09-08-2013 10:01 AM
Well it is a big deal not sure it is gonna be the c change that the last time was. I think something else bigger takes us down. I would also be watching for a big fallout last weeek of Sept. or last week of Oct. When that hits commodities are gonna get rifled thru so fast we won;t know what hit us. As soon as the equities start to turn this stampeed will not stop till it has sucked all the dollars outa everything. I really think this may be a bellweather fall. Our great depression is about to be here.
09-08-2013 01:39 PM
Now the credit rating agency got carried away and was giving everyone and everything a aaa rating. Even when the lender was garbage. Unfortunately, many cds bet that big banks couldn't fail. And usually cds were tied to big aaa banks that failed. When the bAd loans and unpaid CDS came to light, no one could get paid.
09-08-2013 02:45 PM
That is interesting.. Why would you blame the government? The banks were the ones that offered shoddy loans, bundled them and pressured the ratings agencies into bogus credit rating and then sold them to unsuspecting investors. There is enough blame to go around but the governments real mistake was not giving those high rollers Jail time. Lotz of it.
09-08-2013 02:52 PM
The ratings agencies were pressured into giving hyped up ratings. If tha banks were not satisfied with a rating they would offer the business to another rating company. Thus if a rating company wanted the business they came into compliance with the bundlers expectations.
In other words the ratings companies prostituted themselves in the pursuit of business.