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S&P Moves The Goal Posts on Credit Rating Downgrade!

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Dawson Leery Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-22-11 11:35 PM
Original message
S&P Moves The Goal Posts on Credit Rating Downgrade!
S&P is threatening to downgrade the United State's credit rating if a long term deficit reduction deal is not instituted in the next few months.
Now, this is the same S&P who gave A or higher ratings to toxic credit default swaps. The standard is clear, big business can do whatever it wants.
When it comes to the public sector and our well being, there is no leeway. This is clear class warfare against the bottom 98%.

http://www.reuters.com/article/2011/07/22/us-usa-debt-s...

http://www.washingtonpost.com/blogs/post-partisan/post/...

" If the credit agencies had a record of issuing prudent warnings well in advance of any conceivable crisis, their current cries might seem admirable. But these are the very agencies that failed utterly to do their job in the run-up to the housing and financial bust. Instead, as many have documented, the agencies turned a blind, lazy, greedy eye to glaring problems in order to line their own pockets. And theyve paid no price at all for their sins: Their executives kept all the bonuses they earned from keeping the subprime machine going; and these agencies continue to enjoy a governmentally privileged role in the nations financial system."
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-22-11 11:39 PM
Response to Original message
1. Rupert needs some kind of distraction.
A crash in the markets would give him a chance to slither back under a rock. Meanwhile China still continues to support the GOP.
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kenny blankenship Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-22-11 11:46 PM
Response to Original message
2. At last our true enemy has revealed himself!
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 02:08 AM
Response to Original message
3. The S&P and other ratings agencies are totally corrupt.
They rated the subprime mortgages and derivatives quite highly. Says it all.
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Ilsa Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 03:00 AM
Response to Original message
4. S&P should be made totally irrelevant. Newspapers, media, should laugh at
their "ratings" as meaningless drivel. They are corrupt and manipulative.
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 03:14 AM
Response to Original message
5. Amazing the gall they have to think their ratings matter
to anyone after the part they played in the corruption that crashed the world's economy.

They all should have been prosecuted.

But who's going to prosecute any of them? It seems they are all involved. Like the UK, who's going to investigate?

I wonder how it got to this point so fast?
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indurancevile Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 03:29 AM
Response to Original message
6. Standard & Poor's (S&P) is a division of the McGraw-Hill Companies...
http://en.wikipedia.org/wiki/McGraw-Hill

Key people Harold W. McGraw III
(Chairman, President and CEO)

Harold Whittlesey "Terry" McGraw III (born 1948)<1> is chairman, president and chief executive officer (CEO) of McGraw-Hill Companies and chairman of the Business Roundtable, an association of CEOs of American companies...

McGraw was chairman of the group's International Trade & Investment Task Force from October 2003 through 2006. In that post, he led the task force's efforts to work with CEO groups in other countries and to support free trade agreements.

The group makes up more than a third of the total value of the U.S. stock market, 60 percent of total corporate philanthropic donations in the country and almost half of all private research and development funding in the U.S...

He is a member of the board of directors of United Technologies and of ConocoPhillips; chairman of the Emergency Committee for American Trade (ECAT); and a member of the Business Council. In the past he served as a member of President George W. Bush's Transition Advisory Committee on Trade.<1>

http://en.wikipedia.org/wiki/Harold_W._McGraw_III


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LooseWilly Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 04:28 AM
Response to Reply #6
7. Well there you go... no politician will dare fuck with them...
it'd be a messaging nightmare and probably cost him/her a phoney baloney job...
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woo me with science Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 04:46 AM
Response to Original message
8. This is much larger than Obama vs. Boehner. They are merely the stage show we're being offered.
The banks and their owners are the ones holding the cards, and there is a much larger agenda in play. People had better start to wake up.
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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 04:49 AM
Response to Original message
9. Get ready for the T-Bubble!
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