Monday, Mar 15, 2010
This is how the truth is reported at Bloomberg
Bloomberg News: U.S., U.K. Move Closer to Losing Rating, Moody’s Says
First read the Bloomberg story, if however you prefer to read the news with the Brown Government's sticky fingers all over it, then read the BBC's version of the same story:
http://news.bbc.co.uk/1/hi/business/8567682.stm
The BBC doing its best to tow the party line and help keep the housing bubble inflated. It's a scary country we now live in.
Posted by mr cobbleot @ 11:21 AM (338 views) Add Comment
1 Comment
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1. uncle tom said...
At last we have some hard numbers to define the trip point on our sovereign debt rating.
If the UK dips back into recession, or gilt yields rise, then the UK will force the hand of the ratings agencies.
The Labour strategy for dealing with this is just too rose-tinted, and goes far too close to the edge. It will make investors fear the consequences of a downgrade, and that in turn will force gilt yields up.
Not cutting spending may stave off a significant GDP contraction in the short term, but it does not provide a vehicle for credible recovery, so even if investors do not run scared in the near term, the mounting sovereign debt will eventually cause a downgrade anyway.
The Tory strategy is conspiculous by its absence, mainly because their is no nice way to tell the electorate that we're f@*%ed.
However, the markets will have much more confidence if the party in power is ideologically willing to roll back the state, and lift the stifling hand of petty regulation from business.
Much as I detest Mr Osborne, and have little real faith in Mr Cameron, I don't see a better way forward..