Today Standard and Poors (S&P) warned of a "possible" downgrade in US credit rating. This is unprecedented in US history, and while most people took notice, including the major markets, the Obama Administration took it as politics as usual. "I don't think that we should make too much out of that," top White House economist Austan Goolsbee, referring to the S&P downgrade.
"What the S&P is doing is making a political judgment and it is one that we don't agree with," Ah yes, the S&P is in the business of playing politics. Yeah right!
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