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U.S. Credit Rating Downgraded Again

Saturday, September 15, 2012

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A prominent ratings firm downgraded the U.S. Government’s credit rating from “AA” to “AA-” one day after the Federal Reserve announced it would pump more money into the economy by buying more than $40 billion of mortgage-backed securities per month until the economy improves.

Ratings firm Egan-Jones said it cut its credit reating on the U.S. government because it felt the Federal Reserve’s quantitative easing “would hurt the U.S. economy and the country’s credit quality” by devaluing the the dollar while doing nothing to “raise the U.S.’s real gross domestic product.”

The ratings firm said the Fed’s action would increase the cost of commodities and reduce consumer purchasing power.

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