Interesting question in the offering - at least to me. If the Debt Ceiling limit is reached without a new agreement , the U.S. defaults on its loans and Moody's downgrades the U.S Government rating to less than AAA.
Fair enough ask the Greeks what happen when a nation defaults. The real question I have is how banks were never downgraded after the MBS mess. Could private banks suddenly have better ratings than the U.S. Government?
Scary though.
Wayne
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