Standard & Poor's rating scales are watched closely by financial experts all over the world. Investors base their decisions on the ratings. That's why today's announcement of Greece's poor credit rating could further exacerbate their debt crisis. It's a statement that certainly isn't neecessary. Everyone already knows Greece is in financial poopoo. So why did S&P need to remind the entire world that Greek debt is a bad thing to be holding onto?
I think far more important for all of us to keep in mind, is just how good S&P's credit ratings ACTUALLY are. Just three years ago, Standard & Poor had given triple-A ratings to Mortgage Backed Securities that were doomed to fail. How far can we really trust these ratings agencies? Not at all. Hell, even a bum on the street can give the kind of information that S&P provides. (I would like to point out that the S&P website has completely revised their data on the Subprime market, now listing massive "projected" losses for securities issued during the heydey of stupid bond investments, also, none of the information that shows or admits to any errors on their part is listed)
Meanwhile, the major headlines in US news are the Republican candidate debates, which are taking place more than a half a year before the Republican party even needs to begin primary voting procedures. Also, Obama is visiting Puerto Rico. Our country needs to start reevaluating what's truly valuable. Who is going to be facing up against Obama in the upcoming election? Or how many billions do the New York financial markets continue to siphon from the American people?
The only thing I'm wondering is, HOW DO WE HELP TO STOP ALL OF THIS UNREGULATED MADNESS!!?!?!?!?
(notice that the person who writes in FAVOR of regulation is the Cheif Economist of CitiGroup!!)
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