And I'd been told that the D-F Law was ineffectual as regards stopping the bankers
walking out from K Street with bags of Federal money over their shoulders.
But, THAT was the law's stated goal.
This may be true, but its provision, a minor codicile,
to make the ratings agencies,
S&P, Moody's and Fitch,
legally liable for their decisions, is a big step in the right direction.
S&P, Moody's and Fitch,
It's as if Dodd and Frank are Rogers and Hammerstein.
This play didn't get good until the third act,
when a minor actor kicked off the car chase scene (so to speak).
when a minor actor kicked off the car chase scene (so to speak).
According to Doc Michael Hudson, the S&P downgrade is payback for
the government's D-F law. The ratings boys don't want to be responsible for their decisions.
so, they're blackmailing the gov.
Time to grow up, boys.
Even though the raters decisions are:
-12 months too late
-full of lies and half-truths
-designed to suit their paymasters (the banks) who have the inside info,
they are the basis for many decisions (albeit made by speculators) that can
change the world overnight.
So, let the fighting begin. Handbags at 9:00 (when the stock markets open).
Indeed, their actions are hastening the demise that we're all waiting anxiously to see.
The time when all this right-wing oligarch bullshit hits the fan of reality.
Get science!
more later
