Credibility, Chutzpah and Debt

Paul Krugman, New York TimesTo understand the furor over the decision by Standard & Poor’s, the rating agency, to downgrade U.S. government debt, you have to hold in your mind two seemingly (but not actually) contradictory ideas. The first is that America is indeed no longer the stable, reliable country it once was. The second is that S.& P. itself has even lower credibility; it’s the last place anyone should turn for judgments about our nation’s prospects.Let’s start with S.& P.’s lack of credibility. If there’s a single word that best...

Kelly Carlson Kelly Clarkson Kelly Hu