He’s saying that S&P is smelling the mess IT helped create by keeping certain banks and financial institutions AAA until they crashed in 2008-09. It’s all bullsh*t.
Keep allowing this administration to blame it’s failures on others, and they won’t change their behavior. If they don’t change their behavior, the problems that behavior has wrought will continue to grow.I know the strip seems stupid but harmless. But combined with the reaction of the broader press, while it may well be stupid, it is anything but harmless.Also, to point out the obvious that nevertheless seems to have escaped EVERYONE… S&P has appropriately taken an absolute beating for the role their ratings played in the financial crisis. What everyone seems to forget, however, is that those ratings were criticized for being excessively favorable – meaning that their critics wish they had been more critical of the products they were rating; and that those ratings were issued against mortgage-backed securities, which were being sold by the US government. So the recent downgrade of US debt, even if it were NOT warranted on the fundamentals (which, let’s face it, it is), would be S&P doing EXACTLY what it’s critics say it should have done with mortgage-backed securities – IE being more critical and not putting too much stock in the government’s backing of the debt.In other words, if you are a supporter of the administration and a critic of S&P, it is not helping your case to shine a light on S&P’s prior record of not being sufficiently critical of government-backed investments. They can’t be wrong at both ends.
Yammo Premium Member over 12 years ago
Huh? So now S&P is a cow?
crmorris1957 Premium Member over 12 years ago
He’s saying that S&P is smelling the mess IT helped create by keeping certain banks and financial institutions AAA until they crashed in 2008-09. It’s all bullsh*t.
pirate227 over 12 years ago
S&P, more like B&S.
Donaldo Premium Member over 12 years ago
Right. Blame the institution that called out the severity of the debt mess
tizzo over 12 years ago
Keep allowing this administration to blame it’s failures on others, and they won’t change their behavior. If they don’t change their behavior, the problems that behavior has wrought will continue to grow.I know the strip seems stupid but harmless. But combined with the reaction of the broader press, while it may well be stupid, it is anything but harmless.Also, to point out the obvious that nevertheless seems to have escaped EVERYONE… S&P has appropriately taken an absolute beating for the role their ratings played in the financial crisis. What everyone seems to forget, however, is that those ratings were criticized for being excessively favorable – meaning that their critics wish they had been more critical of the products they were rating; and that those ratings were issued against mortgage-backed securities, which were being sold by the US government. So the recent downgrade of US debt, even if it were NOT warranted on the fundamentals (which, let’s face it, it is), would be S&P doing EXACTLY what it’s critics say it should have done with mortgage-backed securities – IE being more critical and not putting too much stock in the government’s backing of the debt.In other words, if you are a supporter of the administration and a critic of S&P, it is not helping your case to shine a light on S&P’s prior record of not being sufficiently critical of government-backed investments. They can’t be wrong at both ends.