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Thanks for sharing. I was glued to his speech for 1 hour. But is all that he is saying is true? If it is then God Help America!

Dow is down over 600 points to 10809. Certainly a lot to do with S&Ps new rating of US. Even the president had to address the debt issues. Looks much bigger than expected.

Gold further up..

Keen to see market reactions in india tomorrow morning. nifty can go under 5k.

Thanks Brraj, My thoughts exactly, though there were exaggerations and it sounds easy to propose a solution, it will be far more painful and needs a very powerful leader and resolute commitment from Indians to strive for self reliant perfection which we are more than capable. Slavery broke this willingness and confidence, it's just matter of time that we will emerge from the shadow of west.

A few bits. Yesterday TV was interesting. Some yanks had smoke coming out of their ears,"Basically How Dare They?", while some others said it was but inevitable and maybe long overdue. After the panic I do not expect India to fare that badly. Low commodity prices (Brent Crude is already under $100) should help us. Of course exports will suffer.

Will someone please educate my as to which countries are still Triple A. I am sure about Switzerland, and maybe Germany. As for the rest??

An aside, the chief of S&P is originally from Jharkhand, a graduate of Mesra!

I came across this list yesterday

17 countries with the strongest economy - Rediff.com Business


Although I'm not sure what the US is doing on that list now :confused:

The authoritative list is at S&P | Ratings Sovereigns Ratings List | Americas. The US is AA+, AA+ and AAA. We are BB-, BB- and BB+

I think you missed and extra "B", we are BBB-, BBB- and BBB+.

Some countries with AAA Ratings - Switzerland, Singapore, Germany, Sweden, UK.

Found this video on Facebook, and for a newbie like me, it is very very informative.

US Debt Crisis

Any ideas on what this recession will do to the basic steelmaking industry such as billets and ingots.

I can understand niche steel items may be hit, but basic items such as billets and ingots are as essential as water. Any views on what will happen with them?

This recession would imply that we are in the midst of recession. As of this moment there are varying trends in the different economic groupings.

As far as impact on steel goes, any of the materials sectors be they metals - ferrous or non-ferrous, chemicals, petrochemicals, cement, building materials etc always bear the full impact of the recession where ever it occurs. You will always witness compressed margins and reduced volumes - essentially a double whammy.

This is the list of some of the top ranking countries as per S&P

@vasoo; I wonder how long does France survive in the elite. Expect a negative outlook in the least. Expect UK to stay there since the US downgrade has given the Tory-Lib Govt. greater resolve to stay with the harsh monetary measures.

I got my Time Magazine yesterday. Farid Zakaria's article on the state of the US is quite enlightening. It was written before the &P bombshell, but the tone is that downgrade is inevitable. Blames it on the Bush II tax cuts and now the Boston Tea Party group.

Thanks for the ratings, Vasoo.
Note Japan at AA- with negative outlook. According to an article in Economist, Japan's economy is also suffering due to lack of political will to take the necessary strict steps to set its economy right. And the US also seems to be heading that way only.

food inflation through the roof. interest rates leaping skywards. any chance at all for the regular working joe in this country of countries? in the meanwhile the politicos of the state and country buy bigger and bigger homes, cars and salt away more and more crores in untraceable accounts.

where will it end?

Cant end. Politics cost big money, people are in the game of politics to make money. This will never end. That is how Democracy works everywhere.