We knew this was coming.
Standard & Poor's has just downgraded their rating for our debt instruments from AAA to AA+.
Thirty years of Reaganbushclintonobamanomics. Thirty years of Chicago School-type economics, and worship at the altar of Milton Friedman. In all likelihood, the other rating agencies will likely follow suit.
What does this mean for us? Forget any kind of breaks on credit card or mortgage interest rates. Everything is probably going to get a lot more expensive, and in this case, you can't point to taxes as the culprit. From an economic standpoint, this snowball is starting to get a lot bigger.
We're reaping what we've sowed.
Friday, August 5, 2011
Wednesday, August 3, 2011
Truth be told...by Al Jazeera
It's sad that you will never see this kind of reporting on an American network.
I'll leave my commentary to a minimum. The video speaks for itself.
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