{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Times Square scenes, analyst on lowering of credit rating' data-url='/boclips/videos/5c54bb6fd8eafeecae125088' data-video-url='/boclips/videos/5c54bb6fd8eafeecae125088' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nTimes Square scenes, analyst on lowering of credit rating\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNew York City - 5 August 20111. Wide of Times Square2. Close-up of news ticker with information about downgrade3. Mid of Times Square4. SOUNDBITE (English) Reginald Dews, Vox Pop:\"Haven''t gotten any good news lately. Everything''s...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNew York City - 5 August 2011\u003cbr/\u003e1. Wide of Times Square\u003cbr/\u003e2. Close-up of news ticker with information about downgrade\u003cbr/\u003e3. Mid of Times Square\u003cbr/\u003e4. SOUNDBITE (English) Reginald Dews, Vox Pop:\u003cbr/\u003e\"Haven''t gotten any good news lately. Everything''s costing more. Jobs are hard to get.\"\u003cbr/\u003e5. SOUNDBITE (English) Antony Botto, Vox Pop:\u003cbr/\u003e\"I don''t think we''re a bad investment. I think we''ve got some very, very bad leadership, and bad interest groups that are affecting things very negatively.\"\u003cbr/\u003e6. SOUNDBITE (English) Bill Whitehouse, Vox Pop:\u003cbr/\u003e\"It started probably 12 years ago and continued on. It started with Clinton. Bush really didn''t address it, and now, Barack Obama''s made it that much worse.\" \u003cbr/\u003e7. Wide of Standard \u0026amp; Poor''s New York offices\u003cbr/\u003e8. Close-up of sign\u003cbr/\u003e9. Tilt down exterior of building\u003cbr/\u003e10. Mid of US flags, rack to out of focus\u003cbr/\u003eLos Angeles, California - 5 August 2011\u003cbr/\u003e11. SOUNDBITE (English) Marilyn Cohen, financial analyst and President of Envision Capital: \u003cbr/\u003e\"Double-A Plus is not the end of the world. Is it a blemish? Absolutely, it is a huge blemish. But other countries have lived through downgrades and been better off afterwards.\"\u003cbr/\u003e12. Wide of Cohen\u003cbr/\u003e13. SOUNDBITE (English) Marilyn Cohen, financial analyst and President of Envision Capital:\u003cbr/\u003e\"People have said this is going to be a disaster, it''s gonna be Armageddon and the truth of the matter is, if investors panic where are they going to go? and it''s not a disaster. It won''t be Armageddon because we still have the ability to make our interest payments on US treasuries, and it is not that large of a percentage of our federal debt.\"\u003cbr/\u003eNew York City - 5 August 2011\u003cbr/\u003e14. Mid of news ticker in Times Square\u003cbr/\u003eThe lowering of America''s sterling credit rating was the punctuation mark on a tumultuous week in financial markets.\u003cbr/\u003eStandard \u0026amp; Poor''s, the credit rating agency, said on Friday it was dissatisfied with the plan Congress came up with earlier in the week to reduce the country''s debt.\u003cbr/\u003eThis is the first time the nation''s credit rating has fallen below the highest level, AAA. The US had held that rating since 1917. \u003cbr/\u003eThe downgrade came just days after Congress finally agreed to spending cuts that would reduce the debt by more than 2 (t) trillion US dollars. \u003cbr/\u003eThe drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. \u003cbr/\u003eThe three main credit agencies, which also include Moody''s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade. \u003cbr/\u003eMoody''s said it was keeping its AAA rating on the nation''s debt, but that it might still lower it.\u003cbr/\u003eOne of the biggest questions after the downgrade was what impact it would have on already nervous investors. \u003cbr/\u003e\"Double-A Plus is not the end of the world,\" said Marilyn Cohen, financial analyst and President of Envision Capital. \"Is it a blemish? Absolutely, it is a huge blemish. But other countries have lived through downgrades and are better off afterward.\"\u003cbr/\u003eWhile the downgrade was not a surprise, some selling is expected when stock trading resumes Monday morning.\u003cbr/\u003eOne fear in the market has been that a downgrade would scare buyers away from US debt. \u003cbr/\u003eIf that were to happen, the interest rate paid on US bonds, notes and bills would have to rise to attract buyers. \u003cbr/\u003eAnd that could lead to higher borrowing rates for consumers, since the rates on mortgages and other loans are pegged to the yield on Treasury securities.\u003cbr/\u003e\"People have said this is gonna be a disaster, this is gonna be Armageddon,\" said Cohen. \"The truth of the matter is, if investors panic where are they gonna go?  It''s not a disaster. It won''t be Armageddon because we still have the ability to make interest payments on US Treasuries, and it is not that large of a percentage on our federal debt.\"\u003cbr/\u003eA study by JPMorgan Chase found that there has been a slight rise in rates when countries lost an AAA rating. In 1998, S\u0026amp;P lowered ratings for Belgium, Italy and Spain. A week later, their 10-year rates had barely moved.\u003cbr/\u003eThe ratings agencies were sharply criticised after the financial crisis in 2008 for not warning investors about the risks of subprime mortgages.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator 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