Prison Planet.com � The Standard and Poor’s (S&P) Debt Downgrade: What It Means

Prison Planet.com � The Standard and Poor’s (S&P) Debt Downgrade:

What It Means: "On Friday, August 5, the credit rating agency, Standard & Poor’s, downgraded US debt from AAA to AA .

Gerald Celente’s view that S&P’s downgrade of the US Treasury’s credit rating reflects a loss of confidence in the political system was confirmed by the rating agency itself. S&P explained the downgrade as the result of heightened political risks, not economic ones. The game of chicken over the debt ceiling increase and the GOP’s ability to block tax increases indicate that “America’s governance and policymaking is becoming less stable, less effective, and less predictable”"