I just picked this story up from my friends at WealthWire.com. Thought you may be interested, too.
Let's face it. We've already lost our AAA credit rating.
We don't need the cowards at Moody's or the S&P to warn us any more... We're already there.
Even a very pessimistic Jim Rogers agrees, calling the current debt negotiations nothing more than a political “charade.”
According to The Wall Street Journal:
“Everyone already knows that the U.S. has lost its AAA status,” Rogers said. “Anyone who knows what is going on, already knows that the U.S. is now the biggest debtor nation in the history of the world. It’s only S&P and Moody’s that haven’t figured out what is going on. The investment world knows that the U.S. is not AAA.”
“I don’t expect them to have real spending cuts. They have been talking about this for 40 years, talking about how they are going to solve the problem of the deficit. Remember the Grace Commission? Remember the Gramm-Rudman act? The Gramm-Rudman act said we couldn’t have deficit spending 25 years ago. They forgot about that.”