S&P’s Rating Downgrade Of US Debt – Looking Back

Looking back at their fateful downgrade of the U.S. AAA bond rating this time last year, would rating agency S&P wish they had done things differently?

On the fact of it, none of the doom-and-gloom scenarios that the market painted after the downgrade have come about. At the time the agency was both praised and lampooned for its decision to downgrade U.S. debt.

Let us forget about a lowly $2 trillion, or so mistake somewhere in the calculations, as tom-tommed by the Treasury Department.

On the broad front...