With apologies to anyone that works for S&P...
Does this bother anyone else?
How badly will this downgrade endanger Europe's attempts to stabilize the Euro? And keep some of the economies from collapsing?
My take is: It sure as hell doesn't help.
All of this would be fine if the agency was a legitimate agency that was providing an informed, objective opinion. But given the fact that they were giving AAA ratings to toxic assets 4 years ago, either through incompetence or greed (most likely both), they have no credibility IMO.
These people were very much responsible for the meltdown....and should pay the price.
Anyhow, my humble opinion. Anyone else?