Economic jitters

Posted at 10:08 AM on April 18, 2011 by Bob Collins (1 Comments)
Filed under: Economy

What was your favorite economic recovery moment?

It all went up in a cloud of uncertainty today when Standard & Poor's said there's a 1 in 3 chance it will lower its credit rating on the United States. That's fancy talk for the U.S. isn't a trustworthy debtor, a hard pill to swallow for the country once seen as the most stable economic power in the world.

It raises the possibility of the country defaulting on its obligations.

On CNBC this morning, analysts talked about ending "the big party we're having," while ignoring the elephant in the room...

MPR's Midmorning today considered the nation's debt with a guest from the left and a guest from the right.

What's the elephant in the room? Let's put it this way:You have a much better chance of hearing an "expert" utter the phrase "we can't keep kicking the can down the road" than you do the phrase "the cost of fighting three wars at once."

Comments (1)

Standard & Poor's. Hmmm. Weren't they the folks that gave subprime mortgage-backed securities AAA ratings? Explain to me again why they have any credibility whatsoever? And aren't all of their execs in prison? No?!?

Posted by Jim Shapiro | April 18, 2011 11:38 AM

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