S&P REALITY BITES
First, why do we depend on these fee-conflicted rating agencies who have dropped the ball repeatedly?
Answer: because there are no other non-fee conflicted rating (ratting?) agencies that have also made serious mistakes. Is there something from S&P today regarding U.S. debt we didn't already know? Hardly, so no Black Swan here. We've just been on an "extend and pretend" path to see how much money we can make before "the you know what" hits the fan. And, for all we know denial will continue and we could close this week higher as we shrug this off as something "down the road"...READ MORE
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