Egan-Jones, a private ratings firm, only recently attacked by the U.S. government themselves for their last downgrade of the U.S., did it again.
I’m not happy we are downgraded but their guts leave me breathless in a good way. [Check out the story if you are not familiar with the attacks on Egan-Jones by the bullies in the Obama administration.]
The Obama administration tried to Chicago thug them into silence with threats against their very existence and here they are, calling it like it is.
Egan-Jones downgraded the U.S. government debt to AA- from AA on Friday, citing the Federal Reserve’s plans to try to stimulate the economy.
The credit rating agency said the Fed’s plans to buy mortgage bonds will likely hurt the economy more than help it.
Bernanke doesn’t know what else to do besides QE3, mostly because he is a Keynesian and they have few options. It’s bailout or a bailout and then there is always a bailout.
This is our second downgrade, something that has never happened in the United States before the first one. Now we have two.
Our economy is burning and the world is burning. Obama had no small part in it. He’s making me think Jimmy Carter wasn’t so bad.