The amazing story of US Downgrade

On Friday night, when news broke that S&P had made a $2 trillion error in its analysis of the US debt situation, we kind of didn't believe it.

Basically we figured there might have been some issue, but that mostly the Treasury was trying to throw up a smokescreen to distract from the bad news.

But this WSJ tick-tock on the interactions between the ratings agency and Treasury over the last week really is kind of unbelievable.

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