Pre-Marketing: S&P downgrade impact on McGraw-Hill
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Anderson Cooper: They say that S&P sent Treasury an error in their analysis that inflated the U.S. deficits by $2 trillion, and that the agency acknowledged their mistake. Did you make a mistake of $2 trillion in your analysis?
S&P’s John Chambers: Our analysis is in the public domain. It’s published. And the difference between baseline calculations out to 2015 is 1.5 percent of GDP.
* Felix Salmon: “Yes, the ratings agencies were in large part responsible for the financial crisis. But their mistake there was having too many triple-A ratings. If you were looking for a sign that they’d learned their lessons, it would be that they were downgrading triple-A borrowers before crisis hit. And also that they didn’t place overmuch stock in official models. Whatever else S&P is doing here, it isn’t repeating its mistakes of the subprime bubble.”
