this from The people Who Rated The CDO's AA

The Instapundit links to a Financial Times article I heard about earlier today titled:

Moody’s says spending threatens US rating

The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody’s, the credit rating agency, said on Thursday.

Now there is nothing wrong with the article when I heard about it this morning I was in the trading pits and I had 2 immediate reactions: 1. Why should we believe anything Moody's has to say after their disgraceful contribution to the subprime crisis where they continued to give high ratings to complete junk securities in order to continue receiving their fees from the underwiriters? I suppose the government isn't paying them any fees.
2. I then wondered why we only here about the problems the US is going to have meeting social security and medicare benefits in the future but we never here the same about Europe. European social programs are much more extensive in general and their demographics are much worse. All the piling on of negative news for the dollar reminds me of the 80's when Japan was going to buy up the US and our future was gradual decline. I am thining it is time for a pretty good bounce in the dollar soon., maybe when the new gold highs start appearing on the front page of local papers.