Friday, August 5, 2011
As Stephen Colbert noted, they're standard and poor, so naturally, they're moody.
These are the guys that gave AAA rating to all those bundles of garbage mortgages that were packaged to fool investors that ultimately destroyed the economies of the western world.
If anything, this country should be proud that a bunch of scoundrels from Standard and Poor's doesn't like our economic portfolio. Now, we can pigeon-hole them for what they really are: the hate America crowd.
Yes, America's debt is staggering, but the way we choose to handle the debt is the problem.
The stock market tanked this week because investors saw the austerity measures that originated in the House would derail any economic recovery. Evidently, teabaggers don't invest in the stock market.
Our debt isn't the problem. The way we handle that debt is the giant elephant in the room. We have to raise taxes and cut entitlements such as social security, Medicare, defense and oil company subsidies.
Of course, none of that will come to pass, which is why our credit rating was downgraded.
Again, a downgrade from a sleaze outfit like Standard and Poor's is nothing to be ashamed about.
In fact, we should be damn proud. Belatedly, the markets are taking notice.