Saturday, August 6, 2011
Crisis of Confidence
Standard & Poor's has downgraded America and now the nation waits for the other shoe to drop. Will the other credit rating agencies follow suit? How much will this action boost borrowing costs for the US, of course, but all borrowing costs could rise right down to the cost of credit card interest for every individual who carries a balance and to the cost of car loans and mortgages? There is no good news here. The S&P downgrade is a blow caused by our free-spending politicians, is another insult any recovery in the economy must overcome, and has been inflicted on every single American.