Sunday, August 07, 2011

New Poor Standard

The wealthiest nation on earth is being brought to its knees, or at least facing a new level of economic adversity not seen since the Great Depression. The recent brinkmanship over cutting the budget in Washington, D.C. has been quickly followed by tumbling investor markets. To add insult to injury, Standard and Poor's have just dropped the credit rating of the United States to AA+ from the perpetual AAA rating, a slap in the face to America. To boot S&P made a two trillion dollar error in their calculations Friday, miscalculating the long term national debt by exaggerating it by that amount! But they slashed the rating anyway. Did they fire the coffee boy or is it business as usual in accounting?