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Re: My God, you are an idiot.
The response to S&P's downgrading was a sell-off in equities and a massive rally in U.S. Treasuries. Not clear if most political commentators understand this.
eta David Frum:
Markets are saying: We fear recession and deflation. Washington consensus: now is the time to fight debt and inflation.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
Last edited by Tyrone Slothrop; 08-08-2011 at 02:43 PM..
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