Today, I challenged S&P, and Moody’s and Fitch to downgrade long-term U.S. debt. Click here to view the video from Business News Networks’s Trading Day.
A Challenge to S&P, Moody’s and Fitch
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Martin – You get an A+ …Excellent article (Very disturbing, but interesting).
Like most, I understand the conspiratorial complicity of the Big Three rating agencies, and their fundamental part in the current and widening situation. Just as clear was the BNN interviewer’s slanted perspective. What came through to me was: He gets it, but really doesn’t want to Admit it! He sounded like a person who just wants to continue dancing down Happy Road, but certainly doesn’t want to face Reality. “Think of the problems that we’d have to face.” Priceless.
Your article was well researched, and brought together many years worth of data and historical evidence; frankly I found it irrefutable. Thank you. I forwarded it to a few friends (and I don’t forward much stuff). I guess what bothers me most is that bogus ratings provide cover and concealment for Congress to continue sleepwalking. They get it too – but most Members don’t have the integrity to address the situation in a timely manner. Corrective action will be extremely difficult and painful; but we’d better get to it, or one day soon we may see the national/international financial system implode within hours. It will make last Thursday’s event look like a hiccup.
I’m delighted that Weiss Research has resumed some of it’s rating and evaluation functions; God knows we need some objectivity in the whole process. …again, Thank You and all your staff.
Martin, I understand your logic and agree with you. However, I shudder at the reaction to the “Big Three” releasing any ratings. Very simply, I do not trust them.
In the mid-90’s shortly after the onset of pooling mortgages, I asked a CFO of a good size mortgage company (someone I had known for many years) how the insurance worked and how ratings were determined. His response, “It all depends on how much you are willing to pay them.” I lost all credibility in them at that time. And have seen nothing since then to cause me to change my mind.
I am wondering why our bank is not listed on the strongest banks in Kansas, American State Bank & Trust Company, Great Bend, Kansas and also Peoples Exchange Bank, Belleville , Kansas. Both are highly rated banks and performance better than peers. Just curious where we fall.
Past performance is huge. However, in this market I’m looking for someone to initiate contact with me quickly on needed portfolio changes. I do not want to have to be the one to chase my advisor for advice.
Nice share. I’ll be linking to this post on my blog for sure.