And Why Should We Care What S & P Thinks!?!

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09 August 2011

When I heard about S & P downgrading U.S. credit - only one thought came to my mind - you've got to be kidding me!! Isn't this the same company that threatened to downgrade or refuse to even rate mortgages in states that had the audacity to try and prevent the predatory lending crisis that we all saw coming. And isn't this the brilliant agency that gave AAA ratings to mortgages that weren't safe enough to use at the bottom of a bird cage.

Paul Krugman: http://www.nytimes.com/2011/08/08/opinion/credibility-chutzpah-and-debt.html?_r=1&hp

and Robert Reich: http://www.huffingtonpost.com/robert-reich/why-sp-has-no-business-do_b_920348.html

said it better than I ever could.

Ira Rheingold
Executive Director, National Association of Consumer Advocates (NACA)