Is Spain in a forest or something? It seems like S&P’s downgrade of Spain is the proverbial tree falling in a forest. Nobody heard it. Or, rather, they heard it, but nobody cares. Spanish bond yields rose, a bit; Spanish stocks are actually up, higher, in the green. But to borrow another proverb, one might say stocks are whistling past the graveyard. “Markets are amazingly resilient, former Rothschild banker Kiron Sarkar wrote this morning. “Can’t help feeling that it’s the lull before the storm.” Part of this is that S&P, and the other ratings agencies, are behind the markets in terms of assessing Spain, Charles ... (full story)