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Friday, June 03, 2011

Moody's Displays Irony

Having downgraded Greece, Moody's (showing that they have no favourites) have also threatened to downgrade the USA if politicians in the US do not agree to raise the debt ceiling in the coming weeks.

It is of course more than a little ironic that, in order to maintain its credit rating, the USA has to borrow (and be able to borrow) more money.

Needless to say with a "booming" economy (albeit pumped up on more debt) Wall Street and companies such as Moody's (who sold toxic assets, and helped sell toxic assets, with a AAA rating pre slump) will do very well.

Now that's "irony" for you!

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