Nice Line
Via Lambert at Corrente an interesting post by Marshall Auerback, More Bad Beer From S&Ps David Beers
Like the horrible aftertaste that comes from throwing up the contents of one’s stomach after a night of binge drinking, the ratings agencies have reared their ugly heads again. David Beers, head of S&P’s government debt rating unit, announced Friday night that S&P has downgraded the U.S. credit rating for the first time, from AAA to AA. It’s a sham: S&P’s whole analytical framework reflects ignorance about modern money. If the US government, Treasury, and the Federal Reserve, capitulate to this outrageous act of economic extortion, it will effectively be sanctioning a beer hall putsch by the rentier class.
Don’t you love the cool, controlled, understatement of the British?
Digby makes an important distinction in her post, Yes, both sides are wrong: the Democrats are wrong for accepting the Republican framing that the deficit was the most important problem the economy faced. They should have been focusing on jobs, but diverted their attention to the deficit, and gave away the tools necessary to create jobs.
1 comment
Oh, I think I have been just as sarcastic about most of your comments.