S&P’s downgrade is largely due to the moronic toxic-asset ratings of S&P.

The US Treasury Department and Warren Buffett might dispute it, but you can't deny that credit rating agencies have a sense of humour.

Standard & Poors' downgrade of the US as a nation carries a heavy dose of irony, since the extra debt the US has recently piled on recently came courtesy of S&P's - let's be frank here - moronic toxic asset ratings. Great article from the Daily Beast's Nomi Prins on the background is here

Ratings Agency Hypocrites thedailybeast.com

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