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S&P chickens roost, lay big eggs
August 16, 2011 - Harry Eagar
Maybe not since the Literary Digest declared Alf Landon a lock for the '36 presidential race has a publication hurt itself more by a single stupid political statement than Standard & Poor's downgrade of American national debt.
Journalists are having a turkey shoot at S&P's expense. Bloomberg says:
INVESTORS DOWNGRADE S&P, BUY TREASURIES
Even more embarrassing, S&P downrated U.S. debt for political reasons after uprating China debt for political reasons. Nut graf:
" 'It was really kind of bizarre that they’ve become political analysts,' said Thomas Mann, a congressional scholar at the Washington-based Brookings Institution. 'I certainly never look to any of the three rating agencies as a source of expertise, knowledge or wisdom on the political system.' ”
Follow link for one of the funniest business reports you'll ever read.
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