Wall Street Cheat Sheet
August 24, 2010
- A d v e r t i s e m e n t
This morning credit rating agency Standard & Poor’s (MHP) said in order for the US to keep its AAA-rating, it is “very important” for Congress to deal with the cascading US Debt. China’s largest credit rating agency Dagong Global Credit Rating Co. was less diplomatic: they simply downgraded the US credit rating to AA.
This, my friends, is only the tip of the iceberg of what will unfold should we choose to kick the proverbial can farther down the road. As you can see in the infographic below, according to the US Treasury we are watching a debt Tsunami come ashore. If we have any pride or patriotism, we’ve got to start dealing with the crisis now before it wipes out generations of wealth: