History Unfolding: Another perspective from the past by DAVID KAISER

History Unfolding: Another perspective from the past

SATURDAY, AUGUST 06, 2011

Another perspective from the past

Last night came the stunning news that S & P had downgraded the obligations of the United States. I was shocked, because, as I tried to make clear last week, I do not see any evidence that the US is in any danger of meeting its day-to-day obligations, where are much less--about 40% less--than the $14 trillion figure we keep hearing. (For an explanation of that, see last week's post.) I don't know if we're likely to learn much about the internal deliberations of S & P, which, like all the rating agencies, was so dreadfully wrong about just about everything during the last decade, but I think there must be a very big story there somewhere. However, for the moment it seems better advised to wait and see what happens next week before commenting further.... http://historyunfolding.blogspot.com/2011/08/another-perspective-from-past.html
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