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USA downgraded by Moody's (negative outlook)

The Federal government will keep it's AAA rating, for now, but every, I'll repeat, EVERY U.S. state, city and local municipality has been downgraded. Do not our cities and states make up the federal government? Is not our nation made-up and run by the people of these cities and states? Anyway, here is the article:

Moody's Downgrades The Whole Country
"The Federal government is still AAA, but every municipal debt issuer is now suspect and shaky according to Moody's.

For the first time ever, the ratings agency placed all munis on negative outlook, a precursor to potential downgrades. Historically, the agency looked at munis individually and considered them to be too diverse to make blanket statements about.

But it seems overspending and the hollowing out of the revenue base is a nationwide phenomenon affecting cities and states everywhere."

Article Continues... http://www.businessinsider.com/

The day that the Moody's officially downgrades our Federal government is a day I hope we do not have to see... Yet, it appears, the writing is on the wall.

April 11, 2009

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