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In yet another blow to the financial sector, Moody's Investors Services announced the downgrade of Citigroup, Wells Fargo, and Bank of America -- three of the United States' top banks.
Moody's downgraded Bank of America (BAC, Fortune 500)'s long-term debt two notches to Baa1, Wells Fargo (WFC, Fortune 500)'s long-term one notch to A1, and Citigroup (C, Fortune 500)'s short-term debt one notch to Prime-2. Moody's offered a negative outlook for all three.
"It is more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute," Moody's wrote in its downgrade note of Wells Fargo's stock.
Originally posted by summer5
Let's face it, we are - and have been teetering on the brink of economic collapse...It's a matter of time. How many bailouts can take place before we go under?
I still feel that the "elite" (for lack of a better description, are lining their pockets no matter what. They will not be hurt, they will not go under. We, the typical citizen are going to be destroyed. While they sit in their comfy homes, eating their edible food, we will be rotting away, and they will laugh.
Originally posted by Iamonlyhuman
Well now, this is different. On top of downgrading the U.S., Moody's has now dowgraded 3 of the largest banks in America.
And, they base it on their doubts that the U.S. government will do any more bailouts of them.
The world’s two largest bond-ranking companies, both based in New York, made exceptions to rules when bankers asked for better safety ratings on complex mortgage-backed securities, the Senate Permanent Subcommittee on Investigations said yesterday. When Moody’s and S&P changed their assessments of hundreds of those bonds in July 2007, it helped trigger the financial crisis, the panel said.
Originally posted by loam
Well, I remain in full denial, I guess....
Everyday I read the bad news....and then see everyone behaving like nothing is wrong....
Ergo, I do relatively little in response.
What a crazy ass world we live in.
I guess I'm spreading the picnic blanket out, taking a seat, and watching what unfolds next.
Crackers and cheese anyone?edit on 21-9-2011 by loam because: (no reason given)
Originally posted by AGWskeptic
That's called the "Normalcy Bias", the best friend of the apathetic.
It's coming, no doubt about it.