A White House official yesterday lashed out at Standard & Poors for its downgrade of the US' long-term credit rating, essentially claiming that it just made up the reasons for the downgrade. All S&P is really doing, in my opinion, is holding a mirror to the reckless budgetary antics of the federal government.As surprised as I was to see a downgrade really happen (and that a further downgrade already is on the horizon), I guess I shouldn't have been. For one, S&P and Moody's had said for weeks that it was coming. Second, for all the heat the credit rating agencies (rightly) received for missing the mark on the rating of mortgage-backed securities, can you really blame them for being cautious?
At least I have come around to the reality of the downgrade - even if the Administration has not.
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