Author Jeanette Borges ourrighttoknow.blogspot.com
Follow on Twitter @USDayofRageFL
The news is raging. The motor mouths on TV are milking the downgrading by Standard & Poor’s of the US
By making this news so important corrupt corporate media is validating the whole notion that S&P has any credibility to begin with. The fact that Standard and Poor has the power that it does is not a given thing; it is a decision which was made and which could be un-made.
How quickly we forget the liability S&P, who is owned by a mega corporate institution McGraw-Hill, and other credit ratings agencies have for their role in the 2008 financial meltdown. Between 2004 and 2007, taking in increasing revenue from Wall Street firms, Moody’s Investors Service, Inc. (Moody’s) and Standard & Poor’s Financial Services LLC (S&P), the two largest credit rating agencies in the United States, issued investment grade credit ratings for the vast majority of the mortgage backed securities (RMBS) and collateralized debt obligations (CDO) securities issued in the United States, deeming them safe investments even though many relied on sub prime and other high risk home loans.
They were getting paid by Wall Street to do this. Then, beginning in July 2007, they downgraded the vast majority of those AAA ratings to junk status.
Why would anyone think that they have seen the light and their errors of their ways and are no longer corrupt by Wall Street? What are they, born again Christians? We all know the answer to that. How is it that our whole economy relies on these corrupt people and institutions even when S&P got the math wrong by $2 trillion and the other two major credit rating agencies, Fitch and Moody's, reaffirmed their versions of AAA ratings after the end of the debt ceiling fight?
While everyone is raging about this downgrade there those to stand to make big money because of the relevance they are given. Based on this downgrade we are told interest rates will rise for everyday people and employers.
Why do interest rates have to rise? Because Wall Street says so? In the end this downgrade is yet another excuse to pillage the American people and yet again its Wall Street and banksters. When, oh when are the American people going to say: enough?
While Republicans trounce all over this and blame Democrats for not enough cuts, S&P says that their analysis is also based on lack of revenue in the debt ceiling agreement which of course is due to the corrupt Teocons, Republicans and Democrats in Congress who won’t make war profiteers pay for the wars by raising their taxes and closing loopholes in the tax code.
A couple of months ago a Senate committee found the credit agencies were responsible for the financial meltdown. “The Financial Crisis Inquiry Commission also looked into the role of ratings companies, calling them “key enablers of the financial meltdown” in its January report”.
If this is payback for that conclusion because how dare the government question these corrupt oligarchs, then ain’t pay back a bitch.
Big Corporations buy American Government !!!
ReplyDeleteThe way I see our deficit problem is, that It has not been looked at honestly. Why is it here? We have a lack of income from our tax base, caused buy shipping our jobs overseas “to foreign countries”, and loosing the income from our labor force, and manufacturing facilitys, and the tax revenue these jobs created.
Here is a simple solution. Since these Corporations have “opted” to put our workforce on unemployment, I would suggest that for them to bring back into this country, their “American brand, and Trade Marked products” that are made elseware, to be sold on “our markets”, that we surcharge these big companies a huge import tax. Do not charge the Countries the tax, charge the Big Corporations the tax. This will do three things, 1) It will reduce the deficit, 2) It will convince our corporations that we are on to them, and we are no longer going to be forced to buy “foreign” manufactured goods, 3) It will bring the jobs back into this country. For every additional person that works in America, more revenue is generated to pay off our debt.
Run on this campaign and you'll have a landslide victory in 2012
We need someone that will work for us , not the political machine,or the rich, and Corporations.
Thanks for your time and listening ....kenminuteman
We the working class people are coming 2012, PASS IT ON till Republicans and everyone get the message