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View Diary: China Cuts US Credit Rating. Obama Cuts Hawaii Vacation Short. (171 comments)

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  •  Ha Ha Ha (4+ / 0-)
    Recommended by:
    Sparhawk, jayden, Odysseus, Larsstephens

    I have nothing but admiration for China's economic progress, but the idea of a Chinese credit ratings agency assessing our sovereign debt is pretty idiotic.  Heck, the idea of a US or European credit rating doing it is idiotic, something we established last year when they downgraded our debt and the borrowing cost went down rather than up.  There's simply nowhere else you can park large amounts of money reliably--our downside risk is trivial compared to China itself, Brazil, the EU....

    You know, I sometimes think if I could see, I'd be kicking a lot of ass. -Stevie Wonder at the Glastonbury Festival, 2010

    by Rich in PA on Wed Dec 26, 2012 at 08:07:39 AM PST

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