Yes we can! (lose our AAA credit)

Chalk up another historic achievement for the Obama presidency. For the first time ever, United States government obligations have been downgraded from AAA to AA+ by Standard & Poor's. Barack Obama's vision of America as an exceptional country, just the way Greeks think Greece is a special country, is one step closer to fruition. The S&P press release (via the Wall Street Journal) states: Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications. The transfer and convertibility (T&C) assessment of the U.S.-our assessment of the...(Read Full Post)