EVERYTHING IS GOING SWIMMINGLY: ‘Rapid Deterioration’: Major Rating Service Downgrades U.S. Banking System. “Following the biggest bank failure since the financial crisis of 2008, Moody’s Investor Service has downgraded its rating of the U.S. banking system in the latest sign that President Biden’s Monday morning attempt to assuage concerns went over like a lead balloon.”

It’s worse when you consider that the rating services are usually late in their assessments.