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Prof. Lawrence White on a possible US credit downgrade

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Excerpt from Bloomberg -- "A down grade doesn't mean we're deadbeat, but it does mean the difference between AAA, which is 'extremely unlikely' to default versus, in S&P language, AA+, which means 'highly unlikely.' Well, after what we went through in August of 2011, how can you argue that it's still extremely unlikely? I don't think so. Highly unlikely? Probably."

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