Wednesday, May 13, 2009

US to lose its AAA rating?

The thought of America losing its AAA rating is, well...unthinkable. And I felt un-American for thinking it--after all, we are the greatest economic power of all-time. But as I've posted in the past, the fundamentals for Uncle Sam's financials are in the dumper. Republicans and Democrats are equally to blame--idealogical and partisan differences are irrelevant, as all our elected officials and the Fed share the blame.

David Walker, the former Comptroller General, resigned his top government accounting post because he did not agree with his own government's fiscal and monetary policies. In other words, he couldn't sleep at night, so he quit. Now that he is in the private sector, he can speak the truth. If this doesn't scare you, you're incapable of fear.

http://www.ft.com/cms/s/0/5534bd04-3f27-11de-ae4f-00144feabdc0.html

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