A good friend who is a very astute businessman sent this to me. Nobama and the Liberals thought they could have it both ways…..
One of the liberal talking points after the 2008 credit crash was how ineffective the rating agencies had been. They were dragged before congressional panels and publicly humiliated and accused of fraud, etc. Now on retrospect, there is plenty to complain about when CDOs were given AAA ratings based on waterfall analysis and not looking at the underlying cash flow strength, and I agree that rating agencies did a crappy job. However, when you vilify someone publicly for NOT doing their job, then you can’t complain WHEN THEY DO!
So S&P DID THEIR JOB and called BS on the United States of America – and Nobama, Gunther and all the other Washington Criminals are now screaming foul. Well what goes around comes around…and this is only the beginning.
You have to admire S&P for taking a stand, this was not easy and certainly these guys are now under tremendous pressure…they might have taken the first true Patriotic Act this country has seen in a very long time.
Keep punching.
A