Is anyone else suspicious about the S&P downgrading the US credit rating (for the first time in modern history)? Their decision is clearly all about politics. They even said that they weren’t downgrading the US government’s debt as much as they were downgrading the US government because they don’t like it.
Is this the banking industry just trying to put additional screws to the Obama administration? Already Republicans are calling for Timothy Geithner to resign and blaming the economy on him (not that I have any love for Geithner, but still).
The Republicans are also blasting Obama for the credit rating downgrade, but if you read the downgrade statement from S&P, they were actually even more critical of the Republicans for refusing to consider revenue increases, saying that they changed their opinion of the government “because the majority of Republicans in Congress continue to resist any measure that would raise revenues”.
I guess nowadays everything has become political. Does anyone actually care about, you know, fixing the economy?