The credit crisis started when S&P reduced ratings on mortgage securities. Now they have lowered Greece’s credit rating to junk and Portugal's rating two notches. For a reminder of the 2007-2008 scenario, see: http://www.dailyfinance.com/story/investing/will-the-teflon-ratings-agencies-start-losing-fraud-suits/19430548/
As Yogi Berra said, "It's deja vu all over again!"
1 comment:
Does the IMF have special drawing rights called "The Double Down?"
Someday Keynes will be desipsed but for now, stimulus and bailout is the only possible course of action.
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