It’s not that we didn’t know it might happen. But, still, we thought we’d managed to block the shot.
So when Standard & Poor’s lowered the credit rating of the mighty United States – despite the last minute deal signed by President Obama – Republicans and Democrats alike were outraged. And rightfully so.
How can S&P justify its decision, when two other rating agencies maintained the nation’s AAA rating?
How can S&P explain the fact that, in announcing their decision, they made a simple mistake in arithmetic – which overstated the size of the federal debt by $2 trillion?
And, most importantly, how can S&P defend the fact that they never raised one word of warning about the funny games being played on Wall Street before the crash of 2008 by the very firms they were working for?
S&P defended its unilateral decision by insisting that the debate in Congress was “very messy.” Well, so it was. But their job’s not to play political pundit. It’s to judge whether the U.S. is still a safe place to invest. Which it is.
How dare leaders of S&P lower our credit rating! After their role in the crash of 2008, they’re lucky they’re not all in jail.
That’s my parting shot for today.