Posted on 08/07/2011 12:26:41 PM PDT by charlene4
Probably true. Good chance the Dow and NASDAQ will do nothing extreme in any direction tomorrow.
But I wouldn’t be surprised if they went up—I’m not predicting they will, only that it wouldn’t surprise me.
S&P is a division within a magazine publisher. They are, frankly, “old media”.
Blaming S&P is a non sequitor. They are simply stating their opinion on the creditworthiness of US debt. If someone doesn’t like it, then go issue your own opinion on the debt.
One of the main problems in the mortgage securities meltdown was that the people buying the securities didn’t bother to look and see what they were buying, because S&P said they were great.
It’s like going to see a Hollywood movie just because Roger Ebert said it was great. After buying a ticket and seeing that it sucks, there is no point in blaming Roger Ebert. You could have looked into what the movie was about and checked other reviews beforehand and perhaps noticed that it was starring Ben Affleck or whomever.
The government should never have started down the road of giving the imprimatur of approval to the rating agencies and bringing them under regulation. It’s like making Roger Ebert a “nationally recognized movie rating organization” and trying to regulate him.
I don’t know if voting is the answer. Witness the American system, the choice we were then pesented with and the choice we made in 2008.
Your link will be an interesting one to watch thenext few days!
The Asia Ex Pats story reminds me of a recent experiance.
March - April I was in Puerto Vallarta, MX. Over the last 28 yrs US dollars were gladly accepted, if not prefered by stores and vendors. A few months ago they asked me if I had pesos instead. I was surprised the first time it happenned,when it happened everywhere and they would not cash AMEX Travelers checks either. I was shocked.
Now I have read that after sometime in Sept, 2011 NO ONW will accept USDollars In Mex.
So Mexico and Asia...where next?
It is apparent they believe that they indeed DO
*own the economy*.
OURS and the effects on others.
The *owners* screwd up.
They used to be able to hide behind private interviews with powerful people. Now they can't. I don't think they realize that yet/
The people at S&P really aren't different ~ they watch birds in the sky and examine the entrails of sheep. They look up cow's behinds to check out the future.
It isn't any different.
Any position that important should become subject to ELECTION by the public.
Recently the Narcotrafficantes have been robbing and murdering tourists. If all you have on you are pesos they’ll probably leave you alone.
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