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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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