John Mauldin gives a comment in today's Outside the Box from Paul McCulley, GM at Pimco: The debt crisis (the shadow banking system, subprime mortgages, SIVs, etc.) was the equivalent of an under-age drinking party with the rating agencies handing out fake IDs.

I haven't read the rest of the article yet, but a quick scan is "Europe is Doomed" and will fall the like the rest of these who do not see the "US Only" sign on the God Given Glory Chair of Manifest Destiny.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland