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Flashback – Geithner: No Risk U.S. Will Ever Lose AAA Credit Rating
Posted By admin On August 6, 2011 @ 3:45 am In Featured Stories,Tile | Comments Disabled
Daily Bail 
Aug 6, 2011
Video – Tim Geithner Speaks Too Soon – April 25, 2011
Geithner Downgrades His Own Credibility to Junk
By Jonathon Weil
Fox Business reporter Peter Barnes began his televised interview with Treasury Secretary Tim Geithner two days ago with this question: “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”
Geithner’s response: “No risk of that.”
“No risk?” Barnes asked.
“No risk,” Geithner said.
It’s enough to make you wonder: How could Geithner know this to be true? The short answer is he couldn’t.
All you have to do is read the research report  Standard & Poor’s published on April 18 about its sovereign-credit rating for the U.S., and you will see it estimated the risk of a downgrade quite succinctly. “We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years,” said S&P, which reduced its outlook on the government’s debt to “negative” from “stable.”
There you have it: Geithner says the chance of a downgrade is zero. S&P says the odds it will cut its rating might be greater than one out of three. So who are you going to believe? Geithner? Or the people at S&P who actually will be deciding what S&P will do about S&P’s own rating of U.S. sovereign debt?
It would be one thing to express the view that a downgrade would be unwarranted, or that the chance of it happening is remote. Either of these positions would be defensible. Geithner went beyond that and staked out an absolutist stance that reeks of raw arrogance: There is no risk a rating cut will occur. He left no room for a trace of a possibility, ever.
Ratigan nails him on his prediction…
Tim Geithner Making Predictions - U.S. Will Never Lose It’s AAA Credit Rating!
Start watching at the 3:20 mark.
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URL to article: http://www.prisonplanet.com/flashback-geithner-no-risk-u-s-will-ever-lose-aaa-credit-rating.html
URLs in this post:
 Daily Bail: http://dailybail.com/home/geithner-no-risk-us-will-lose-aaa-credit-rating-ever.html
 video.foxbusiness.com: http://video.foxbusiness.com
 Oops… Geithner gets it wrong again as S&P downgrades U.S. AAA: http://news.yahoo.com/p-reconsidering-u-downgrade-cnbc-001207261.html
 report: http://www2.standardandpoors.com/spf/pdf/events/UnitedStatesofAmericaRatingAffirmedOutlookRevisedToNegative.pdf
 Continue reading at Bloomberg…: http://www.bloomberg.com/news/2011-04-20/geithner-downgrades-his-own-credibility-to-junk-jonathan-weil.html
 Will the UK Lose its AAA Credit Rating?: http://www.prisonplanet.com/will-the-uk-lose-its-aaa-credit-rating.html
 United States tipped to lose another AAA credit rating: http://www.prisonplanet.com/united-states-tipped-to-lose-another-aaa-credit-rating.html
 Geithner Says U.S. Will ‘Never’ Lose Aaa Debt Rating: http://www.prisonplanet.com/geithner-says-u-s-will-%e2%80%98never%e2%80%99-lose-aaa-debt-rating.html
 America Loses AAA Credit Rating (Being The Military Superpower And Money Printer In Chief Did Not Protect Our Credit): http://www.prisonplanet.com/america-loses-aaa-credit-rating-being-the-military-superpower-and-money-printer-in-chief-did-not-protect-our-credit.html
 Debt Level, Spending Pose Risk to U.S.’s Aaa Credit Rating, Moody’s Says: http://www.prisonplanet.com/debt-level-spending-pose-risk-to-u-s-s-aaa-credit-rating-moodys-says.html
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