God bless Standard & Poor’s!
In a patriotic act of tough love, the Wall Street bond-rating agency on Friday evening downgraded America’s sovereign debt one notch for the first time since it was granted in 1941 — from its sterling AAA credit rating to AA+. As S&P explained, “The downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges.”
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