Paul Kedrosky: Quote of the Day: S&P is Cool with U.S. Debt
by Tom on January 14, 2009
in Market Musings
Quote of the day goes to S&P credit analysts for this comment while keeping U.S. credit at a “AAA” rating:
The rating (for the U.S.) was affirmed despite our judgment that fiscal risk has noticeably increased as we expect that the fiscal deterioration will be temporary.
Paul Kedrosky: Quote of the Day: S&P is Cool with U.S. Debt.
Tom here -
Read that closer.
“Risk has noticeably increased, but we expect that financial deterioration will be temporary.”
Would they care to define temporary?
Tom,
“Temporary” as in what our illustrious Governor Granholm said a few years ago…”in five years, you’ll be blown away!”
S&P aren’t they the same guys who blessed subprime CDO’s with a AAA rating causing every pension, government and even Norwegian villages to invest?
Ya think the Chinese commies are going to get this joke? My guess is their idea of ensuring an S&P AAA bond rating is open missile silos targeted at Taiwan.
“Pay up or your little buddy gets it.”