why is there no AAAA?
Friday, August 5 2011
After the end of trading today on the New York Stock Exchange, the rating agency known as Standard and Poors decided to downgrade the credit rating of the United States for the first time ever. This might have something to do with the new reality that crazed minority factions in the Republican Party are now using hostage techniques to dictate American fiscal policy. But then again, didn't Standard and Poors completely miss the vulnerability of collateralized debt obligations leading up to the fiscal crisis of 2008? I'd like to believe they're gun shy and hypervigilant in the aftermath of that fiasco, but it seems more likely that they somehow stand to benefit from a devaluation of American credit, just as they benefitted from rating junk CDOs as AAA (why is there no AAAA?).
Tonight Gretchen went to Bard College to see Lea DeLaria with Chris (of Chris & Kirsty). DeLaria is a hilarious stand up comic who riffs on issues related to the nasty bull dyke character she makes herself out to be, though for some reason she likes to mix in interludes of herself singing jazz standards.
Meanwhile I mostly used the evening to watch teevee (particularly Storage Wars). There was a BRAWL event tonight, but I had a big day of socializing in front of me tomorrow, so I decided to skip it. BRAWL is fun, but it's always pretty much the same, and I could do without the Hurricane Kitty hangover tomorrow.
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