RIFFING ON ROGOFF

In the Financial Times, Harvard economics professor Kenneth Rogoff writes:

Markets can adjust to a downgrade of global growth, but they cannot cope with a spiralling loss of confidence in leadership and a growing sense that policymakers are disconnected from reality.

The Baggers are certainly disconnected but the disconnect applies more to the MOTU, the banksters and the whole Wall Street apparatus. I've noted before that a lot of people were upset with Standard & Poor's for its malfeasance that helped cause the Great Recession.   Nate Silver demonstrated that S & P has a lousy track record  and other competent people are in agreement,   No wonder a broker paid for a little pushback:

A Plane Saying "Thanks For The Downgrade, You Should All Be Fired" Flew Over The S&P Building Tuesday