Friday, August 5, 2011
US Downgrade
Standard & Poor's downgrades US debt one notch to AA+. See WSJ and Bloomberg. Despite a "flaw" in the calculations, S&P appears to maintain its downgrade. Honestly, the calculation flaw probably does not make a big difference in American's current future prospects.
On the other hand, we are talking about the S&P ... the same people who gave AAA rating to certain mortgage-backed securities. Paul Krugman says as much.
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What is the flaw? Yeah I don't trust S&P after their bogus AAA rating on asset-backed securities they *knew* were bogus! Another interesting thing to note is that our national debt is now over 100% of yearly GDP! lol
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