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Last night S&P downgraded United States debt from AAA to AA+. It’s the first time the US has been downgraded, and there’s been a lot of discussion about whether S&P is a credible agency making credible judgments. They gave Lehman Brothers a AAA rating a month before their collapse in 2008, there have been persistent [...]
Over the weekend, E.J. Schultz at the Fresno Bee took a look private funding for the HSR project – or the lack thereof. To those of you who have been following this blog since at least June 2008, you should not be surprised that private funders haven’t yet jumped into the project – and I’ll [...]
Earlier this week Bill Lockyer told the San Diego Union-Tribune that investment bankers on Wall Street are skeptical of California’s high speed rail project. Unfortunately, Lockyer has offered neither evidence nor details of these statements, so we can’t really respond to them directly. (That’s not to say Lockyer is making it up, I’m sure he [...]
There’s a myth in America that investors, especially Wall Street investors, are smarter and better informed than the rest of us poor schlubs. The market and its experts are given more weight than the views of other observers, because Americans in recent decades have gone all-in on the belief that markets know best. We should [...]
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