said the US will eventually lose its top AAA credit rating the same day that Standard and Poor’s rating service downgraded Britain’s national debt from stable to negative.
The US will likely be downgraded in “at least three to four years, if that, but the market will recognize the problems before the rating services – just like it did today,” said Bill Gross of Pacific Investment Management Co.
Thursday’s market declines, Gross said, reflect the fact that investors fear the United States is “going the way of the UK – losing AAA rating which affects all financial assets and the dollar.”
Britain’s debt is approaching 100 percent of its gross domestic product. Standard and Poor’s says it “faces a one in three chance of a ratings cut.”
via Raw Story » US will eventually lose AAA credit rating, top investor says.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
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