US rating downgraded a notch

Ha, ha. This is rich (pun intended), I tell ya: The rating agency, Standard & Poor, has downgraded the US credit rating to AA+ after 70 years of top-notched AAA. Remember when they used to rate very dubious sub-prime mortages as investment-grade security? They and Wall Street were among the biggest culprits that coluded to cause the 2008 global financial conflagration.

I guess they want to do penance now. Problem is, there is such a thing as over compensating.


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