Egan-Jones Ratings downgrades U.S. Credit Rating to AA+

 http://news.yahoo.com/blogs/lookout/citing-deficit-ratings-agency-downgrades-u-credit-154418610.html
A less prominent agency, Egan-Jones Ratings, largely avoided buying into the subprime madness. That might be because it's not paid by the Wall Street banks whose securities it's rating; instead it collects fees from investors who need accurate assessments, so it has more of an incentive to get things right.
And wouldn't you know it? Egan-Jones announced yesterday that it had downgraded the U.S. debt rating, from AAA to AA+. end quote.


 The unthinkable has happened! U.S. Credit Ratings have been downgraded to AA+ thanks to the TEA Party in Congress. The Tea Party is over.

Note: The real problem with this is that once one credit rating agency in the U.S (no less) downgrades the U.S. credit rating can others around the world be far behind? Yes. It is possible that a miracle will occur between now and August 2nd. Or a miracle could occur where something is almost ready and congress extends the deadline a few weeks by allowing the government to borrow 500 billion in the next month or two or so until it can be voted on. But how long will credit rating agencies worldwide put up with all these shenanigans going into the next presidential election cycle? If this doesn't resolve satisfactorily soon, both the U.S. Credit rating, the World's economic future, the average American and the average resident of planet earth all will be hurt either directly or indirectly if this doesn't end well within a month or two at most.