The way The Pink Flamingo looks at it, people like David Beers, John Chambers from Standard & Poor are not much different from terrorists. Their petty little political opinions can do as much damage to this nation as a major terror attack – perhaps more.
The worst of it, is the way things are now, we are helpless to defend ourselves from their attacks. The political factions in this nation are so far out of control, they would rather kill one another and the nation, rather than bind together and come up with a solution. From what I gather the parent company of McGraw-Hill is none to pleased with S & P. There are rumors they may be planning to cut the company lose from the parent corporation. Is this the reason for the downgrade?
It looks like S & P is going to go even farther with their nasty little tactics by downgrading a heck of a lot of municipal bonds because they are connected to the US government. It’s one thing to demand the US do something about debt, and another thing to viciously manipulate the country. That is what they are doing.
What does S & P have against the US? By doing what they did, they are now causing more debt. Guess that doesn’t matter to a bunch of nasty little men with a god-complex.
The Pink Flamingo knows nothing about economics. This said, I know a little bit about people. John Chambers of Standard & Poor is enjoying every minute of his moment in the sun. He’s also taking attention away from his company’s duplicity in the 2008 crash. This makes The Pink Flamingo wonder what is circulating out there that is going to make Chambers and his company look bad.
“…The privately owned profit-making agency that fueled the economic crisis of 2008 by ranking Wall Street collections of junk-mortgages AAA has downgraded obligations of the United States to AA+, after a half-day delay to consider a Treasury Department notification of a $2 trillion error in their math….”
“…S&P may also be covering itself after doing so poorly prior to the financial meltdown. If S&P leaves the outlook at AAA and problems emerge down the road, it’s credibility will be even more shot than it is already and likely irreparable. Missing another big problem is essentially a death sentence. But if it downgrades the debt and nothing happens, it can claim its warnings and the downgrade were key factors in persuading people in both the public and private sectors to take steps to avoid disaster. It’s Chicken Little claiming that his warnings stopped the sky from falling.
If the original announcement did not directly blame the GOP and the Tea Parties, I wouldn’t think much about it. Now, the right is blaming the left and the left is blaming the right. Perhaps it’s time to turn that circular firing squad of tea parties v. far left, Dems v. GOP away from one another and maybe stand together as a country. The two parties, right and left hate one another so badly, they would rather destroy the country than fight a common enemy.
“…The fact is that S&P, for whatever reason—be it political, economic, corrupt or some combination thereof—has desperately wanted to downgrade U.S. debt for months. First came the clearly unfeasible demand that the U.S. cut $4 trillion in spending while eliminating all the Bush tax cuts, even on the middle class. Then came the austerity bill, which was put in place over the top of a snookered public precisely to avoid a credit downgrade. Then came the threat to downgrade our credit anyway. Then came the admission of their $2 trillion accounting error in making the threat. And then came the downgrade in spite of it all. Let’s be clear: S&P was always going to make this move, no matter what we did. The austerity bill was thus an utterly pointless exercise to appease a ratings agency acting in bad faith….”
The far right likes to scream and yell that the left never bothers doing any investigating, but, from what I can tell, the idiots at Newsbusters are just as stupid as the idiots from the left. Instead of examining the motives of S & P, they are damning the Obama supporters for going after S & P, rightfully. They aren’t even interested in motives, and what else is going on in the financial world.
Making things more interesting is the fact that the S & P people are now backtracking saying they did not originally blame the GOP, but that is NOT true. They did. The fact that they are doing some downgrading tells me that they are up to no good. It’s like in the South, there are two versions of the word “naked”. When it is pronounced “naked” it is artistic. When it is pronounced “nakked” you know that the unclothed party is up to no good. S & P is up to no good. They are “nakked”. Their announcement was designed either to purposefully hurt the US, or to purposefully hurt the GOP.
