I didn't write about it because I ignored what my old boss Col. Frank Carmody had drummed into my head so many years ago: intelligence guys do not deal in intentions, they deal in capabilities. I told myself that S & P wouldn't issue a downgrade--not after the heat (deserved) they had taken as a result of the financial melt-down and the possible enhanced consequences of such an action as a result. But they did, and I blew it despite the rumors that swirled around all day. Stupid. I'm sorry, Frank. He rests in honored glory in Arlington National and I hope I didn't disturb that rest.
What will happen on Monday? The stock market will open down...probably big time and.......not much else I suspect because as I said the other day, where else are you going to put it? The Administration will go nuts over the week-end and has already called this a "political decision"--whatever the hell that means. It is already claiming it is unjustified because of a 2 trillion dollar mistake in accounting as a result of starting from the wrong base-line (which all of you understand as a result of the blog of a couple of days ago), but as my Yankee uncle used to say, "2 trillion over ten years aint a pee-hole in the snow." The bond guys had been talking about the fact that we probably deserved a down-grade so I suspect yields might move a bit but not much. But we are the United States of America and we are supposed to be better that this. The year's first tomato was great but I feel like crap.
Sorry, again. See you on Monday
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