Home > Main > S&P Jumps the Shark: downgrades United States of America

S&P Jumps the Shark: downgrades United States of America

August 5, 2011

Just like Fonzi, S&P jumps the shark.  S&P downgrades the United States to AA+.  This is what happens when your thinking is all wrong.  You make stupid, obvious errors.

They missed the biggest bond blowout of our lifetime as much as they possibly could have missed it. S&P rated RMBS at AAA when it wasn’t even junk – it was worthless.  They were rating things that ended up losing 95% of their value within 18 months as AAA bonds.

Now, they are downgrading the U.S.A.  It’s probably to try and take the heat off their obvious criminality of their ratings in the mid 2000’s.

Let me say this – this is the top for the banking system.  The very top.  The financial system will become smaller from this point on.

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  1. wh10
    August 5, 2011 at 11:16 pm

    I can’t believe this. I’m not stable right now.

    • Clonal Antibody
      August 5, 2011 at 11:21 pm

      Get ready for a rocky Monday! see also some discussion on this at Mosler’s

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