I guess all the charades occurred in congress had the unintended consequence of waking up the rating agency. Wonder if congress didn’t make a big show of the debt ceiling, would S&P woke up and give the US a down grade at a sensitive time like this.
As I mentioned in the past, there are people who think national economy is just like their micro economic fixes. If they over spent, over debt…then the immediate solution is to reverse back and under spent, pay the debt….do the reverse of their mistake. I call this idea the reverse reflex piece of a nerve (definitely not a brain). They are going to solve the pending depression by austerity when it’s the opposite that we are probably continue to need.
Congress is a bunch of politic magicians trying to fake an economic fix.
