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Senior Contributor

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9 Replies
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Honored Advisor

Re: And we let this guy handle our money?

Short pants Timmy promised that the AAA rating would remain if the debt ceiling was raised, congress upheld their end of the bargain...... He doesn`t pay his own taxes, he`s just a petulant little jerk.  Obama has to really be clueless and desparate to hang on to this loser.

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Contributor

Re: And we let this guy handle our money?

This guy Timmy  critisizes S&P and can't even get his own taxes right. Only two explanations for that, either 1. he is stupid about taxes or2. he is a cheat and should be put behind bars.

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Re: And we let this guy handle our money?

As far as who is the good guy here- it is a well known fact that the financial crisis is rooted where all the smartest guys who work for the investment banks rolled the dumbest guys who all work for the ratings agencies. That, and the raters just couldn't stand the temptation of all those fees that mortgage securitazation and other structured credit churned out. You can't get away with pretending that these are all brilliant patriots.
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Senior Advisor

Re: And we let this guy handle our money?

That is a fact, Jack. If the ratings companies had down graded those bundled securities, other rating companies would have had the business. That makes it particularly egregious that they would engage in bogus ratings to increase their profit share. The chose to serve the interests of the banksters to improve their own bottom line while those investors were relying on the full faith opf the credit agancies. Those folks were supposed to be above reproach. Instead they betrayed consumers and the market and they are still in business and nobody is in jail.

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Advisor

Re: And we let this guy handle our money?

And not to mention that this highlypoliticized move by S % P, together with the baggers in the U.S. Congress, has probably quaranteed an implosion in the eurozone over the next couple of days. 

 

Could you have convinced 10 people world wide 5 years ago that the world economic system could quite possibly be rent assunder by abortion, race and gay marriage?

 

Wondering if the neoconservatives, social and cultural liberals at their origins, are going to be apologizing? The properly connected plutocrats and chheading out thr door with the bank aren't any more interested in them than they are the little folks who make up the tips of the left and right wings of political parties here and around the world.

 

The sound of middle players who have been thinking that they were big players concurrently hitting the sidewalk could be seismic. Big international finance has taken over the reins.  They are about to decouple everything. Because they can.

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Advisor

If there is some place in the afterlife....

....where dead economists hang out, Keynes and Hayek and Karl Marx and Milton Friedman are going to bump into each other while rolling in their graves.

 

That would be the graves that the ghosts of the Rothchilds and Mellons are dancing on,

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Ambrose

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8687496/The-world-runs-out-of-opti...

 

"Standard & Poor's downgrade of the United States to AA+ is a detail in this greater drama, albeit of poignant symbolism.

S&P should have acted six years ago when the rot was setting in. To do so now is fatuous."

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Re: If there is some place in the afterlife....

One more time, from the epilogue of Keynes' General Theory.

 

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas."

 

In this case, though, I'd say that vested interests have been the muses to the ideas and their electronic dissemination in a manner like the Medici's as patrons of the arts.

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Auerback

http://www.nakedcapitalism.com/2011/08/marshall-auerback-a-beers-hall-putsch-from-the-rentiers.html

 

"$2 trillion, $4 trillion, who cares if the S&P is math-challenged? It’s irrelevant! The notion that the US can arbitrarily summon up the ability to register $4 trillion in “savings” demanded by Standard & Poor as the price for upholding America’s AAA rating is nonsensical, as it ignores the impact that the withdrawal of income will have on the overall economy and, by extension, the size of the government deficits that the ratings agencies regularly decry. Credit ratings are based on ability to pay and willingness to pay. A sovereign issuer of its currency, which issues debt in said currency – like the US – always has the ability to make US dollar payments. Whether it chooses to do so is another matter. But that’s a matter of politics, not economics."