Krugman explains S&P's 'chutzpah' nicely..
http://www.nytimes.com/2011/08/08/opinion/credibility-chutzpah-and-debt.html?src=recgLet’s start with S.& P.’s lack of credibility. If there’s a single word that best describes the rating agency’s decision to downgrade America, it’s chutzpah — traditionally defined by the example of the young man who kills his parents, then pleads for mercy because he’s an orphan.America’s large budget deficit is, after all, primarily the result of the economic slump that followed the 2008 financial crisis. And
S.& P., along with its sister rating agencies, played a major role in causing that crisis, by giving AAA ratings to mortgage-backed assets that have since turned into toxic waste. Nor did the bad judgment stop there.
Notoriously, S.& P. gave Lehman Brothers, whose collapse triggered a global panic, an A rating right up to the month of its demise. And how did the rating agency react after this A-rated firm went bankrupt? By issuing a report denying that it had done anything wrong.
RE: tea party's fault.. even Paul Ryan blames them...
ok, not in so many words..
but whenever a GOP'er say's 'both parties are responsible' they mean
their party fucked up.. because 99 other times out of 100 they put the blame solely on the Dem/Libs..
