You argue that S&P's down grade of US Government Debt securities is politically motivated and inappropriate. You sight their mishandling of mortgage backed securities ratings preceding the real estate crash of 2007 - 2008.
But S&P is the boy who's pointing out the fact that the emperor is naked, and you are trying to hush him to hide your own embarrassment. If S&P does not downgrade US debt they are playing the same game they played pre - 2007.
Calling them on their missed call admits what has been missing in the narrative. The villains here were not just the greedy bankers of the narrative, but also the Rating Agencies, the US congress and the liberal press.
S&P's call forces you to adopt the new narrative.
Denying that makes you a fool. Admitting that, but claiming they are mistaken now makes you a hypocrite.
No comments:
Post a Comment