Chime in any time you want and I will tell you this today: Standard and Poor's credit rating agency could take a BIG political hit at any time. Even an investigation by the Justice Department!
Now today, I'm going to ask a critical question:
In 2007, then Fannie Mae and Freddie Mac were financial institutions that were failing under then President Bush, why didn't Standard and Poor (S&P) then DOWNGRADE these financial institutions? It was a risky investment by President Bush to leave for President Obama to take care of.
It was at that time that S&P muffled the fire bell that was ringing loudly. S&P didn't want to alert investors to their plans. 4 years later after all the stimulus money were paid out by President Obama to various parts of the economic important industries, the debt ceiling was reached to the limit.
Then, after a few weeks in which Congress finally resolved the long standing argument into a deal that finally raised the debt ceiling that President Obama finally signed into law. We all felt relief. FOR A VERY BRIEF TIME!!
Then S&P decided it's time to uncover the loud ringing fire bell, downgrade the USA, downgrade Fannie Mae and Freddie Mac (which is 4 years TOO LATE, you dumb sons of bitches!!), and if you look at how the stock markets are reacting, anyone and everyone is already worried about the financial future!!
Standard & Poor's are no longer a trust worthy credit agency. They had a chance to help the USA after what happened in 2007. Then, they had a chance to help in the first 2 years of President Obama's service. To wait until after the whole debt ceiling debate came to a conclusion and then hitting our nation with this "downgrade" decision because there is no default on this nation is UNETHICAL!
If the other credit agencies follow S&P as well, S&P could be blamed for starting the worse part of the financial inferno that should have taken notice in 2007/2008.
S&P can now fiddle like Nero because they have no fear of the voters or of the Political people. But what they can fear is the wrath of the Government. May that Wrath of the Government come down upon them!
Greatest question today's is: Has our financial greed caught us all up in the credit quagmire of Profit? Has the time of our Great nation begun it's fall because of debt?
and many more questions out there.
Today, it' s sad to see what happen to all of us and the world.
I hope Standard and Poor shouted "God forgive us" on that Friday when they made that decision to release that downgrade. Maybe right now, they're regretting it all.
Go, Government go! HIT S&P hard for all of us!