Another Pompous Ass - Standard & Poor's chief John Chambers: Don't blame us for US credit rating downgrade

Chambers appears to be another like the IMF internationalist who wants a one party parliamentary world government with higher taxes and total consensus dictated to us all!

We still get the mumbo-jumbo in lack of compromise and consensus:

“Standard & Poor’s takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.’s finances on a sustainable footing.” No position on tax hikes. But S&P, along with the other credit-rating agencies, has long taken a position on one aspect of our fiscal troubles: entitlement reform. From S&P again: “The plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.”

"Political observers have noted that he never studied economics and that he majored in literature and philosophy and has a master's in English literature."

Standard & Poor's chief John Chambers: Don't blame us for US credit rating downgrade | Mail Online

7th August 2011

The ratings agency that downgraded the U.S. credit rating, sending shockwaves across the world, has defended its decision.

Standard & Poor's said it had not overstepped its bounds by focusing on the political paralysis in Washington as much as fiscal policy in determining the new rating.

It even warned that further downgrades may lie ahead.

In response to all those who said they were blindsided, S&P's chief John Chambers said: 'For those who follow the fiscal situation of the United States, this shouldn’t be news to anyone.'

Mr Chambers, the chairman of S&P’s sovereign ratings committee, has come under scrutiny himself since the downgrade.

Political observers have noted that he never studied economics and that he majored in literature and philosophy and has a master's in English literature.

Mr Chambers said on Sunday that there is a one in three chance that the U.S. credit rating could be downgraded another notch if conditions erode over the next six to 24 months.

He told ABC's This Week that if the fiscal position of the U.S. deteriorates further, or if political gridlock tightens even more, a further downgrade is possible.

To win back a top rating, Mr Chambers said that it would take 'stabilization and eventual decline' of the federal debt as a share of the economy as well as more consensus in Washington for the U.S.

Officials at the White House and Treasury criticized S.& P.’s move as based on faulty budget accounting that did not factor in the just-enacted deal for increasing the debt limit.

Gene Sperling, the director of the White House national economic council, called the difference, totalling over $2 trillion, “breathtaking” and said that “the amateurism it displayed” suggested “an institution starting with a conclusion and shaping any arguments to fit it.”

Read more: http://www.dailymail.co.uk/news/article-2023420/Standard--Poors-chief-John-Chambers-Dont-blame-US-credit-rating-downgrade.html#ixzz1USOlHGza