To the Point
Downgrades, Debt Crises and Double Dips
The world is watching for the impact of history's first downgrading of the credit rating of the United States. How important is it? How worried should Americans be?
By Warren Olney • • 51m ListenThe world is watching for the impact of history's first downgrading of the credit rating of the United States. How important is it? How worried should Americans be? Also, tomorrow's recall elections in Wisconsin. Can Republicans hold on?
Banner image: Traders work on the floor of the New York Stock Exchange at the opening bell August 8, 2011. Photo by Stan Honda/AFP/Getty Images
In this episode
3 storiesPresident Obama Deflects Blame for US Credit Downgrade
After a weekend of silence, President Obama addressed the S&P downgrade and the economy this afternoon from a White House dining room. He said that the US didn't need a rating agency's downgrade to know we need a "balanced, long-term approach to deficit reduction" and an end to gridlock in Washington.
Read the story8 minThe S&P Downgrade: Economics and Politics
Fingers of blame are being pointed in every direction as Wall Street and world financial markets react to history's first downgrade of America's credit rating. Standard and Poor's is taking its own licks for bad mathematics and because other ratings firms are keeping the US at AAA .
Read the story36 minNation Watches as Wisconsin Prepares for Recall Elections
Wisconsin's new Governor, Scott Walker, with majorities in both legislative houses, cut spending and stripped state workers of collective bargaining, the kind of actions Republicans have been looking for nationwide. But there's been a backlash and, tomorrow, six Republican Senators face recall elections, with the results likely to be very close.
Read the story7 min
