Monday, August 08, 2011

The S&P Eated the Stock Market

Arbitrary Letters with a plus or minus attached have laid siege this morning to stock markets around the world. Little school children from one side of the globe to the other have asked parents, "Who the hell came up with such a stupid way of grading as AAA?" Parents couldn't say.

4 comments:

Anonymous said...

Do you believe we should get rid of ratings agencies?

Ryan said...

No, they're companies that have the right to exist, but I don't believe we should allow ourselves to be controlled by them, either. Furthermore, given the full faith and credit of the United States isn't just a slogan, I think we should take the gloves off on anyone who would dare challenge it, particularly companies that helped start the entire global recession to begin with -- and S&P is nearly as guilty as the banks they gave grossly exaggerated ratings to.

Anonymous said...

Free markets are funny things.

Ryan said...

I'm all for a free market, capitalism, and all that good stuff. That doesn't mean that if a company questions the full faith and credit of the United States, that we don't bite back and publicly tell them that they're full of _____.

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