It always starts small, just like in Greece a year ago -
Now, as Denninger is quick to point out, this is the same rating agency that was a day late and a dollar short when it came to the 2008 economic party, so the damage has already progressed far beyond what they are currently noting.
Look for more posturing by the 'Tea Party Express' and the Dems as they pretend to get serious about this situation. Just remember later, when you're eating ramen for the 20th day in a row that they played games while the country burned.
Standard & Poor's lowered its outlook for the nation's long-term debt Monday, even as it reaffirmed the agency's top-tier rating for the U.S. economy.The Real Effect
S&P maintained its 'AAA/A-1+' credit rating on U.S. sovereign debt, saying the nation's "highly diversified" economy and "effective monetary policies" have helped support growth.
But the ratings agency lowered its outlook for America's long-term credit rating to "negative" from "stable," based on the uncertain political debate around the nation's fiscal problems.
The outlook means that there is a one-in-three likelihood that it could lower the long-term rating on the United States within two years, S&P said.
Now, as Denninger is quick to point out, this is the same rating agency that was a day late and a dollar short when it came to the 2008 economic party, so the damage has already progressed far beyond what they are currently noting.
Look for more posturing by the 'Tea Party Express' and the Dems as they pretend to get serious about this situation. Just remember later, when you're eating ramen for the 20th day in a row that they played games while the country burned.
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