the s&p downgrade was a purely political act taken by these two leaders of the confederacy of dunces known as standard & poor s. john chambers is the managing director of s&p and david bearce is ahead of the credit rating of s&p. s&p has been egregiously wrong before, and they are wrong again. the downgrade was not based on some sophisticated analysis of the numbers. indeed, s&p got the numbers wrong, very wrong. friday afternoon, the treasury pointed out to s&p that among the many miscalculations it has been caught making over the years, it had miscalculated our debt on friday by $2 trillion. after s&p accepted treasury s correction of its calculation, s&p went ahead with the downgrade, couching it entirely in political terms.
is ahead of the credit rating of s&p. s&p has been egregiously wrong before, and they are wrong again. the downgrade was not based on so sophisticated analysis of the numbers. indeed, s&p got the numbers wrong, very wrong. friday afternoon, the treasury pointed out to s&p that among the many miscalculations it has been caught making over the years, it had miscalculated our debt on friday by $2 trillion. after s&p accepted treasury s correction of its calculation, s&p went ahead with the downgrade, couching it entirely in political terms. the political brinksmanship of recent months highlights what we see as america s governance and policy making than what we previously believed. the statutory debt ceiling and
deal, which preceded the sharp decline in the stock market that began last week. skiddish investors, fleeing stocks, rushed to safer investments, and, as is customary during a stock market collapse, they rushed to the safest investment in the world, united states treasury bonds. that s right, shares of the federal government s debt are still considered the safest investment in the world by experienced investors on the first trading day after standard & poor s took the unprecedented political action of downgrading treasury s long-term debt from aaa to aa-plus. the s&p downgrade was a purely political act taken by these two leaders of the confederacy of dunces known as standard & poor s. john chaim mbers is the managing director of s&p and david beers is ahead of the credit rating of s&p.
the worst one-day point drop since december 2008. 98% of that drop would be 621 points which according to boehner s claim are assignable to him and house republicans who say they got 98% of what they wanted in the deficit reduction deal, which preceded the sharp decline in the stock market they wanted last week. skiddish investors, fleeing stocks, rushed to safer investments, and, as is customary during a stock market collapse, they rushed to the safest investment in the world, united states treasury bonds. that s right, shares of the federal government s debt are still considered the safest investment in the world by experienced investors on the first trading day after standard & poor s took the unprecedented political action of downgrading treasury s long-term debt from aaa to aa-plus.
deal, which preceded the sharp decline in the stock market that began last week. skiddish investors, fleeing stocks, rushed to safer investments, and, as is customary during a stock market collapse, they rushed to the safest investment in the world, united states treasury bonds. that s right, shares of the federal government s debt are still considered the safest investment in the world by experienced investors on the first trading day after standard & poor s took the unprecedented political action of downgrading treasury s long-term debt from aaa to aa-plus. the s&p downgrade was a purely political act taken by these two leaders of the confederacy of dunces known as standard & poor s. john chambers is the managing director of s&p and david beers