The shot across the bow in the Great American Decline came at the usual time: just before the weekend after the market closed on a Friday.
This time-honored tradition of announcing horrid things just as one tucks into Friday night was invented by flaks who believed — rightly — that nobody notices anything going on between 4:30 pm on a Friday and 9 a.m. on a Monday.
This hat trick does not always work. When Standard & Poor’s downgraded the U.S. credit rating from ‘AAA,’ the highest rating possible, to ‘AA+’ this past Friday I was traveling through New York and working in offices on Park Avenue. In the streets, it was absolute bedlam.
Later, having dinner on Wall Street with friends it was the same.
This effectively strips the U.S. of its golden credit for the first time in history.
We have lost our standing in the world.