The Downgrade

Before we jump off the roof, let us be reminded that Standard and Poors is the same rating agency that gave the highest ratings possible to Fannie and Ginnie Mae mortgages immediately prior to the total collapse of housing in this country. Their credibility is suspect. Be that as it may, this shouldn't be a surprise and realistically, it does not indicate serious problems with our ability to safely pay our debt to holders of US Treasuries. It will, however, cause a marginal increase in interest rates over the next couple of years as we will need a slightly larger incentive for purchasers of our Government backed bonds and notes. We have our government to thank for this, particularly one side more than the other....you decide. As such, dysfunctionality trumps reality and now our deficit will grow even more. Thanks for nothing you ......(fill in the blank). Where are you Americans for reason and truth?