Excellent point. Their credibility should be seriously questioned based on their collossal subprime misjudgement but they've been around for a long time and have accrued a lot of good will; they are still considered the premier ratings agency. Really, S&P is only indicating what most people believe already - that the US debt situation is ominous.
As a counter-response, S&P needs to come out Monday and start downgrading the entire Euro-Zone (except Germany) - be a mtha-fkin' Downgrading Banshee!! That'll show 'em!!
My question is what will happen to SNP? Are they going out of business? These globalist want to run the public policy. Want to run everything.. It maybe time for a downgrade of SnP.
i can't believe they downgraded. i was sure the debit limit deal details were such as to satisfy all the rating agencies. does anybody feel the same way? i admit i am totally clueless about this rating business but it seems to make sense. i think the congress was simply too stubborn and would not follow S&P suggestions. so S&P bitch-slapped them.
This is only news to the layman. Smart money won't care... prob gap down a little on Monday and rip hard during the week