I have been arguing that "crony capitalism" USA is damaging the country in public/private sector governance and credibility around the world.
Now, the other shoe is about to drop. USA is poised to lose its AAA bond rating as its national debt shoots up from a small single digit as a percentage of its GDP to a double digit in 2009-2011.
The Obama Administration is saying budget deficit will soon come down a couple of years out. No economists outside of the Administration buy that scenario. A very sad situation for US debt for as long as one can remember is the Platinum Standard for sovereign debt. Read the latest from Bloomberg News here.
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