The Irony is Appalling

It is July 31.  Everyone is talking about the debt ceiling crisis and the possibility that the rating agencies may downgrade America to double A status.  Aren’t these folks (Moody’s, Standard and Poor, etc) the same “rocket scientists” who COMPLETELY MISSED THE SUBPRIME MORTGAGE BACKED SECURITIES PROBLEM??  Quite frankly, why would anyone care what those agencies think?  If safe money wants to buy US Treasuries, just where does Moody’s think they will put their money if we are downgraded?  Nobody seems to ask them that.  Will they buy Russian debt?  Corporate debt?  Gold futures?  Here’s the point.  If there are no five star hotels, who cares if a hotel loses its fifth star?  Think about it.

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