If the U.S. were a publicly held corporation, there would be screams for the dismissal of management. But our current management will simply blame someone else (perhaps Sarah Palin or those crafty Tea Party Terrorists caused it).
On Monday (and before), this will ripple across the global markets and will ultimate find its way down to the ordinary citizens of the U.S. who, already in difficult financial straits, will find their sky just a little bit grayer.
Here are links to a few interesting articles which discuss the consequences of the downgrade…
US downgrade heralds a new financial era (Financial Times)
China bluntly tells U.S. to end its ‘addiction to debts’ (Washington Post)
And from the WSJ a week ago, an article in which “Morgan Stanley economist David Greenlaw doubts the rating agencies have the guts to downgrade the US”…
S&P Bluffing on US Downgrade?