OK, so we’ve seen some of our banks bailed out to the tune of Billions, and then, guess what, their Share price drops. Why, because a Credit Rating Agency says they are not ‘AS’ Credit Worthy as they were.
Just answer me a simple question, just WHY should we listen to the people who are primarily responsible for the credit crunch and Deflation that we are currently undergoing. Of all the people that should be blamed for the position we are in today, the Credit Rating Agencies must top the list. They were the people that put AAA ratings on the CDO’s and other debt that now is deemed Toxic and is the reason why so many of the are in such a dire state.
But, on the ‘Financial’ TV Channels, we get the news that Rating Agencies are cutting someones rating and the shares plummet,
Just answer me, WHY should we be listening to ANYONE who works for these supposed guardians of wealth