Limerick Ode To Standard & Poor’s Chutzpah
Paul Krugman does a great job pointing out S&P’s chutzpah in downgrading U.S. debt:
America’s large budget deficit is, after all, primarily the result of the economic slump that followed the 2008 financial crisis. And S.& P., along with its sister rating agencies, played a major role in causing that crisis, by giving AAA ratings to mortgage-backed assets that have since turned into toxic waste.
Nor did the bad judgment stop there. Notoriously, S.& P. gave Lehman Brothers, whose collapse triggered a global panic, an A rating right up to the month of its demise. And how did the rating agency react after this A-rated firm went bankrupt? By issuing a report denying that it had done anything wrong.
Limerick Ode To Standard & Poor’s Chutzpah
By Madeleine Begun Kane
Dear Standard & Poor’s, I’m impressed
Cuz you ought to be under arrest.
You caused the recession
With junk bond aggression.
Now you’re pounding your downgrading chest?
Tags: Chutzpah, Credit Downgrade, Economy, Fiscal Crisis, Fiscal Humor, Junk Bonds, Paul Krugman, Rating Agencies, S&P, Standard & Poor's, U.S. Debt
Michael Moore likes to talk tough
‘Bout arresting S&P and stuff
Makes no sense less’n your
Killing the messenger
Next couple years will still be rough
Yeah….How soon we forget. America problems are NOT beyond solution. And there are solutions which can both spur economic growth and avoid riots like they’re having in Britain [watch out Tea party…folks may not take too well to all that budget cutting you’re so fond off]. It’s just there’s not the political will to tackle these problems in a fair, realistic manner. We’re Doomed :)
A Greed tragedy (not a typo)
Here’s the real tragedy. The bastards are right … legislators just have to be able to reason, negotiate and deal with fundamentals like paying debts our nation already incurred. Why S&P? -Beats the hell out of me, but I can tell you I worked for a mutual fund which prided itself on not being Wall Street. It was not one damned bit superior.
Thanks to all of you for your comments!