Friday, August 5, 2011

US Debt Downgraded by S&P for First Time Ever from AAA to AA+

Having worked in the financial services biz for 23 years, let me explain this in no uncertain terms: Markets are apolitical, or post-partisan, to use Obama supporters favorite description of him. The Congress and the President may pull the wool over those Americans whose knowledge of markets and economic issues is at best perfunctory, but the market (specifically the bond market, which is 30 times the size of the stock market ) cannot be duped. Like the old Chiffon (margarine) commercial, the market is like Mother Nature, it can't be fooled. God help us all if we don't fix our structural deficit problem quickly. Read more about the consequences of a world with the US as a reduced economic power in Mark Steyn's new book, "After America", available in bookstores on Monday, August 8th.