Yesterday the big story was that S&P put the US government "on notice" that it risks losing its AAA credit rating unless policy makers agree on a plan by 2013 to reduce budget deficits and the national debt. I love the terminology. Anybody that's sat through a mandatory firm-wide harassment seminar will immediately recognize that when you put somebody on notice it means they've officially crossed the line of comfortable civility that should exist between adults in the workplace. The real question here is why it took so long for S&P to recognize the fact the the government crossed the line? I am of two minds on this one. On one hand they're stating the obvious, but better late than never. On the other hand, given their record of complicity and the very prominent role they played in the housing bubble debacle, why should they have any credibility at all? Nevermind that, why are they still in business?
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