Who’s Really Downgrading America?
S&P, we are reminded, was giving A ratings to banks like Lehman Brothers, whose books were stuffed with suspect subprime paper, right up to the day Lehman Brothers fell over dead.
Moreover, S&P made a $2 trillion error in its assessment of U.S. debt and used political criteria in making its downgrade.
All of which may be true. But none of which is relevant.