Dysfunctional government, dysfunctional credit agencies
Sound Economy with Jon Talton | Seattle Times Newspaper
http://seattletimes.nwsource.com/html/soundeconomywithjontalton/2015852465_it_would_have_been_helpful.html
It would have been helpful if Standard & Poor's had been so vigilant in the mid-2000s, when it and the other credit-rating agencies were assigning top grades to sub-prime securities and other financial weapons of mass destruction (in exchange for tidy fees from the banksters). Were that so, we might have avoided the worst financial panic since the Great Depression and one of the key drivers of the deficit S&P now so abhors.
I am not sanguine about anyone in the current administration, or many in Congress and the Senate, for that matter, taking this lesson to heart. We're screwed. And they're just going to keep screwing around with our tax money, making things worse and worse and worse.
And, in a late-breaking development,
(http://www.youtube.com/watch?v=fUjGUWo4HrU)
http://seattletimes.nwsource.com/html/soundeconomywithjontalton/2015852465_it_would_have_been_helpful.html
It would have been helpful if Standard & Poor's had been so vigilant in the mid-2000s, when it and the other credit-rating agencies were assigning top grades to sub-prime securities and other financial weapons of mass destruction (in exchange for tidy fees from the banksters). Were that so, we might have avoided the worst financial panic since the Great Depression and one of the key drivers of the deficit S&P now so abhors.
I am not sanguine about anyone in the current administration, or many in Congress and the Senate, for that matter, taking this lesson to heart. We're screwed. And they're just going to keep screwing around with our tax money, making things worse and worse and worse.
And, in a late-breaking development,
Click to view(http://www.youtube.com/watch?v=fUjGUWo4HrU)