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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 5 April 2012 [View all]DemReadingDU
(16,000 posts)79. Egan Jones Downgrades USA From AA+ To AA, Outlook Negative
4/5/12 Egan Jones Downgrades USA From AA+ To AA, Outlook Negative
A few weeks ago when discussing the imminent debt ceiling breach, and the progression of US debt/GDP into the 100%+ ballpark, we reminded readers that in February S&P said it could downgrade the US again in as soon as 6 months if there was no budget plan. Not only is there no budget plan, but the US is about to have its debt ceiling fiasco repeat all over as soon in as September. Which means another downgrade from S&P is imminent, and continuing the theme of deja vu 2011, the late summer is shaping up for a major market sell off. Minutes ago, Egan Jones just reminded us of all of this, after the only rating agency that matters, just downgraded the US from AA+ to AA, with a negative outlook.
http://www.zerohedge.com/news/egan-jones-downgrades-us-aa-aa-outlook-negative
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