I just read this morning that the president of Standard & Poor's is stepping down as he is "ready for new challenges." Wow, that took longer than I thought. The same article commented on the recent downgrade of the US credit rating by S&P and added that neither Moody's nor Fitch has lowered their rating of the US. Did anyone think that either agency would consider a downgrade of the US credit rating after a DOJ investigation into S&P for improperly rating mortgage securities and the president of S&P is forced to resign? I, for one, thought that S&P did the right thing by downgrading the US credit rating, but to what end? This isn't a coincidence on the part of the Obama Administration. Do the right thing, but be prepared to suffer the consequences.
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