S & P is a Joke.

[Truthseeker420]

This final note today, in which S&P beats up on Warren Buffet. The billionaire went on CNBC this morning, said he wasn’t worried at all about the debt downgrade and said, in fact, that the downgrade changed his opinion of S&P — not his opinion of U.S. Treasuries.

Funnily enough, couple of hours later, S&P put Buffett’s company Berkshire Hathaway on notice for a possible downgrade.

Hmmm.

Also, we should note here: Berkshire Hathaway’s the single biggest shareholder in S&P’s competitor, Moody’s.

Warren Buffett vs. S&P? | News In Brief | Marketplace from American Public Media

 

[Flopper]

People forget that there are three major bonding rating services, Moody's, S&P, and Fitch of which Moody's is the largest. S&P is only one that has downgraded US debt. It's ironic that S&P should be downgrading the government for bailing out institutions that S&P should have downgraded.

Beginning in the late 1970's these services began charging the bond issuers for their rating which removed any objectivity. Of course that paled in comparison to the deregulation of financial organizations in1980's which allowed these organization to choose who they wanted to regulate them. We saw the results of this insanity in 2008 when bond rating agencies were selling their AAA ratings to organizations that were paying a regulator for the their service. Recently legislation has changed little.

 

[Truthseeker420]

People forget that there are three major bonding agencies, Moody's, S&P, and Fitch of which Moody's is the largest. S&P is only one that has downgraded US debt.

Beginning in the late 1970's these companies began charging the bond issuers for their rating which removed any objectivity. Of course that paled in comparison to the deregulation of financial organizations in1980's which allowed these organization to choose who they wanted to regulate them. We saw the results of this insanity in 2008 when bond rating agencies were selling their AAA ratings to organizations that were paying a regulator for the their service. Recently legislation has changed little.

It seems like a con game.

 

[dilloduck]

Yet the fact these credit rating agencies are a joke does nothing to shake the faith in the American economy. And Americans could care less if the Fed prints and distributes trillions of dollars. If we can buy what we need we'll all be happy even if the stock market crashes to zero.

 

[dilloduck]

People forget that there are three major bonding agencies, Moody's, S&P, and Fitch of which Moody's is the largest. S&P is only one that has downgraded US debt.

Beginning in the late 1970's these companies began charging the bond issuers for their rating which removed any objectivity. Of course that paled in comparison to the deregulation of financial organizations in1980's which allowed these organization to choose who they wanted to regulate them. We saw the results of this insanity in 2008 when bond rating agencies were selling their AAA ratings to organizations that were paying a regulator for the their service. Recently legislation has changed little.

It seems like a con game.

It IS a con game except for the fact that people are aware of it. We just go along with it because we have no choice.

 

[driveby]

Is it S & P's fault or the TEA Party's fault ? You moonbats just can't make up you mind......

 

[B. Kidd]

This final note today, in which S&P beats up on Warren Buffet. The billionaire went on CNBC this morning, said he wasn’t worried at all about the debt downgrade and said, in fact, that the downgrade changed his opinion of S&P — not his opinion of U.S. Treasuries.

Funnily enough, couple of hours later, S&P put Buffett’s company Berkshire Hathaway on notice for a possible downgrade.

Hmmm.

Also, we should note here: Berkshire Hathaway’s the single biggest shareholder in S&P’s competitor, Moody’s.

Warren Buffett vs. S&P? | News In Brief | Marketplace from American Public Media

The joke is on you, Obama, and da' rest of us.
Idiot child!

 

[Sallow]

People forget that there are three major bonding agencies, Moody's, S&P, and Fitch of which Moody's is the largest. S&P is only one that has downgraded US debt.

Beginning in the late 1970's these companies began charging the bond issuers for their rating which removed any objectivity. Of course that paled in comparison to the deregulation of financial organizations in1980's which allowed these organization to choose who they wanted to regulate them. We saw the results of this insanity in 2008 when bond rating agencies were selling their AAA ratings to organizations that were paying a regulator for the their service. Recently legislation has changed little.

It seems like a con game.

It IS a con game except for the fact that people are aware of it. We just go along with it because we have no choice.

Well the whole idea that something made of linen and ink and called a "dollar" has value is a "con" job.

How far do want to take this?

Economies are abstract..human constructs. That's how we distribute goods and services.

There are countries that use the barter system..and you are free to move to them.

But full disclosure.

They suck.

 

[Sallow]

Is it S & P's fault or the TEA Party's fault ? You moonbats just can't make up you mind......

Both.

The Tea Party in that it held the economy hostage..almost a first.

First time in history of doing this that a company used punditry to generate a rating. Usually this is done by math. Which by the way, S&P initially got wrong.

 

[Kevin_Kennedy]

S&P is a joke, but only because it took them this long to downgrade U.S. debt and because they most certainly didn't downgrade it enough. The truth is that all these ratings agencies are a joke because they overrate that which should be considered junk.

 

[theHawk]

I agree its a bit of irony that S&P who gave AAA to those bad low income mortgages is downgrading the US.

But S&P aside, who can argue that faith the US can pay all of its debt is the same as it was 5, or 10, or 30 years ago?

We have a nation that is largely unwilling to cut spending on itself. Its all about "me, me, me" in this country. Face it, we're a nanny state in which most generations have been raised with the notion that the only security they can get is from Uncle Sam.

 

[driveby]

Is it S & P's fault or the TEA Party's fault ? You moonbats just can't make up you mind......

Both.

The Tea Party in that it held the economy hostage..almost a first.

First time in history of doing this that a company used punditry to generate a rating. Usually this is done by math. Which by the way, S&P initially got wrong.

I'd be inclined to listen to any argument that says S&P got it wrong, but blaming the tea party is like blaming the guy that called 911 to report that the building was on fire........

 

[Flopper]

People forget that there are three major bonding agencies, Moody's, S&P, and Fitch of which Moody's is the largest. S&P is only one that has downgraded US debt.

Beginning in the late 1970's these companies began charging the bond issuers for their rating which removed any objectivity. Of course that paled in comparison to the deregulation of financial organizations in1980's which allowed these organization to choose who they wanted to regulate them. We saw the results of this insanity in 2008 when bond rating agencies were selling their AAA ratings to organizations that were paying a regulator for the their service. Recently legislation has changed little.

It seems like a con game.

Absolutely. In 2008 Wall Street bankers would chose their own regulators, ones that would care the least about enforcing the law. These banksters were able to hold and sell worthless mortgage back bonds because the bond rating services sold them AAA ratings. The public would be outraged if the drama critic for the New York Times was being paid by producers to review their plays. Maybe if the government had paid S&P, they would still have their AAA rating.

 

[Flopper]

Is it S & P's fault or the TEA Party's fault ? You moonbats just can't make up you mind......

Both.

The Tea Party in that it held the economy hostage..almost a first.

First time in history of doing this that a company used punditry to generate a rating. Usually this is done by math. Which by the way, S&P initially got wrong.

I'd be inclined to listen to any argument that says S&P got it wrong, but blaming the tea party is like blaming the guy that called 911 to report that the building was on fire........

Of course the Tea Party isn’t responsible for the debt. The downgrade is a different matter. If you take the time to read the S&P analysis, you will see that they based their decision on two things, the projected rise in debt over the next ten years and the ability of the two sides to work together to solve the problem. S&P does not feel the two sides will be able to work together in the future, thus their negative outlook. Clearly if the Tea Party had been willing to consider increasing taxes then S&P would probably not assigned a negative outlook. If they had agreed on sufficient tax revenue, then there would be no downgrade.

So yes, the Tea Party bears most but all the responsible for the downgrade.