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Senate Panel Reviewing S&p Downgrade

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http://www.reuters.com/article/2011/08/08/us-usa-debt-congress-idUSTRE7775UO20110808

The Senate Banking committee has begun looking into last week's decision by Standard and Poor's to downgrade the U.S. credit rating, a committee aide told Reuters on Monday.

The aide said the panel was gathering information about the S&P move but no decision had been made on whether it will hold hearings into the downgrade.

While an official investigation has not been launched, the aide said that all options were being weighed.

Late on Friday, S&P said the world's largest economy no longer deserved the top AAA credit rating, cutting it one notch to AA-plus.

The move was driven by concerns over Washington's inability to achieve at least $4 trillion in long-term savings amid a national debt that has climbed above $14.3 trillion.

Holding hearings, couldn't this be counter productive? Either they hold a whitewash hearing and have everyone turning up saying how wonderful the US economy is or they end up with economists turning up with counter arguments saying how ponzi the US system is?

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The funny thing is, each time the US government denies the reality that their debt isn't worthy of a AAA rating, the markets seem to plunge further. It's as if the markets are asking the US government to do something about the problem, rather than burying their heads in the sand.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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