My Opinion About S&P

S&P lowers US Credit Rating: S&P did a self-serving crappy job during the real estate mania and then the US govt had to come and rescue, and now S&P is downgrading US for the job S&P failed in the first place to save its face. The US govt would have never had to spend so much taxpayers' money to save the global economy and Wall Street's mess, if S&P, Fitch and Moody's had not pumped up the crappy mortgages as AAA ratings. Downgrade first yourself S&P! and now their mess will cost even more to taxpayers!!!

CNN Poll: Which is a bigger concern for the U.S. economy? Unemployment 72% 145908 Debt 28% 56662 People get it.

CNN Poll: Which is a bigger concern for the U.S. economy?

Unemployment 72% 145908
Debt 28% 56662

People get it.

I think the downgrade was planned by the Treasury probably to keep the dollar weak(er) although I can think of other reason they may want to do this now. I think
if the response gets out of control S&P will revoke the down grade "due to a caculation error":

see http://thehill.com/b...aps-move-flawed

The FED has lost control... It may be dead.

S&P completely destroyed its reputation by this move, the govt only had to pile up the debt to save Wall Street and now Wall Street is trying to spit on the face of the helping hand who pulled them out of their own disaster. The govt should've let them all fail.

S&P completely destroyed its reputation by this move, the govt only had to pile up the debt to save Wall Street and now Wall Street is trying to spit on the face of the helping hand who pulled them out of their own disaster.

The govt should've let them all fail.

great point man, it is so disgusting in that respect. I remember when pimco was holding all those mortgage back securities and wanted a bailout. now bill gross cannot stop trashing bernanke and the fed.

The 94 year old AAA rating of US debt is now history. With $111.4 Trillion in UNfunded US obligation, my only comment is what it took them so long? (check last image at this link)

http://usdebt.kleptocracy.us/

As usual S&P is late to the ball game. They were late in downgrade of MBS rating and now they are late in downgrading US debt rating. However in their defense it could be argued that the MBS securities got in trouble only when the housing bubble burst. No leader in Wall Street, or Washington DC foresaw it coming. If the housing bubble does not burst as it did, that MBS stuff would still be yielding interest uninterrupted.

pdx, the govt didn't have to buy their MBS near full face value from them either, but did the US govt have any other choice? This entire debt talk is just too hypocrite, it is hung to US' neck by Wall Street because Henry "the traitor" Paulson asked for the bankers' ransom one afternoon. US had the leverage at that point, to nationalize, throw out all executives, hang Henry "the traitor" Paulson with others and then split the banks and sell them piece by piece their still functional parts and end Wall Street's tyranny. Henry "the traitor" Paulson said that no bankers would accept the deal with strings attached. US should've said, "then we are taking over since you are not taking down the country with your financial terrorism!". It would've been the end of it. But it was the Bush era, nothing good could come out of it but the endless debt. Now, as if nothing happened, the hypocrites in Wall Street is trying to blame it all to the govt spending, OMG, this is like raping a woman and then calling her a prostitute.

Edited by arbman, 05 August 2011 - 11:01 PM.

Henry "the traitor" Paulson asked for the bankers' ransom one afternoon. US had the leverage at that point, to nationalize, throw out all executives, hang Henry "the traitor" Paulson with others and then split the banks and sell them piece by piece their still functional parts and end Wall Street's tyranny.

Henry "the traitor" Paulson said that no bankers would accept the deal with strings attached. US should've said, "then we are taking over since you are not taking down the country with your financial terrorism!". It would've been the end of it. But it was the Bush era, nothing good could come out of it but the endless debt.

I could'nt agree more that Paulson started the ball rolling towards a inevitable downgrade.
He is a traitor and so is Geithner, but the ball was so much out of control when Geithner took over, I doubt he could have done much better. Where is Paul Volcker when we needed him? OOps he resigned recently from some kind of advisory board.

Edited by pdx5, 05 August 2011 - 11:08 PM.

Geithner first kindly asked a private/public partnership in 2009, when it didn't happen, he should've swiftly nationalized the banks and get rid of their corrupt executives. Geithner had the authority to take over all banks under the FDIC regulations, the bank test was another scandal. The nation did not have to buy the banks' paper, the unproductive debt is what's choking the economy. The people have to pay the billions and billions of interest and not collect healthcare and retirement benefits, this is the traitor Paulson's legacy. Geithner did a lot more, GS should've been let fail, and not back door bailed out, or at least it should've been properly investigated. What good GS is doing today? Nothing, other than playing "G0d", it is like rewarding a naughty kid only to watch him grow to become a gangster. Eventually people will revolt and destroy this financial system through a deep political change, and it is not too far out.

Edited by arbman, 05 August 2011 - 11:28 PM.

I remember the Paulson press conference. There were 5, count 'em f-i-v-e
American flags behind the podium. I knew right then we were screwed.

"When they come for you, they will be wearing a flag."