Our Standards are Poor

Much ado about S&P downgrading the United States’ credit rating.  Woo boy.  This might even rival the great debt ceiling debate in terms of sheer edge-of-the-seat excitement.  Apparently some of our friends in congress are wondering if S&P’s ratings are really credible, though, oddly enough, they didn’t think to question them when they were greasing the skids on the global housing Ponzi scheme.  And Obomber is apparently outraged, insisting that the USA is and “always will be a triple-A country,” like a 4.0 student refusing to accept the B+ he got on the math quiz.  But the best is the question of whether S&P could be wrong again.  Doesn’t “wrong” imply some kind of good-faith effort gone awry, as in, “Well, you see, we tried our best to put an honest rating on all of that worthless paper, but, oh well, we were just wrong”?  S&P was “wrong” about those mortgage backed securities the same way the CIA was “wrong” about the ever-elusive WMDs in Iraq.  The ratings just reflect what their clients on Wall Street want.  So the only question is what do the bankers want?  A little more “quantitative easing,” perhaps?  An even more compliant congress?  What?

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