e-commentary

. . .

S          “We live not in the Age of Iron but in the Age of Irony.  For years, the three blind mice – Standard & Poor’s, Fitch and Moody’s – affixed their gold seal (AAA rating) to pyrite and made a fortune off the alchemy.  Then Standard & Poor’s announced this Spring that it might just downgrade America’s credit rating in the near future.  Then they fulfilled their threat this Summer and downgraded America’s credit rating because the hired help was not playing well with others.”

P          “And after downgrading American debt, Americans and others fled in a great panic to security and stability . . . to American debt.”

. . .

Bumper stickers of the week:

Larry, Moe and Curly; Manny, Moe and Jack; Standard & Poor’s, Fitch and Moody’s

The rating agencies don’t rate.

This entry was posted on August 8, 2011 at 10:24 pm and is filed under Economics, Pogo Plight, Rating Agencies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.