It’s too bad both sides are so busy trying to destroy one another that they can’t stop and think that something stinks, big time. They’re getting to be so much like the Trek Classic episode, Let This Be Your Last Battlefield that it is terrifying. In that episode, the warring parties were so full of hate, they destroyed their entire civilization. That is what is coming from this battle between the right and the left in this country.
When is someone going to step up and say enough?
The Pink Flamingo would also like to know what gives the individuals at S & P the right to make critical decisions that will HARM the US due to their POLITICAL intentions and not the bottom line? As Steve Forbes said, we are not going to default, nor eve miss a debt payment. S & P is no different from those vile credit agencies and the way they can destroy the average American on a whim. These people have no right to make a comment about our political process unless they are doing it as private citizens. People like David Beers have absolutely NO right to tell the American people how we want things done. Sorry, but when individuals like Beers begin doing this, they are far too powerful, and can do as much damage to the nation as a terrorist attack – perhaps even more.
“…Since the financial crisis, the global equity markets have shown a solid turnaround before witnessing some sort of risk aversion during 2011, as the European problems continued to worsen. Asian equities have been the worst-performing markets year to date, while U.S. markets ranked amongst the top performers….”
We all know there is a problem in DC. We are dealing with a POTUS who is not capable of governing. So, S & P is thumbing its nose at us, and there are more threats. David Beers of S & P is now lying about S & P saying that “no political party is to blame”. They are doing a PR blitz, that makes The Pink Flamingo even more suspicious of their motives.
“…In response, S&P held a conference call with journalists on Saturday, as well as sending senior executives out to do the rounds of the media in an attempt to put its side of the story.
Sharma defended S&P’s role, telling the Wall Street Journal: “We are supposed to be objective, and others are always trying to convince us why the risk is less than we think it is.”
The ratings agency said that the political deadlock in Congress was legitimate grounds for lowering the US sovereign credit rating to AA+.
David Beers, global head of sovereign ratings at S&P, said that the agency’s key consideration was “the difficulty in framing a political consensus” around tackling the deficit. “Fiscal policy, like other government policy, is fundamentally a political process,” he said.
The ratings agency was unhappy with the deal that Congress agreed last week, and is sceptical that the government will do better in the future.
“This agreement will not produce a stabilisation of the government’s debt burden on its own. We don’t have a lot of confidence that another agreement is going to follow this one,” Beers said.
It placed blame for the downgrade on the last-minute haggling in Congress over budget cuts – implying that a swift increase in the debt ceiling would have avoided Friday’s downgrade.
“The debacle over the debt ceiling continued until almost the midnight hour,” said John Chambers, chair of S&P’s sovereign ratings committee.
Among those unconvinced by S&P’s explanation was Warren Buffett, the Omaha-based billionaire investor who also holds a stake in Moody’s, S&P’s main rival.
In a television interview, Buffett said the downgrade “doesn’t make sense.”
“In Omaha, the US is still triple-A. In fact, if there were a quadruple-A rating, I’d give the US that.”…”
Instead of standing together and fighting S & P, sticking up for our country, everyone is blaming everyone else. We have a horrible problem in this country, and it is not debt. The real problem is the fact that we are so polarized nothing can can be accomplished. Maybe people need to turn off FOX, MSNBC, the libertarian blogs, FOX Business, and start listening to one another.
The only group really benefiting from all this rancor is the media.
Then again S & P is now complaining about Tax Cuts.
Just who are they supporting in the next election?
Can’t we thumb our nose at them and just get along? If we don’t we are going to fall apart. It is so obvious no one truly gives a rip about this country that it is sickening. I don’t know about you, but The Pink Flamingo is exhausted. I am sickened with all of this. I know people who are physically ill over what is going on in Washington. I am one of them.
The reason we are in this mess is because politics are more important than actually doing something. Political hatred is more important than the country. Neither side is capable of comprehending that one must act like a grown up and learn how to get along and compromise. Until we are capable of turning off some of the talking radio heads, right and left, and pulling the plug on the libertarian commentators who demand all or nothing, this country is in terrible shape.