Tuesday, August 9, 2011

Maybe S&P just didn't understand...

More theater of the absurd.

So S&P warned clearly that a downgrade (of the US' AAA credit rating) was possible, and then they clearly stated what conditions were necessary to avoid it, and then they reiterated their warning when it became obvious that "we" weren't coming anywhere close to meeting the necessary conditions to maintain the rating...and when the Unicorn Army in DC blew its final-pixie-dust-answer at them, carried through on the downgrade.

Scoundrels!  Let's investigate 'em!

A Senate Banking Committee Panel has initiated an investigation of S&P regarding the decision to downgrade the U.S. credit rating. Timothy Geithner & Co. claim that S&P’s decision is based on erroneous information created by human error that overstates national debt projections.

The strategy, of course, should be eminently familiar to any observer of the state and its customary machinations:  bicker intramurally about whether Team Red or Team Blue is to blame for public anger, threaten everyone who questions its infinite wisdom (moreso in times of crisis), and above all proceed as if nothing is wrong and everyone agrees.

The funniest part about all this, of course, is that it's a great reminder that our "leaders" are so completely unfamiliar with the very concept of "if...then...else" honesty that they simply could not fathom its practice by anyone they'd choose to deal with.

H/Ts to Denninger and De Coster.

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