S&P downgrades U.S. debt
Oh, only now
does S&P get tough with its ratings. Where were S&P and other rating agencies when banks were piling up subprime-mortgage debts before the 2008 crash? ... S&P may well be right about today's downgrading of U.S. debt. The federal government's deficits are obscene. But rating agencies lost a lot of credibility last decade. So take today's S&P action with a big grain of salt.Update
-- 'A Quick Reminder of Rating Agencies' Embarrassing Record of Downgrades."
Even more embarrassing is their more recent record of non-downgrades. Just keep all of this in mind today. The S&P action smacks too much of redemption politics (it's own redemption).