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The 'downgrade doesn't matter' crowd is growing... add Chris Christie


It's been written (even on this site) that the willingness to dismiss S&P's judgment is peculiar to "liberal commentators." I have to take exception to that...and not just because I wrote a column saying as much...well, maybe because of that. But the list of people who share my opinion is growing.

George Will (talking to ABC)

Paul Krugman (NY Times column)

Ron Paul (talking to Bloomberg)

Warren Buffett (talking to Fox Biz)

Barclays Bank (research note)

Chris Christie (AP via Politico)

Bond investors

F. Scott Fitzgerald once said that "The test of a first rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function." I don't know if I totally buy that. But I do know that while it might seem contradictory to state that the US has serious (very serious) debt and deficit problems... but is still the world's standard for risk-free investment... it isn't. If you want to tell me the US is riskier than it was 20 years ago, fine...I'll buy. But don't then tell me that France is AAA. If the US isn't AAA...no one is.

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