S&P downgrades U.S Credit Rating: What it Means for Us

On Friday, Standard & Poor’s (S&P) rating agency announced that it has downgraded the U.S. credit rating to AA+ from its top rank of AAA. The other two major credit rating agencies which are Moody’s and Fitch Ratings, have not lowered their ratings of the U.S.’s credit, however they have warned of a possible downgrade and Moody’s lowered it’s outlook on U.S. debt to negative. (Full CNN story)

You are probably wondering if and how the lowering of our credit rating affects the average person like yourself?  Well, it does and here are  two very big ways:

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Posted by:

Justin Burkhardt

Brentin Mock: New Orleans? NO MORE $ FOR YOU!

In the good ol’ vein of ‘what-the-hell-is-going on’, our friend Brentin Mock highlights an interesting development in his latest column in The American Prospect.

According to published reports:
“a recent Treasury Department ruling has disqualified the Gulf Coast region from a significant portion of stimulus funding specifically set aside to help low-income housing developments languishing due to the recession”.

This ruling is HUGE. Why is New Orleans disqualified from these treasury funds?

Has it been too long?

Are people starting to forget what happened?

Check out Brentin’s piece over at The American Prospect!

Posted by:

Steve Romain