People used to rely on Standard & Poor’s to follow the debt rating of stock, bonds, and other financial instruments. Since 2008, their credibility has been flushed down the toilet after the exposure of their role in giving the magic AAA rating to various questionable real estate products.
Today, Standard & Poor’s has managed to take one step further down the road to ignominy. Not only did they downgrade Ireland's debt, but they downgraded the outlook on US debt citing the US government's inability to come to terms with the budget by 2013... Wall Street would like nothing better than to see job growth stall and a probable victory by a Republican for president in 2012... Standard & Poor’s isn't practicing economics, it is practicing blatant extortion...
Read more:
http://blogcritics.org/politics/article/standard-poors-plays-politics/#ixzz1JwbpJs7j----------------
My most recent article... this can also be found at
http://rationalista.com/
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