I'm sure a lot of other people are going to point this out, but...you do
know that the United States of America was just downgraded by the same agency that, not too many years ago, bestowed its much-coveted AAA rating on financial instruments backed by a whole bunch of crappy loans? You do know that S&P is being investigated for fraud
, don't you?
Incidentally, it seems the rationale for the S&P downgrade is that they presume that the Republicans will not allow the Bush upper-class tax cuts to expire in 2012, as is currently the plan. S&P may be onto something there.
Haven't much time to write now, but when I do, perhaps we can talk about how Moody's and Standard & Poors are entirely subservient to the great Wall Street investment banks. That's the reason why the crap got treated like gold: The banks wanted it that way. So that must also be the reason why the U.S. was downgraded: The banks want it that way.
Either Goldman Sachs and its buddies want to end the American experiment, or, more likely, they want to end the Obama administration. It's a little hard for us too-liberal-for-Obama types to understand that the Wall Streeters despise Obama, but they do. This situation is not rational, but it is what it is.
The other scenario is that the Wall Streeters want to force the gummint to raise taxes. Well, raising taxes will
solve the problem. But somehow I don't think that they have that endgame in mind.