No, it wasn’t priced in

http://newsdoors.blogspot.com/2013/02/no-it-wasnt-priced-in.html

The link is to a Bloomberg piece by Megan Greene, who I met at Kilkenomics this year. Anyway, she uses the ‘the debt rating was priced into the market’ cliche which is wrong because if that were so, the pound would not have dropped like a rock off a cliff on Friday. This is just ‘MSM talk’ meant to calm the masses and it’s untrue. Then she goes on to explain how this downgrade will goad policy makers to go easy on austerity and open up the flood gates of spending and that’s a good thing.
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