Standard & Poor's Credit Rating Corporation never predicted the default of Orange County, California.
Standard & Poor's Credit Rating Corporation did not foresee the collapse of Enron.
Standard & Poor's Credit Rating Corporation failed to predict the Great Collapse of our national economy.
With this rich record, before 2011 Standard & Poor's could have been expected, no, would have been expected, to go and hide its face. Instead, the Very Serious People are continuing to pay attention to Standard & Poor's for some reason. They are in a tizzy that Standard & Poor's has actually made a prediction, which is that there is a 1/3 chance or less that it, Standard & Poor's, will downgrade the Credit Rating of the United States. See generally John Waggoner, "S&P Lowers its Outlook: Could U.S. Default on its Debt?" (USA Today); Michael Hiltzik, "S&P Should Avoid Political Predictions / The Credit Ratings Firm, Which Warned That it Might Downgrade its Assessment of U.S. Government Debt Because Politics Could Hinder Efforts to Control the Deficit, Lacks Credibility in its Forecasts" (Los Angeles Times Online, Saturday, April 23, 2011).
Is this not the same Standard & Poors that is a named Defendant in quite a few lawsuits filed by people and companies that lost lots of money in the Great Collapse?
And, for that matter, is this not the same S&P which is the target of a great deal of focus by the United States Government of S&P's actions and omissions before and during the Great Collapse?
Be governed accordingly.
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