Bears Get A Chance To Eat

MOODY'S CHANGES OUTLOOK ON UNITED STATES' RATINGS TO NEGATIVE.

This just hit 25 minutes ago.

As a reminder, the Fitch downgrade was August 1st where Fitch noted that US general government debt, including state and local government debt, was at an estimated 112.9% of GDP this year, which is more than 2.5x higher than the 39.3% of GDP median for AAA-rated sovereigns and 44.7% of GDP for AA-rated sovereigns.

“This is a wakeup call to get our fiscal house in order before it's too late."

With the government needing to issue ever more debt to cover the shortfall of revenues relative to spending, why wouldn't Moody's join in?

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