Jobs report is good enough to calm Wall Street

Ya know, it was looking like the USA might have made it through the day without *Boy Blunder* and his ‘Blame Bush’ machine screwing America up too much more. The market didn’t recover much but it did make back a little of what was lost in the CRASH yesterday, and this looked like a good sign too.

Jobs report is good enough to calm Wall Street

WASHINGTON (AP) - Better.

The job market beat expectations, and the stock market managed a modest gain - not great, but good enough after a turbulent week.

The nation added 117,000 jobs in July, the government said Friday - far from what happens in a healthy economy, and only good for a reduction of one notch in the unemployment rate, to 9.1 percent.

But the jobs number beat the forecast of economists, who were expecting no more than 90,000. And it was an overwhelming relief for investors, who just lived through two of the most brutal weeks in Wall Street history.

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Jobs report is good enough to calm Wall Street

So, many lost a lot of money yesterday, I am one of them, but I was actually feeling a little bit better, my money manager was telling me it’s all going to be OK, the finance wizards are just teaching Obama a lesson in Finance 101 and showing him that he’s not the one that runs America.

Some of us, particularly Rob at American and Proud and myself were discussing the sneaking suspicion that we had that there was going to be a late Friday evening surprise from Obama and Company, and it seems like we may have been correct in those suspicions.

S&P downgrades US credit rating from AAA

WASHINGTON (AP) - Credit rating agency Standard & Poor’s on Friday downgraded the United States’ credit rating first time in the history of the ratings.

The credit rating agency said that it is cutting the country’s top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation.

A source familiar with the discussions said that the Obama administration feels the S&P’s analysis contained “deep and fundamental flaws.”

S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.

S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country’s debt.

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S&P downgrades US credit rating from AAA

Only God knows what Monday holds, but I have to say this; in MY opinion, and guessing by the *gut feeling* I have, Monday is going to be a financial bloodbath on Wall St.

Barack Hussein Obama said that if this Debt Ceiling thing didn’t happen the USA would suffer default and our financial markets would collapse.

The Debt Ceiling was passed Tuesday, Aug.2, 2011 and the stock market took an immediate DIVE of suicidal proportions, dropping almost 512 points on Aug. 4th.

Today S&P drops the U.S. credit rating in the crapper, and we have all weekend to sit and stew over this latest national malady brought to us by the Obamessiah and his evil minions.

Somehow, I just can’t shake the feeling that the Dems, Jay Carney and quite likely Obama himself are already recording sound bytes that say something to the affect of, “It’s all George Bush’s fault…”

In its statement, S&P said that it had changed its view “of the difficulties of bridging the gulf between the political parties” over a credible deficit reduction plan.

In other words, S&P knows that BOTH sides have their heads buried deeply in their collective asses and that the 1st word to come out of the Obama administration will be, “It’s George Bush’s fault.”

S&P said it was now “pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics anytime soon.”

And again, S&P has NO CONFIDENCE in either party or the President himself.

Barack Hussein Obama will have all weekend to drive his speech writers as they come up with a harangue explaining all the reasons WHY it’s Bush’s fault, after all, little Timmy Geithner has already come out and told us that it’s all going to be rainbows and unicorn farts!

‘No risk’ the US will lose its top credit rating, says Treasury’s Geithner

Treasury Secretary Tim Geithner said Tuesday there is “no risk” the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to “negative.”

Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor’s that lowered its outlook on U.S. debt to “negative,” reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.

There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

“No risk of that, no risk,” Geithner said on the Fox Business Network. SOURCE

With leadership like this, what could possibly go wrong? 😕

If Barack Hussein Obama were a business executive working in the world of business and finance, and he had led his company to this point in less than 3 years, on Monday morning Obama would be FIRED!

That might need to be the new battle cry of ALL Conservatives, Obama, You’re FIRED!