Skip to comments.VIDEO: George Will calls downgrade a ‘half-baked political analysis’
Posted on 08/07/2011 7:54:22 PM PDT by Do Not Make Fun Of His Ears
While many on the right are lambasting the Obama administration for its failure to maintain the countrys pristine AAA credit rating, one conservative commentator said Sunday that the Standard and Poors downgrade neednt be taken seriously.
Washington Post columnist George Will was asked on ABCs This Week with Christiane Amanpour how much the downgrade would affect the basic economy here? Will said it wouldnt before trashing Standard & Poors track record. (RELATED: Standard & Poors ratings head: U.S. could be downgraded even further)
You called this a shocker, Will said. Standard & Poors would have forfeited its good reputation if it had a good reputation to forfeit these days. It missed the entire mortgage-backed securities problem right under its nose.
According to Will, the agencys downgrade decision reflected its disapproval of Americas governing process more than anything else.
If you read what they actually said, its a kind of half-baked political analysis criticizing the American system of government and how it works now, Will said.
Now, theyre entitled to their opinion on politics, but their opinion isnt entitled to any particular respect. What did we learn from what they said that we didnt know already? We know that from Athens in Greece to Sacramento in California, with stops in Rome, Lisbon, Madrid, Brussels, Dublin and Springfield, Ill., an entire system of governance is under attack and actually collapsing under the weight of its contradictions. Weve learned nothing from Standard & Poors.
(Excerpt) Read more at dailycaller.com ...
George Will has been a Democrat in disguise for years.
He may sound like Geithner but he is right on this one. This was more political than anything else. Moodys and Fitch did not downgrade. Standard and Poors did because they ran their mouth during the process and had no choice but to downgrade or lose credibility, what little they had left after the Fannie Mae fiasco.
May I be the first to admit, this issue is not something I have any expertise in, so I will bow out and let my FReeper friends comment.
In other words, things are a lot worse than they look. For political reasons, they were pressured to keep quiet. Now that they're talking, it means we're already far deeper in danger than it looks.
S&P is another Arthur Andersen in my book. If Will is not right on about this it's because he did not go far enough to describe S&P's shenanigans.
Standard & Poors would have forfeited its good reputation if it had a good reputation to forfeit these days. It missed the entire mortgage-backed securities problem right under its nose.
S&P was one of the key enablers of the financial meltdown
I personally believe strongly that S&P should not be to big to be held accountable.
I can’t abide George Will.
Nonetheless, you could well be right about the rest.
This Week with Christiane Amanpour? Somewhere David Brinkley is spinning.
Do I think we are in serious trouble? Yep. But do I think we are in a lot better shape than Spain? Uh...yeah.
I read here that Moody’s is owned by Warren Buffet, so what kind of credibility could that outfit have?
Have not watched THAT show since the death of David Brinkly.
Will missed the sub-prime mortgage fiasco too. And the Tea Party phenomenon still escapes him.
Will is a Beltway insider who lost touch with real America around 1985.
He is an ageing pundit still trying to make himself viable.
"Washington Post columnist George Will was asked on ABCs This Week with Christiane Amanpour how much the downgrade would affect the basic economy here? Will said it wouldnt before trashing Standard & Poors track record..."
George Will is a Conservative?!?
So S&P would have KEPT our AAA rating if Barry had his way and simply raised the debt ceiling, yet if the debt ceiling was raised AND spending was cut, we LOSE the AAA rating? This makes little sense.
These people can call the downgrade what they want and they can continue to destroy the messenger instead of paying heed to the message, but in doing so, they all become delusional, in denial, stuck on stupid idiots. Plain and simple. =.=
Most Freepers don’t have expertise in a lot of things but they comment anyway. :>
I agree with Will in that I think S & P overreached. The US bonds are good and there is no chance of any default on our debt. I would take my chances long term with a 30 year TIPS over a similar French or EU product.
But this should be a real wake up call.
Could be Spain is rated too high. The $2 trillion ‘mistake’ really doesn’t matter as S&P had warned of downgrade if at least $4 trillion in spending reductions/revenue enhancement was not made. And that was just a ‘down payment’. I believe S&P gave at least 3 very public warnings of downgrade if the deficit and debt were not adequately addressed before and during the debt ceiling debate. The downgrade was very much deserved. We are only ‘better’ than Spain in the sense that Spain is a turd sinking and we are still floating.....for now.
Brinkley was one of the good ones. I remember his saying during the 1996 election coverage that Clinton was "A Bore" and that "The next four years will be filled with pretty words, and pretty music, and a lot of goddamn nonsense!". Brinkley was wrong about that.
If the debt reaches a point where the interest payments start to seriously pinch entitlement outlays, I believe the FSA (Free S-it Army) will have a big say on how secure our bonds are and whether we start to default. Exponential math tells me an event horizon is approaching......
I thought about that too. If that’s the case...then they are still not very trust worthy and not using good judgment.
I want to see how the markets will react tomorrow. It could get ugly.