S&P President: Maybe The Market Crash Was A Reaction To The Downgrade And Maybe It Wasn't

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The drop could be attributed to anything- The shit in Europe. Rex Ryan's tattoo. The god damn heat (and SACs busted AC). You have no idea.

Deven Sharma said the drop in markets Monday was not necessarily a reflection of the S&P downgrade. "The market reacts in many ways, sometimes unexplainable, but our ratings really address the fundamentals of the creditworthiness," he said. "The market could be reacting to the fact there is a slowdown in economic growth. It could be reacting to what’s happening in Europe. It could be what’s happening in the U.S. There are multiple factors that...contribute to how the market reacts."

[CNBC]

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