What if we do get downgraded by a credit agency or two (the same bunch who rated the garbage paper created through Fannie & Freddie's shenanigans, as AAA)? It will make a nice story for media types but to smart money types, it will mean almost nothing. These types make their own judgement and they don’t look to "authority figures" like Moodys and S&P for guidance.
They know the US to be the world's most stable economic power. That is enough. Sure, some securities linked contractually to a AAA rating will have to adjust. Tuition for those who pulled the wrong trigger.
Robert Craven
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