Wednesday, August 3, 2011

Eeny, Meeny, Money, MOM!!!!

Back in 2008 (remember 2008 - we were looking at electing the first Black President ever, and the downturn in Wall Street meant we were just demoralized enough to actually do that, kind of a childlike state, hoping the Angry Black Guy would actually take the fight to the Rich White Assholes who'd tanked the country), anyway, back in 2008, weeks, and even days before Lehman and Bear Stears went belly-up, Moody's, Standard & Poors, and Fitch were all giving them AAA ratings, even though they were about to totally implode and disappear up their own orifices forever. So, either the ratings agencies didn't know what was coming, or they were paid to keep their damn mouths shut until it was far too late.

There were hearings after it was all over. Just so, you know, we'd know what happened. Obviously, there was never any intent to actually prosecute any of these people, otherwise they probably wouldn't have gone up in front of Congress and spoken anything even vaguely resembling the truth in the first place. To a fault, the ratings agencies' representatives all stated that their ratings were simply opinions, and no one should take them seriously. Well.... Ain't that a surprise. Here I thought this shit was supposed to actually mean something.

Fast forward to the last week or so. Now we hear that Moody's, Standard & Poor's, etc., are threatening the US Treasury bond with a downgrade to AA status, from our current solid state of being Triple-A. The world's reaction (when they aren't yawning) has been that the US Treasury Bond would no longer be the drug of choice for other countries needing to stabilize their own currency. Interest rates will skyrocket, credit will collapse, yadda yadda yadda. So now we have this debt deal that builds in a lot of "triggers" that will force Dems to do something they don't want to do, and/or force Repugnicans to things they don't want to do. All because ratings agencies have an "opinion."

So, just to follow this logical fallacy, if it's just an opinion, why does anyone give a damn? If it's more than an opinion, why aren't some of these nightmare opinionaters either in pound-me-in-the-ass prison, or at least out on the street, begging for change?

Have I missed something?

1 comment:

Fred said...

Standard & Poor? No and yes. Their standards leave us all poor. SCROOM.