The S & P Downgrade “Game”

In the spirit of tonight’s Academy Awards Show I’m reposting this piece from August 2011. Why? Because The Big Short is one of the Oscar contenders for Best Picture. I think there might be a Best Actor and Best Supporting Actor from that film as well. Anyway, it’s a great movie! I also saw Bridge of Spies and The Martian. Both great Best Picture contenders. Plus, I also saw Trumbo. Another fine movie that probably would have benefited from a little more editing. Anyway, enjoy! — YUR

Unclerave's Wordy Weblog

The corner of Wall Street and Broadway, showin...

AKA:  JUST MORE WALL STREET SHENANIGANS!

Hopefully, you haven’t been running around with your hair on fire, screaming THE SKY IS FALLING, THE SKY IS FALLING!!!  Because, guess what?  It ain’t!  Standard and Poors is just another Wall Street “institution” that says, and does, what it wants to, in order to suit their own – and certain benefactors’ – needs. 

A great article on AlterNet explains:

“Most people believe that the ratings agencies base their analyses on some set of cold, objective criteria, but that’s not the case.  A group of Wall Street analysts . . . get together and discuss various factors, including, in this case, the political scene, and come to a consensus.”

And, that: “According to a Senate investigation concluded earlier this year — a probe that was greeted with a collective “ho-hum” by the corporate media — S&P and Moody’s, another leading agency…

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