Sunday, July 24, 2011

The problem is spinning ....

In regards to (the economist) Jack Kelly's column today, the Washington Post's Matt Miller has an intelligent comment on the credit agencies threatening the US with downgrade if it does not reduce its debt.It's worth emphasizing his point that if the credit agencies had done their job in, say, 2005, that we might not have had the financial meltdown, which was the reason for the stimulus, etc, etc.

As for Mr Kelly's assertion that President Obama had not released details of his debt cutting plans, the NYTimes discusses how a) these plans were still in ongoing discussion with Speaker Boehner (until Boehner walked out) and b) that Boehner did not want details to get out, so he would not have to face another rebellion of the freshmen Congresspersons in his party.

1 comment:

spork_incident said...

In a sane world, these credit agencies would have been completely discredited for their part in the financial disasters of the last decade.

From Enron and WorldCom to the 2008 collapse, they were there aiding and abetting.

Also, Jack Kelly is a vile, dishonest hack, too.