Slow news day, if you’re not looking for it.

Which I’m not.

The big news is the credit downgrade, natch.  People who still want to keep borrowing and spending will take the “them grapes were sour anyway” approach.  Who cares what S & P thinks?  Of course, if it doesn’t matter, why do credit rating companies exist in the first place?

Here’s a article about Eric Cantor, who’s a voice of fiscal sanity in the Beltway wilderness.

My weekend is nice so far.  Hope yours is too!

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About wormme

I've accepted that all of you are socially superior to me. But no pretending that any of you are rational.
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17 Responses to Slow news day, if you’re not looking for it.

  1. Mountainbear says:

    The S&P list looks like a lie to me anyway. Look how they rate the Euro countries, despite the massive issues the Euro has by now. Germany’s credit rating is good? How does that compute with the highest German national debt ever?

    • MG says:

      I think S&P was trying to scare the markets to avoid looking stupid.
      The downgrade is right, BUT, looking at global conditions for first world countries, the US remains a virtual AAA.
      The way I’ve put it is: if you have to bet on who defaults the least, who wins? Which is easy, of course, who, honestly, has the most money every year; even in bad years?

      I think that consideration has weighed on the rating agencies for awhile, downgrade the US and it’s the smaller fish that go first, people fleeing them could cause the US bond market to cut rates because of demand.

      You’re right though. Pointing at Germany and France as pictures of financial restraint was laughable. Their future is not bright, and the Euro bailouts are going to make it much worse.

    • wormme says:

      Maybe it’s good…in comparison? The markets believe the Germans are more likely to honor their debts than other societies, maybe.

  2. thepi says:

    “Of course, if it doesn’t matter, why do credit rating companies exist in the first place?”

    To launder the preferences of the ruling class. But since they’re getting uppity and not going along with the charade anymore their reason (the real one, as opposed to the nominal one) for existing has vanished anyways. They were always a way to avoid due diligence.

  3. D.J. says:

    Hey, W.O.R.M.! Frank J. gives a good reason to boot the debt on down the line!
    http://pajamasmedia.com/blog/whats-wrong-with-making-future-generations-pay-for-our-debt/?singlepage=true

    • MG says:

      And we can ‘happily’ look forward to these buffoons Versailles Treaty moment.

      There must be some act, of such incredulous idiocy, that they can achieve as a group, to rival that. I doubt not their ability to fail.

      • wormme says:

        Oh crap, it’s past my bedtime and you’ve engaged my imagination. What will be their defining moment? As you say, it must be utterly epic. An utterly epic FAIL.

        Hopefully no innocents will be harmed, but I have my doubts.

    • wormme says:

      Dang, the page isn’t loading for me. At least, the text isn’t.

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