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FT Alphaville: Downgrading the USA
Will S&P downgrade the US?

Perhaps the question is better posed: why hasn't it already?

Inevitably because no matter what the rating criteria say, the US AAA is surely too sacred a cow to be slaughtered. It would be an earth-shattering decision to take, and one that S&P's sovereign rating committee could not make alone.

Then again, as S&P's sovereign rating committee chairman said only last week, the US AAA is no god-given gift.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Mon Sep 22nd, 2008 at 07:28:30 AM EST
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