S&P Downgrades the United States

“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.”

A Warning from the Depths of Hell

Remember ye the dark days of late 2007 when it first became apparent that the stock market’s new highs were lying to us and that only the bond market was telling the truth?