In the last week, American bonds were downgraded on their credit rating from AAA to AA+.. with a further Negative outlook for the future.
Finally... after a long long long delay.
It should have happened when America decided to re-elect Bush.. as his first term itself killed America's economy enough.. with Bush busily spending lots of money into policies like 2% housing loan subsidies, high health spending for the public.. etc.,.. to cover up for what he did on the other side, leading a war which was eating many billions in expenses.
It should have been done when America went to war .. with Iraq ???
At least you could explain why they went to war with Afganisthan, as a reaction to September 11... but Iraq? What interest was that to bring Saddam and his men down in a distant country with all your economic reserves committed on that war, when the reserves were already going of like quick sand
It should have at least been downgraded when America hit a no-return recession which claimed all America's who's who in Mortgage, Banking and Investment corps.
And American government, with all those intelligent guys there, committed extraordinary amount of money to bring back these bankrupt companies back on foot... with nobody, just no bad money hungry company boss brought to justice for having managed things badly(read 'greedily) to pull the entire country's economy down.
And still not withstanding any economic sense, instead of pulling up the sack of money and starting to fill it, Obama committed a large amount in public health policies than what was already a high amount committed by Bush before him.. just to score political points.
After all this.. it would be funny, if they didn't see this coming.. the downgrade of their economic credit rating from AAA to AA+.
.. and even now some people are talking like it was Deven Sharma, an Indian American who is to blame for America's downgrade. Deven Sharma, is Indian-by-birth, President of the rating enterprise S&P which downgraded American bonds.
