Friday, August 5, 2011

US Credit Rating Reduced; Geithner Eats Crow

Standard and Poor has followed through on its threat, and reduced the credit rating of the US Government from AAA to AA+, at the same time as the other two major credit rating agencies confirmed their AAA ratings.

Here's the story, just broken at The Hill about an hour and a half ago. Note that they did this late on a Friday, so that it will tend to fall into the "black hole" of the weekly news cycle.

Oh my!

Now, here's another story, from back in April of this year, in which Treasury Secretary Tim Geithner says there is "no risk" that the US will lose its top credit rating.

Ohhhhh, Timmy! What will you do now? Your record isn't looking very good, is it?

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