[lbo-talk] S&P downgrades U.S. debt

Dennis Redmond metalslorg at gmail.com
Sat Aug 6 10:06:32 PDT 2011

On Sat, Aug 6, 2011 at 9:49 AM, Max Sawicky <sawicky at verizon.net> wrote:

> It's worth noting unless somebody already said this that Japan was rated
> lower than the U.S. but could also sell debt at lower interest rates.

Exactly. The same tube-lights (a wonderful South Asian Anglophone term which means "dim bulb") who rated all that MBS/CDO crap triple A are now baying for austerity. The S&P statement is astonishingly open about this:

"In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."

Translation: 30 years of falling real wages and $1 trillion in military-industrial boondoggles and trillions in Federal Reserve subsidies to busted bankster scam artists and trillions of future subsidies for the medical-health insurance-pharmaceutical complex isn't enough for the plutocrats, America also has to kill off its old people.

-- DRR

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