Pittsburgh Legal Back Talk

Legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus.

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Posted By Cliff Tuttle | August 8, 2011

No. 677

The downgrade was, in its effect, an attack upon America as powerful as the one on September 11, 2001.  There was no legitimate purpose for this action, unless the crass  manipulation of the stock market to cause the one day loss of billions of dollars to millions of Americans (with more tomorrow) is a justification. It wasn’t justified and we as Americans shouldn’t countenance it.

Make no mistake about it, this action was not made for the salutary purpose of alerting S&P subscribers to the news that the full faith and credit of the United States is not quite as full or quite as faithful as it once was.  That’s balderdash!

As Federal Reserve Chairman Ben Bernacki aptly pointed out, no circumstances, including gridlock or outright obstruction, are going to cause the United States Treasury to default.  Why?  Because it prints money. No, the only foreseeable outcome is panic.  S&P should have foreseen that.

On August 8, 2011, S&P recklessly caused a catastrophic financial panic, not only on Wall Street, but around the world. And then, in order to amplify the holocaust, it progressively issued downgrades throughout the day of Fannie Mae, Freddie Mac, Federal agencies and most of the member banks of the Federal Reserve.

The President declared today that the United States always was and still is AAA.  As a Nation under siege,  every one of us should strongly and vocally stand behind that proposition.  Our leaders should stop bickering and loudly proclaim: “USA AAA!”




CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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