Rational markets (cont.)
So stock investors around the world panic on the S&P downgrade of the U.S. Treasury. And where do said investors flee for the proverbial “safe haven”? U.S. Treasury bonds, up almost 2 points on the day.
S&P: foreign agents
So the lead analyst on the S&P downgrade of the U.S. Treasury is based in…Toronto! What, they were afraid to have an American do the work? And you can download the report from S&P’s “BlobServer.” I’m not kidding. More on all this in the imminently forthcoming LBO #133.
Listen to me and a non-frothing right-winger (ah, Canadians, so temperate!): The Sunday Edition. “To help us unpack all that, I am joined this morning by two seasoned observers of matters fiscal and economic. In Ottawa, Jack Mintz, former chairman and chief executive of the C.D. Howe Institute and currently the Palmer Chair in Public Policy at the University of Calgary. And in New York, Doug Henwood, editor and publisher of the Left Business Observer.”