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> S&P Drops Our Bond Rating
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Patch 
Posted: 06-Aug-2011, 09:58 AM
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S&P cut our bond rating from AAA to AA plus. Moodeys has placed us on watch status which is the precursor to an actual cut.

The biggest thing I see now is that many pensions including SS are required to invest in triple A paper.

Look for more industry and investments to move off shore now.

This is what happens when leadership has no workable plan.

Slainte,

Patch
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MacEoghainn 
Posted: 06-Aug-2011, 11:51 AM
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No one should be surprised if we see top executives at S&P being "Frog Marched" out the door of their plush offices at 55 Water Street in New York City in the next couple weeks by Federal Agents(something that should have happened a couple years ago at both S&P and Moodys. Both rating agencies were complicit in rating all those real-estate directive Junk Bonds as AAA that helped crash the world economy in the first place). They just cut their own throats because now the Feds have nothing to fear from them for anymore.


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Patch 
Posted: 06-Aug-2011, 12:33 PM
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Unfortunately there are many countries that were waiting for us to fall. The Saudi's and China among the most vocal this AM.

I suspect that we will not see a lot of change in treasury bond sales as the Fed has been buying them for some time to keep them from going unsold. That fact helped lead to the downgrade.

Moodeys is likely to follow now with the only wild card being the Fitch rating agency.

What is likely to happen remains to be seen though physical interference will only result in the US economy being trashed from the rating agencies foreign offices.

We were warned that we had to cut spending and the bill passed cut nothing. What you saw in the markets was the start of a correction based on the lack of cuts. The volatility may or may not continue on Monday.

Like it or not, we brought this upon ourselves.

Slainte,

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MacEoghainn 
Posted: 18-Aug-2011, 04:42 PM
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Surprise: DOJ investigating S&P for mortgage ratings

I think I 'mentioned' this was going to happen in my Aug 6th post. cool.gif
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Patch 
Posted: 18-Aug-2011, 06:03 PM
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You did.

According to the DOJ it has been under way for some time. My question is what about Moodeys and Fitch. All three were involved. I would think that the SEC should be held accountable too along with banks and wall street brokers. I believe "Freddie and Fannie" along with several senators, especially including Barney Frank, should bear a good deal of the blame too. Also, why was an investigation not started early in the housing crash.

People tend to forget that the start of the crisis was a run on money market funds which required shutting down their trading till the flow was stemmed. That was the first domino to fall.

If we Americans managed our finances in the manner that our government has managed its affairs we would not have been treated nearly so well.

Since the investigation is to determine civil, not criminal liability it will likely not amount to much.

The responsibility involves so many different entities that to set monetary damages on just one would be impossible. If you were to review the mortgage apps, you would find that the applicants appear to be qualified for the amount involved. Appraisers padded appraisals at the request of lenders and lenders changed figures knowing that they would "sell the paper." There were a number of "predatory lenders" that engaged in these practices. I doubt it could all be sorted out in the lifetime of anyone alive today.

We probably have more "interesting times" to come.

Slainte,

Patch

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