Fringe groups on each side of the political spectrum, but especially The Tea Party, are holding America hostage, while sensible voices who understand the importance of America’s perfect sovereign debt rating desperately seek to restore common sense.
It is my view that at this late date, the debt ceiling had better be raised to avoid near-term default, and that active efforts continue to establish adequate budget measures to restrain the now interested Standard & Poor’s and Moody’s (NYSE: MHP, NYSE: MCO). By the way, it really bugs me that now that this issue is on the tongue of every American, the agencies suddenly determined America’s debt position was of great short short-term importance and warn of ratings change even with a new ceiling. The levity of such a change is not well understood, especially by the agencies who horrifically rated Mortgage-Backed Securities ignorant of the potential for home price decline, driving a booming MBS market and playing key role in creating the financial crisis.
I want to know your opinion on this highly important debt ceiling issue and balanced budget measures. Please feel free to range widely across these topics. With a week to go before America defaults and life as we know it perhaps expedites its transformation into something far less appealing, tell us where you stand on:
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