there seems to be mud being flung at s&p.
from what i can figure it seems that:
a. s&p informed treasury that a downgrade would be announced, and here is why. this happened around 1ish.
b. treasury pushed back very hard and pointed out quite the math error.
c. things bounced back and forth betwix treasury and s&p. s&p did acknowledge the math error, but was holding on the downgrade.
d. s&p went with the downgrade mostly for a political reason rather than an accounting reason. claiming that the political disfunction and discourse was putting the country’s credit and fiscal health at risk.
e. treasury puts a statement out about the bad math of s&p.
f. the downgrade hit the media, and kaboom the cable news stations are going frothy.
great job congress. show how the sausage is made, that’ll work.