AAA-rmageddon: S&P downgrade knocks off US credit crown (Videos)
2011-08-07 0:00

From: YouTube.com


"The United Statesí prized top AAA credit rating has been cut for the first time ever. Standard & Poorís has dropped Americaís ranking to AA+. The destructive force is the crippling debt which Congress has struggled to agree on how to tackle, with only an 11th-hour deal to raise the amount allowed. S&P says thatís not enough - and falls far short of whatís needed to stabilize the governmentís runaway borrowing. But the Obama administration says the analysis is way off, and will damage any recovery."


Video from: YouTube.com

"In the past week alone 2.5 trillion dollars have been wiped off the value of global stocks.
That is why world leaders and policy makers have been scrambling over the weekend, trying to find a way out of the turmoil on the international markets caused by the debt crises in Europe and the United States."


Video from: YouTube.com

"Conflicting and confused messages from Europeís policy makers have raised concerns that next week may worsen the eurozone debt crisis.
Fresh worries over Europeís bailout mechanisms this week hastened fears of another recession and saw stocks suffer their heaviest losses since 2008."


Video from: YouTube.com


"European finance ministers have expressed confidence in the US economy, in spite of the countryís credit rating being downgraded for the first time in history.
However, China - which holds the vast majority of US debt - is far from happy.
Leaders there have criticised what they called Washingtonís "addiction" to debt. "


Video from: YouTube.com




Recession or Depression?

Economy Caught in Depression, Not Recession: Rosenberg (2010)




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