'No risk' USA will lose its top credit rating

"No risk of that, no risk," Geithner said on 04/19/11..............



He also said that Turbo Tax was really hard to figure out.

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.

At the closed-door meeting, Mr. Geithner was contrite, several participants said.
He told senators the mistakes weren't intentional, but that he should have known better.
But those comments were about Turbo Tax, not his story about U.S. credit ratings.

Edited by Rogerdodger, 06 August 2011 - 04:44 PM.

Who said in 2006: "Housing negatives are behind us."?

.

CNNMoney.com
October 26 2006
Despite all the recent weakness in housing, there are some signs that the housing slump may be at or near its bottom. Former Federal Reserve Chairman Alan Greenspan said on Thursday that while the housing sector's woes were "not over," he believes the outlook for housing was reasonably good.

"Most of the negatives in housing are probably behind us," Greenspan said at a conference sponsored by the Commercial Finance Association. "The fourth quarter should be reasonably good, certainly better than the third quarter."

LINK

New home price plunge biggest since '70
Prices post nearly a 10% decline from a year earlier and more than 15% from peak; lower prices lift September sales 5.3%.
By Chris Isidore, CNNMoney.com senior writer
October 26 2006

So I guess all you do is say that horrible news can't get any worse and it doesn't?

Edited by Rogerdodger, 06 August 2011 - 11:15 AM.

So now I can't wait for the next "EXPERT" to plan my future.

Few weeks ago I caught a clip on NPR talking about how good(worthless) are experts' predictions. They basically did a study on this analyzing three groups of predictions: in politics, in economics, and in sports. Folks making predictions in politics and economics groups had a high percentage of these so called experts, usually folks with PHDs. Anyway, the conclusion of this 3 year study was that neither group of experts in politics and in economics had better results than non-experts. When it comes to sports, they mentioned just couple of guys standing above the rest. John Clayton and some other guy, I forgot his name. So there you have it...something to think about next time you hear an expert voicing his or her opinion.

I expect Geithner will resign sometime between tomorrow and the next few weeks.

Edited by milbank, 06 August 2011 - 11:46 AM.

Geithner thought that this was a $1.6MM house because that's what he paid for it in 2004.

I think (going waaaaaay out on a limb) that Timmy is not a very good judge of value.

Location Location Location

Geithner thought that this was a $1.6MM house because that's what he paid for it in 2004.

I think (going waaaaaay out on a limb) that Timmy is not a very good judge of value.

Location Location Location

Geithner thought that this was a $1.6MM house because that's what he paid for it in 2004.

I think (going waaaaaay out on a limb) that Timmy is not a very good judge of value.

If S&P had only understood that when rating mortgage-backed securities.

If S&P had only understood that when rating mortgage-backed securities.

In 2006, not one so called "expert" foresaw the coming housing collapse.
I can not find 1 article published before 2006 predicting housing bubble bursting in 2006.
So, S&P has an excuse for missing the timely MBS rating downgrade.

OK, I did see 1 article in 2003 or 2004 written by a 3rd generation real-estate agent
who advised clients to not buy any California houses. His opinion at that time was the
houses in CA could be bought for half of the going price, later. I had posted that info here
in Traders-Talk a few years ago. But that is the only 1 article!

OTOH US debt data is available to any one who wants it. So S&P is justified in the downgrade. However they are a couple of years too late to do that IMHO.

Edited by pdx5, 06 August 2011 - 01:28 PM.

Ever heard of Robert Schiller?