...The One-Minute Pundit
Friday, August 05, 2011
S&P really shouldn't talk; we may wonder if a ratings agency that platinum-plated and gift-wrapped dubious housing securities should speak of flagrancy. Perhaps this is its form of penance. (They made a mistake while prostrating themselves.) That said we would guess that financially speaking the downgrade's impact will be minimal, for the change in grade is one agency's, and minimal; after all ST. WARREN lost His triple-A and survived. So did Japan, and it's lived. Moreover a government that's perfected dubious accounting tricks can easily paper over any increased borrowing costs. No, we should pause over this not for our finances -- the whole world's set for a downgrade -- but for us, for how history's most glorious nation has given up on itself. Forget finances; this is our worst governing crisis since the Great Depression. The cliff is still miles off, but our governing superiors don't seem to care we're inching ever closer, and gaining speed.