The Consumer Financial Protection Bureau may not be popular with some conservatives, but the CFPB and its stealthily appointed Director Richard Cordray are here to stay, and the watchdog agency is kicking into action by making debt collectors and credit rating companies accountable for their actions.
There is one good reason to downgrade the United States’ credit rating, but S&P, whose credibility was already spent after the housing meltdown, gave a host of largely bogus explanations for its actions.
Two seemingly—but not actually—contradictory things must be understood to grasp the meaning of the anger and excitement over Standard & Poor’s downgrade of U.S. government debt, says Paul Krugman. (more)
Standard & Poor’s, one of those ratings agencies that made a living signing off on toxic assets, has once again thrust itself into the spotlight by downgrading Uncle Sam’s credit outlook from “stable” to “negative.” As a consolation prize, S&P let us keep our AAA rating.