I called it.
As I wrote a few days ago, S&P is finished. S&P has gone to war with the administration, but S&P lacks the powerful weapons of its adversary. The DOJ started an investigation, of course it was started long before the credit rating downgrade. And now the S&P President resigns, of course he has been going to resign long before he credit rating downgrade too. Sure!
The next announcement will be that S&P found the 2 trillion dollar error they supposedly made. They will acknowledge the error and raise America's credit rating amidst a request for forgiveness, cloaked in the cover of a spin position that "To acknowledge and correct an error is a matter of professional integrity." Or they won't. Either way they are finished.
Look for a few more S&P execs to resign to pursue personal interests.
I hope they catch them before they get out of the country. We should also do a clawback on any bonuses they may have gotten. They should have been in jail long before this for their mortgage backed ratings.
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