NEW YORK – The White House on Saturday challenged the ruling by Standard & Poor’s to downgrade US long-term credit rating form top rank of AAA to AA+, citing the agency’s decision relied on faulty math and in haste.
Disappointingly, instead of reflecting on themselves and sitting down to fix problems in a cooperated way, the Democrats and Republicans in Washington are questioning the creditability of the downgrade ruling and blaming each other for the ever-first shame of slipping out top credit rating club.
During the angry finger-pointing, the US politicians seemed to have forgotten Wall Street’s severest losses in almost three years last week, forgotten mounting concerns about double-dip recession, and forgotten the criticism over their irresponsibility showed during the debt arm-twisting from all over the world.
The world has seen enough useless bipartisan debate. The bond-holders are losing confidence. The investors have started to escape markets to stay in cash, showing their fears of uncertainty.