Aren't these the same morons that assigned the best credit ratings to some of the very worst companies and debt offerings? Didn't they have to do a highly public and (one would think) embarrassing mea culpa (along with Moody's) when many of those same companies and debt offerings suddenly turned into junk-rated status? And now, they claim that the "bulk" of the subprime writedowns are behind us, a statement that some claim actually caused the major indexes to pop today? Oh really?
You apparently missed representative Barney Frank's FHA mortgage proposal. As you point out, Standard & Poors has very little credibility.
Aha. So any move to the upside is pure idiocy. Any move to the downside is perfectly logical. Gotcha.
It wasnt idiocy it was a good chance for many to take off shorts and also a great long pop opportunity but lets be honest a statement from those clowns changes nothing in the real world as Consumer spending told you. Dont be so narky dude
Nope... I am long. Give me a reason why the market should have jumped a huge amount of points today? The S&P projection? Haha