From Bloomberg: S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s, which slammed the nation’s political process and said lawmakers failed to cut spending enough to reduce record deficits. “The downgrade reflects our opinion that the fiscal [...]
Props to Zerohedge (the best English-language financial news aggregation service in existence anywhere) for the heads up. ...the major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending. We are taking a negative action not based on the delay in raising the debt ceiling but rather [...]
This is not to be construed as investment advice, nor is anything else I post here. Consult your financial expert before making any investment decisions. Are you still holding dollars? http://www.youtube.com/watch?v=xoYWlKnP6VI&feature=player_embedded
