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David A. Graham, thedailybeast.com / Aug 7, 2011 10:09 PM EDT.
David A. Graham on how John Bellows, the interim appointee who caught a $2 trillion error Standard & Poor’s made in downgrading the U.S. credit rating, went from writing esoteric papers to blasting the agency’s math.
It was quick thinking by a little-known Treasury functionary that nearly saved the U.S. credit rating on Friday—but didn’t quite.
Treasury Secretary Tim Geithner quickly pushed back at S&P, pointing to the error. The agency acknowledged its mistake, then said it was charging ahead with the ratings change anyway. Later that evening, it officially downgraded American debt.
01) Well, whatever be the Accounting Calisthenics, it is a fact that U.S. has been living-off-debt and its Economy is in deep trouble!
02) The Oncoming Recession is going to be far traumatic to all than the previous one!!
03) Like Chinese said, they should stop borrowing and living off and start exiting from all unprofitable and unfeasible ventures to return to the Financial Black!!!
Full Story at,