Photo: Bloomberg TV
Every year, top economists, investors and analysts convene in the deep woods of Maine for a fishing trip retreat in order to network and discuss the nation’s economy.This past weekend the annual retreat at the trout filled waters of Grand Lake Stream was hosted Cumberland Advisors.
The event happened to coincide with the historical downgrading of the U.S. credit rating by Standard & Poors.
During the day of fishing on Friday, rumours began circulating amongst the retreat attendees that the S&P might downgrade the United States’ AAA rating.
Then at dinner that night, headlines crossed announcing the downgrade and a cowbell rang to interrupt the revelers in the lodge. The cowbell preceded the formal announcement the U.S. had in fact been downgraded from AAA to AA-plus.
Convenient: Some of the top minds were gathered together at the same time that historical news is coming out.
Inconvenient: The fishing retreat was in the middle of the wilderness, where there was scant phone service. Only a weak signal was available for Blackberries to reach the outside world. And there was only one phone line available.
Bloomberg Television had rented a truck for earlier live broadcasting of the retreat. It was supposed to leave earlier that day but luckily, the truck happened to get stuck at the retreat due to cars parking around it so they were able to set it up for a live broadcast following the S&P news.
Minutes after the downgrade announcement, prominent economists such as NYU professor Nouriel Roubini and Josh Rosner, managing director of Graham Fisher, lined up on the dock to cast their insight about the downgrade in a live broadcast Friday night on Bloomberg.
“They were willing to interrupt the dinner and the partying because they all wanted to watch,” said Michael McKee, an economics editor for Bloomberg Television.