Monday, October 24, 2011

America maybe heading for an economic down grade by years end



Big trouble maybe a head...





Mohamed El-Erian, co-chief investment officer at Pacific Investment
Management Co, said that “The global system must now adjust to the many
implications and uncertainties of the once-unthinkable loss of America’s
AAA”.Well, only three months later, Merrill Lynch warns that another
downgrade
is not only a significant blow to the current slow recovery
but a
fact if the
Congress does not agree on a credible long-term
plan
to reduce
the country’s
deficit.Ethan Harris, economist
with
Merrill
Lynch North
America, explains: “The
credit rating
agencies
have strongly
suggested that
further rating cuts are
likely if
Congress does not come
up with a credible
long-run
plan”. In fact,
Merrill expects either
Moody’s or Fitch to reduce
U.S.’ rating in
late November
or early
December.





The thing is that if congress could you know come together with each side giving on someting we could get out this mess easy but right not we are so divide no one wants to set at the table and get what needs to be done...done. Which honest will be some cuts as well as some tax increases.

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