posted on Jun, 20 2013 @ 05:02 PM
Originally posted by TheNewRevolution
The ratings agencies call it as they see it. What would you rather them do, lie?
Some of them do. They bolster good credit to countries that is obvious that things are looking terrible.
I've watched the past couple of years as the ratings agencies lowered multiple countries, and the most that it did to the stock market was provide a
few down days that quickly recovered. I'd say that they are the least of our worries.
Uhmm they rated US garbage house loans AAA and lots of banks bought them causing many banks to basicly collapse and trigger the global recession.
Then they lowered many eu country's when their banks had to be saved (who had those worthless crap) causing the interest rates from those country's to
10% or more. Setting in a domino effect.
They had that effect, right?
Imagine that the US right now has to pay 10% or more interest on their 16 trillion debt with an income of about 2 trillion/year.
Those rating agency's rate basicly every company in the world! as if that's really possible? But you right by time they get less important or
You could say they worked in US interest and when it went bad in Europe, the rating for US debt loans went down, not saying this was their goal, but
They surely wouldt do stuff that would be of interest of Europe I think but they rate basicly the whole world.
edit on 20-6-2013 by Plugin because: (no reason given)