08 Aug 11
1 edit
http://news.yahoo.com/treasury-2-trillion-man-020900153.html
It was reportedly John Bellows who noticed within minutes that S&P had made a glaring error that placed its calculations about the U.S. deficit off by about $2.1 trillion.
Treasury Secretary Tim Geithner quickly pushed back at S&P, pointing to the error. The agency acknowledged its mistake, then said it was charging ahead with the ratings change anyway. Later that evening, it officially downgraded American debt.
What a joke. These are the same clowns who issued AAA ratings to securities based by what everyone knew were mostly worthless no-doc mortgages. Now we find out that they also can't count.
And based on their say-so, the stock market can plummet, maybe causing another recession.
Someone should sue these goons personally for fraudulent misrepresentation and seek the entire value of investor losses from today as damages.
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08 Aug 11
Originally posted by sh76They are admitting the error, but saying that it's not very important.
http://news.yahoo.com/treasury-2-trillion-man-020900153.html
[quote]It was reportedly John Bellows who noticed within minutes that S&P had made a glaring error that placed its calculations about the U.S. deficit off by about $2.1 trillion.
Treasury Secretary Tim Geithner quickly pushed back at S&P, pointing to the error. The agency acknowledged its mistak ...[text shortened]... raudulent misrepresentation and seek the entire value of investor losses from today as damages.
But I agree. I think in light of Moody's rating, the downgrade may be with S&P.
08 Aug 11
Originally posted by KunsooAdmitting their error is worthless. They needed to admit their error and take the time to re-evaluate their decision in light of the fact that someone pointed out to them that 2+2=4.
They are admitting the error, but saying that it's not very important.
But I agree. I think in light of Moody's rating, the downgrade may be with S&P.
To say "Sure, we messed up; but our decision stands regardless without any period for reconsideration" is almost worse than not admitting their error at all.
08 Aug 11
1 edit
Originally posted by sh76Bwahahahahaha🙄
http://news.yahoo.com/treasury-2-trillion-man-020900153.html
[quote]It was reportedly John Bellows who noticed within minutes that S&P had made a glaring error that placed its calculations about the U.S. deficit off by about $2.1 trillion.
Treasury Secretary Tim Geithner quickly pushed back at S&P, pointing to the error. The agency acknowledged its mistak raudulent misrepresentation and seek the entire value of investor losses from today as damages.
Stupid munchkins.
08 Aug 11
Originally posted by sh76S&P is a tool of the elites. They used S&P to create a bubble in the housing market to prolong the inevitable crash by altering the values of the securities.
http://news.yahoo.com/treasury-2-trillion-man-020900153.html
[quote]It was reportedly John Bellows who noticed within minutes that S&P had made a glaring error that placed its calculations about the U.S. deficit off by about $2.1 trillion.
Treasury Secretary Tim Geithner quickly pushed back at S&P, pointing to the error. The agency acknowledged its mistak ...[text shortened]... raudulent misrepresentation and seek the entire value of investor losses from today as damages.
The market had to crash sooner or later so the elites picked sooner, but they needed a scapegoat after telling everybody the economy is all hunky dory.
How convenient, it is the tea party.
Originally posted by SoothfastMoody’s (MCO) is at 29.81 at this writing, down 9.3% on the day, from 32.88 at close on Friday and below its 20-day SMA (as well as its SMA50 and SMA200).
We should vote those S&P assho1es out of office.
Oh, that's right -- nobody voted for them.
Standard and Poor’s is owned by the McGraw-Hill (MHP), which is down 8.77% on the day, also below its moving averages.
Fitch is a majority-owned subsidiary of FIMALAC, based in France; I have no further info.
___________________________________________
The above were real time quotes, before the market close.
08 Aug 11
Originally posted by SoothfastExactly! You see, that's the problem with liberals, they think that they can get what they want because they vote it in. Life doesn't work that way. You've got to deal with the difficult realities of life that you can't control with how you wish things to be.
We should vote those S&P assho1es out of office.
Oh, that's right -- nobody voted for them.
You can't pretend that bad policy will result in good outcomes.
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10 Aug 11
Originally posted by EladarWhy not? Conservatives did that for eight years. Twice.
Exactly! You see, that's the problem with liberals, they think that they can get what they want because they vote it in. Life doesn't work that way. You've got to deal with the difficult realities of life that you can't control with how you wish things to be.
You can't pretend that bad policy will result in good outcomes.
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10 Aug 11
This on European investor jitters.
Even though the major rating agencies have reiterated France's AAA rating, "there's growing concern that France could get downgraded," said Tom Schrader, managing director at Stifel Nicolaus. "There's fear that S&P might do something stupid."
Maybe eventually they'll collectively disregard S&P.
11 Aug 11
1 edit
Whew... prior to the so-called discovery of this so-called error, Obama and the Democrats were blaming the Tea Party for the downgrade. Their fingers point in so many different directions, it's hard to keep track sometimes.
Still, S&P said that without enough spending cuts, a downgrade was coming. And the GOP were the only ones whose plan would have led to the AAA rating being retained.
Doesn't matter to Obama, of course...the downgrade was exactly what he wanted.
German and China (Credit Agencies) had already downgraded the U.S. credit rating anyway.
11 Aug 11
Originally posted by TheBloopPatently false. Where do you think the $4T dollar amount came from in the first place? From the anticipated amount of deficit reduction potential the deal between Obama, Biden, Boehner, and Cantor were working on until Boehner and Cantor backed out.
And the GOP were the only ones whose plan would have led to the AAA rating being retained.
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11 Aug 11
Originally posted by wittywonkaNot to mention that S&P cited Republican intransigence with regard to taxes as a major factor.
Patently false. Where do you think the $4T dollar amount came from in the first place? From the anticipated amount of deficit reduction potential the deal between Obama, Biden, Boehner, and Cantor were working on until Boehner and Cantor backed out.
11 Aug 11
1 edit
Originally posted by TheBloopYes, because sitting Presidents love a stock market crash. Are you high?
Whew... prior to the so-called discovery of this so-called error, Obama and the Democrats were blaming the Tea Party for the downgrade. Their fingers point in so many different directions, it's hard to keep track sometimes.
Still, S&P said that without enough spending cuts, a downgrade was coming. And the GOP were the only ones whose plan would have le d.
German and China (Credit Agencies) had already downgraded the U.S. credit rating anyway.
I don't blame the Tea Party. I blame the Republicans for implementing a scorched earth strategy for regaining power. The Republicans threatening to send us into default for the first time in history IS ultimately what caused the downgrade. Or so says the head of sovereign ratings from S&P
http://www.cnn.com/2011/BUSINESS/08/06/credit.rating.reaction.cnn/index.html?hpt=po_t2
Chambers said the slowness at raising the debt ceiling and the political infighting led to the move.
PS: Even the S&P called the "so-called" error an error. Why did you include the words, "so-called"? Do you disagree with S&P that they made a 2 trillion dollar error?