NEW YORK - S&P 500 had the audacity tonight to downgrade the world's largest economy because of the political joke seen in Washington last week. However the agency further cemented its status as a joke agency.
The agency is downgrading the U.S. without reason which can have serious affects on the economy. Furthermore the U.S. has shown a supreme ability to cover its debt over time.
The downgrade was held off until later in the day because the U.S. Government found mathematical errors in the S&P report. The errors consisted of how much the deficit would be cut into the future. S&P was off by over $2 trillion. Despite this error the rouge agency decided to proceed with the downgrade.
The agency which can't calculate numbers showed the U.S. government its numbers earlier in the day. Despite the error the agency decided to continue.
Perhaps the agency wants a recession? Hopefully this downgrade will establish the agency as a joke and it can go bankrupt so we won't have to listen to their misguided opinions anymore.
The agency is downgrading the U.S. without reason which can have serious affects on the economy. Furthermore the U.S. has shown a supreme ability to cover its debt over time.
The downgrade was held off until later in the day because the U.S. Government found mathematical errors in the S&P report. The errors consisted of how much the deficit would be cut into the future. S&P was off by over $2 trillion. Despite this error the rouge agency decided to proceed with the downgrade.
The agency which can't calculate numbers showed the U.S. government its numbers earlier in the day. Despite the error the agency decided to continue.
Perhaps the agency wants a recession? Hopefully this downgrade will establish the agency as a joke and it can go bankrupt so we won't have to listen to their misguided opinions anymore.
No love lost for the rating agencies. If you read the transcript, their downgrade had more to do with politics than economics.
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