[Marxism] Background on Standard and Poor's

Einde O'Callaghan eindeoc at freenet.de
Sat Aug 6 12:28:52 MDT 2011


On 06.08.2011 16:15, Louis Proyect wrote:
>
> Meant to include this as well, from the S&P statement explaining their
> downgrading of US creditworthiness.
>
Standard capitalism. Poor performance.

So the allegedly unthinkable has happened. Yes, it’s AAArmageddon day. 
Frankly, armageddon sick of this nonsense. Credit rating agency Standard 
and Poor’s has cut the long-term US rating by one notch to AA+ with a 
negative outlook, citing concerns about budget deficits. S&P say the US 
deficit reduction plan, passed last week, doesn’t go far enough. There 
isn’t enough austerity. There are too few job losses. The rich are 
paying too much tax and the poor are getting off lightly. That is the 
top and bottom of economic policy in S&P world. The US is already 
struggling with huge debts, unemployment of 9.1% and fears of a possible 
double-dip recession. So what is to be done? Why, rip more demand out of 
an already staggering economy.

So who the hell are Standard and Poor’s and what credentials do they 
have for their actions?

Rest at: <http://alangibbons.net/?p=12092>

He also provides the following link: 
<http://www.edmundconway.com/2010/12/credit-ratings-agencies-shameful-history-of-profiting-from-failure/>. 
The author of this hatchet job on the rating agencies, Edmund Conway, is 
no socialist firebrand, being a former journalist on the Daioly 
Telegraph, the most conservative daily in Britain.

Einde O'Callaghan




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