Sunday, August 7, 2011

Standard & Poor Hypocrites- Shame on You

Standard & Poor should be ashamed of calling U. S. government "dysfunctional" and downgrading it's AAA rating to AA.  It's like the pot calling the kettle "black".

The Daily Beast writer Nomi Prino tells us that "S&P’s downgrade carries a large dose of irony, since the extra debt the U.S. has piled on recently came courtesy of S&P's moronic toxic asset ratings.                                 

Remember: In the run-up to this very financial crisis, for which our debt creation machine at the Treasury Department ramped into over-drive, S&P was raking in fees for factory-stamping "AAA" approval on assets whose collateral was hemorrhaging value.  Banks concocted $14 trillion of toxic assets that S&P rated AAA between 2003 and 2008.

You can read her entire article using the link below.
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