◼ US credit rating downgraded -- again... - CNBC
◼ PUMPING BLAMED... - forexlive
Already the rating agency had warned on Wednesday when it affirmed the U.S. rating at AA that “QE3 will likely trigger a negative action.”◼ CASH FOR BANKERS: Fed risks political fallout... Financial Times
Given that the outlook is already negative (AA-), a downgrade to AA- would be a logical next step for the rating agency.
“We are not receiving QE3 positively,” Vice President and co-manager of the ratings’ desk Bill Hassiepen told MNI Thursday, while the fiscal situation is a “nightmare.”
While the Fed is seeking to support economic growth through its quantitative easing, Hassiepen argued that the central bank’s “massive monetization” is instead causing “sluggish to stagnant economic growth.”
◼ Faber: If I Were Bernanke, I Would Resign... - CNBC
◼ Ron Paul: "Country Should Panic Over Fed's Decision" - zerohedge
Ron Paul’s reaction to more Federal Reserve stimulus:
“It should not surprise anybody, but it is still astounding. To me, it is so astounding that it does not collapse the markets. [Bernanke] said, ‘We are in very big trouble. We are going to do something unprecedented and we believe it will not hurt the dollar.’ And yet the stocks, they say ‘we love this stuff.’ But the dollar didn’t do so well today and the real value of the dollar is measured against gold, and gold skyrocketed from its very low to its highest. It means we are weakening the dollar. We are trying to liquidate our debt through inflation. The consequence of what the Fed is doing is a lot more than just CPI. It has to do with malinvestment and people doing the wrong things at the wrong time. Believe me, there is plenty of that. The one thing that Bernanke has not achieved and it frustrates him, I can tell—is he gets no economic growth. He doesn’t do anything with the unemployment numbers. I think the country should have panicked over what the Fed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time.”25-second quick clip
Full 5 minute clip - must watch! from Mal-investment to Bernanke's frustration...
◼ QE3: Quantitatively Easing America Further Into Inflation - New American