Apr 182011
In the words and spirit of Claude Rains, “I am shocked, shocked!” How could anyone have ever seen this coming?
From Reuters and CNBC:
Standard & Poor’s on Monday downgraded the outlook for the United States to negative, saying it believes there’s a risk U.S. policymakers may not reach agreement on how to address the country’s long-term fiscal pressures.
“Because the U.S. has, relative to its ‘AAA’ peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable,” the agency said in a statement.
The Dow is off over 240 points as I post this.
