Monday, August 08, 2011
I'll take Thomas Jefferson for 634
How does it feel to be financially raped again by Standard & Poor's? The first time was when they over rated mortgage-backed securities (MBS) and collateralized debt obligations (CDO) along with Morgan Stanley's and Moody's, helping to bring about the over-inflation of the real-estate bubble and its subsequent collapse.
Four years later S&P does it again when they offer their considered opinion about the US Congress' performance when raising the US debt ceiling, by down-grading the United States' credit rating from AAA to AA+. The consequences have been reverberating around the world, resulting in a drop of 634 points on the Dow on yet another Black Monday. And who knows how much lower all the markets will head before this is over, and how many more trillions will be lost. A trillion here, a trillion there, pretty soon it adds up to real money.
 Financial Crisis Inquiry Commission
 With apologies to the memory of Senator Everett Dirksen