Tuesday, August 9, 2011

The Market has Spoken: Nobody Cares about S&P Downgrade

Stoddard & Poops? Slandered & Pimped?  Who gives a fuck about S&P anyway... The Financial Times:
The US treasury conducted its first post-downgrade auction of Treasuries on Tuesday and, guess what, it’s a record breaker.

Three-year yields were sold at a record low yield of 0.5 per cent, which means the US could easily be confused for a AAA sovereign.
Let's remember, the downgrade is not the same as a default.  That would have been horrific.  The downgrade by the hacks at S&P is a mere annoyance.  If anything, it will result in their further slide into irrelevancy.  

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