Standard & Poor’s
August 8, 2011 by staff
Standard & Poor’s, It would have been helpful if Standard & Poor had been so attentive to the mid-2000s, when it and other rating agencies assign credit ratings to the best sub-prime securities and other financial weapons of mass destruction (in exchange for shares ordered the bankers). If so, we could have avoided the worst financial panic since the Great Depression, and one of the main drivers of the S & P deficit now hates.
S & P and 2.1 trillion error right out of the box Friday also calls into question his position to make a statement about the safety of U.S. debt. New York lawyer who writes the blog finance Economics Contempt goes further:
Look, I know that these S & P boys. Not these guys in particular – do not know, John Chambers, and David Beers personally. But I know intimately the rating agencies. When I was a lawyer for an investment bank, which had extensive interactions with the three rating agencies. We had to get lots of offers of qualifying, and were almost always involved in the process of offers that worked. To say that S & Panlysts are not the sharpest tools in the drawer is a huge understatement.
This means that Treasuries are rising today as a safe haven. S & P Only the three major rating agencies issued a downgrade. The United States will not default or pay interest to creditors. We are not “broken.” We are the richest nation in history. Once again: We have an immediate or even medium-term debt crisis – was a ginned-up political event – which has a crisis of employment and growth.
S & P has no more standing than anyone to make political judgments. As the blogger and others (myself included) have pointed out, elections can change the House Republican extremists seems dangerously unserious about the debt ceiling. And if a Republican is elected president in 2012, the problem will disappear and the debt ceiling will be increased automatically. However, this is what S & P wrote: “The downgrade reflects our view that the efficiency, stability and predictability of American politics and political institutions have weakened both the current economic and fiscal challenges to a degree. More than expected. ”
That part is true. Our leaders and institutions have failed us, not even told the truth, much less take the appropriate measures to address seriously hurt the economy (hence, the required reading is Drew Westin, “What happened to Obama” again York Times Sunday. These institutions were damaged credit agencies. No wonder that passed this year and 1.76 million in lobbying.
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