Downgrade This! Standard and Poor’s Sued By US Government
A very powerful group of people has advised Standard and Poor’s to reconsider some of their recent bond rating decisions. In a vacuum, this could be seen as condign. S&P’s has a track record for being too cozy with Wall Street brokerage houses that issued mortgage-backed securities based upon sub-prime mortgages. S&P, like Moody’s, like Fitch, overrated the quality of many of these MBS bonds which helped contribute to the economic unpleasantness of the last five years.
However, unlike Moody’s, unlike Fitch, S&P deviated from the hypocritical script and began putting bond issues under a more focused microscope. They found fecal matter strewn throughout and began to rate securities issues accordingly. Regrettably, some of those issues S&P took the hatchet to were USG debt securities. In August of 2011, S&P downgraded US debt from AAA to AA+. Thus S&P will be tortured with the legal equivalent of amateur proctology by the pathetically obvious Obama Administration.
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S&P Downgrades Our Credit Rating, Obama Downgrades the American Dream
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the fallout from the S&P downgrade of our credit rating, the false “Tea Party Downgrade” spin from Democrats and the Verizon’s union strike. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like | Read More »
So Who’s Up For A Round Of Messenger-Shooting?
“My guess is that once the US loses its triple-A, it’ll be gone forever.” – Felix Salmon Izvestia in Atlanta (CNN) We now suddenly receive a recent history lesson abouthow S&P financially rated Lehman Brothers prior to its collapse. Why would this be any more relevant to today’s problems than Paul Krugman’s cheerleading for a big housing bubble back in 2002? Because S&P could still | Read More »
White House and Congressional Leaders Resort to Fearmongering
If you’ve seen the recent Harry Potter or watched any of a host of exorcism movies, you know that right before the demon dies, he lashes out most brutally and fearfully to try to get you to give up. We’re seeing the demon of out of control government lashing out in spectacular fashion now before House Republicans kill it. In one last spectacular bout, the | Read More »