Some sh@t when you can't devalue your currency!

In that same issue Simon Schama, the noted British historian had a nice comment about Standars & Poor's and Moody's;

"Credit-rating agencies—those ravening hyenas of fiscal trouble—move on from one economy, mutilated by sovereign-debt downgrade, to another, traveling north from the basket cases of the Mediterranean, crossing the Alps in search of freshly fallen game. You might think that the agencies that were the enablers of the subprime calamity and were capable of making a trillion-dollar error in calculating American debt reduction over the next decade would have the decency to go into hiding for just a while before presuming to decree the viability of hard-pressed states to meet their bond obligations."

I agree with this assessment.

Methinks you may be on to something, Chas.

Dave

Believe it or not, this dovetails nicely with a lot of opinions advanced by the John Birch Society.

Myself, being a fool from Bugtussell, who's only knowledge of high finance boils down to an analogy of a simple minded poker game....

Whenever you look around the table, and you can't tell who the sucker is , then the sucker is you.

Chas

Brilliant!

We appear to be in agreement on this issue. I have no use for the ratings agencies; however, they still have an effect upon financial decisions despite their record.

You keep agreeing with lefties and people are going to start questioning your ideological purity. :rolleyes:

Regards,

D-Ray

The ratings agencies are trying to CYA after they missed the mortgage crisis.

Hoover started the Depression? That's a new one on me :headscrtch:

Pete

Instead of spending money to jumpstart the economy he set out to balance the budget same stupid ideas the GOP is putting forward today.

He knew the sytem was rotten, pulled his cash out of the stock market before the crash and told everyone who would listen to do the same.

Many of the programs continued by FDR were started by him. The big difference is Hoover wouldn't give money directly to people, he gave it to the States for disbursment.

Pete