The Hobbit and the Lord of the Debt Ratings

From Bloomberg

"Treasury Secretary Timothy F. Geithner said the U.S. is in no danger of
losing its Aaa debt rating even though the Obama administration has predicted a
$1.6 trillion budget deficit in 2010."

Probably should add 10 to 30% to that estimate. They're not so good at estimating or predicting the deficit, unemployment, polls, public reaction to their idiotic ideas and plans, etc.

"Absolutely not," Geithner said, when asked in an ABC News interview broadcast
yesterday whether a downgrade is a concern. "That will never happen to this

Maybe, maybe not, but I'm thinking the Hobbit should never say never, especially when that deficit is not going to experience "shrinkage" any time soon. Maybe if he took a cold shower.

"Moody's Investors Service Inc. last week said the U.S. government's bond
rating will come under pressure in the future unless additional measures are
taken to reduce budget deficits projected for the next decade."


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