(4-9-07) Whatever you call it -- junk bonds or junk debt, it’s all part of a great global conspiracy now.
The alarming decline in governmental and corporate credit quality that has occurred under the Bush Cheney Regime, using the fiscally reckless practice of “Bushonomics” (negative-debt-financed consumption) has now become, if you will, an “economic school of thought” that is being embraced worldwide. And this could be the sign of another global debacle…
Classically, junk bonds or junk debt has been defined by Moody’s, S&P and Fitches, the three principal rating services in the United States, as being any debt obligation whose credit rating is less than Triple B.
To reiterate, the startling credit quality deterioration in the United States under the Bush Cheney Regime has now been globalized, as more and more foreign governments and corporations begin to operate under the theory of Bushonomics.
Indeed, and this is important to note, we have seen that under the Bush Cheney Regime, 38% of the S&P 500 stocks, for instance, have been downgraded as to their credit quality.