If you’re an American, today is probably one of the grimmest days in a while, as the country adjusts to life as an AA+ country.
Even if the S&P move was defensible (because of Washington antics), they’re still the enemies of American prosperity today.
And so we can all feel good about this.
While the market is down about 1.5%, shares of McGraw-Hill — S&P’s parent — are down 4.5%.
And it makes sense.
Even without the $2 trillion error, downgrading the world’s largest debtor was always going to be controversial, and arguably stupid for a business.
With the $2 trillion error, Congressional hearings are practically assured.