WASHINGTON — Treasury Secretary Timothy Geithner said Sunday that Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating,.
They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision.
Republicans are blaming President Barack Obama for the S&P downgrade of the government's credit rating.
But Geithner said Congress owns the credit rating because the Constitution gives Congress the power to tax and spend.
John Kerry suggested the Tea Party ideologues prevented a bigger deal that could have prevented the S&P downgrade of the Us credit rating.
China may sit tight on its US Treasuries investment and adopt a "no buy, no sell" strategy, former senior lawmaker Cheng Siwei said on Monday. Asian stocks tumbled after the US debt rating was downgraded.
Taking aim at how China should invest its $3.2 trillion in foreign exchange reserves, the world's largest, Cheng said China should use future reserves to buy other bonds and to make foreign direct investments. Cheng said this about the US debt investment:
In my opinion, at this moment, the best strategy is no buy, no sell.
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Taking aim at how China should invest its $3.2 trillion in foreign exchange reserves, the world's largest, Cheng said China should use future reserves to buy other bonds and to make foreign direct investments. Cheng said this about the US debt investment:
In my opinion, at this moment, the best strategy is no buy, no sell.
Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA
Netcraft rank: 6627 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.
Permissions beyond the scope of this license may be available at rightardia@gmail.com.
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