So look like S&P did the right thing.
snip~
NEW YORK — The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.
snip~
"The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan" to cut the deficit, Merrill's North American economist, Ethan Harris, wrote in the report.
more @
http://xfinity.comcast.net/articles/news-general/20111023/NEWS-US-USA-RATING-MERRILL/ (http://xfinity.comcast.net/articles/news-general/20111023/NEWS-US-USA-RATING-MERRILL/)
Nothing really new here. Frankly the confusing part is why they didn't do it sooner.
Quote from: Dan on October 24, 2011, 04:56:51 AM
Nothing really new here. Frankly the confusing part is why they didn't do it sooner.
I myself have been looking for it for over 6 years.
Not that a rating downgrade means much when Europe is imploding and the fed is printing money to finance our debt.
Things are going to go along just fine until the aren't. And then it's gonna get really ugly really fast.