credit rating agencies

There have been many reactions to S & Ps action in downgrading the credit rating of the US, Apart from the widespread annoyance and repudiation of S & P and its procedures, there are some who are saying that it won't have much effect on interest rates. Others even saying that it more »

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Last December, my friend, beowulf, had this to say at the time Moody's began to make noises about downgrading US debt. He said:

”I don’t think we’ll see Moody’s or any other rating service based in the US ever downgrade US Treasuries. It would cause a tremendous amount of financial loss and would leave Moody’s and its executives exposed to criminal prosecution. more »

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(Author's Note: In December I posted a piece on Moody's threat to downgrade the US's Rating in International Bond markets. I argued that Moody's action was foolish. more »

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Yesterday, as reported in Money News, Moody's made me laugh, with the following pronouncements:

” . . . it could move a step closer to cutting the U.S. Aaa rating if President Barack Obama's tax and unemployment benefit package becomes law. . . . more »

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Millions of Americans are struggling to survive in the ruins of a once-healthy economy. A bipartisan frenzy of bank deregulation led to this catastrophe, and the financial reform bill passed this year is only a first step toward repairing the damage. We should be talking about the additional actions needed to prevent future disasters. But the "solution" being proposed by the Republican Party isn't just incomplete, or inadequate, or even incorrect.

It's insane. more »

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It was a fight to the finish between two heavyweight contenders. In this corner, representing the big Wall Street interests and wearing green trunks the color of money, Representative Barney Frank of Massachusetts. And in this corner, representing common sense and the American people, wearing red, white, and blue trunks, Sen. Al Franken of Minnesota. The gentleman from Massachusetts had the refs were on his side, thanks to the bout's corporate sponsors, so the outcome was a foregone conclusion. It was impressive that the fight got as far as it did, and in the end it was a split decision, but it's as they say in the boxing world: In a split decision the reigning contender always wins.

And when it comes to Capitol Hill, banks are always the reigning contender. more »

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