New York Tmes Endorses Obama, S&P Downgrades Paper's Credit to Junk

The New York Times' endorsement of Barack Obama was greeted with a collective yawn. The paper's editorial page, and some say its news pages, have long been "in the tank" for Obama.

So it was interesting to note that at the same time the paper embraced the candidate who promises to raise taxes and impose new regulations on the private sector, Standard and Poors dropped the New York Times Company's credit rating to "BBB-". That's finance-speak for "junk." I think the former Soviet Republic of Moldova has a better rating.

S&P believes the negative economic outlook will dampen future ad revenue. No kidding. If you think the outlook is poor now, just wait until Congress passes Obama's tax increases. Another reason to vote for John McCain and Sarah Palin.