This a href="http://www.bickerstafferecord.org.uk/?p=1178" article /a on the Bickerstaff Record site points out that the rating agencies have been trying to 'frame' the debate on public finances in a deficit-cutting direction. Samp;P have threatened to downgrade UK government debt.br /br /Now, it seems to me that it is highly politically and economically debatable as to whether the budget deficit should be reduced before there is an economic recovery. However, S amp; P's are taking a very political - right-wing - stance in this debate and are taking a monetarist view. It is far from clear, though, why anyone should necessarily listen to them. They misrated a lot of 'toxic' securities and, through their negligence, made the credit crunch a lot worse than it otherwise would be.div class="blogger-post-footer"img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/38622711-7087764939757926489?l=vinospoliticalblog.blogspot.com'//div
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