By John Galt
August 5, 2011 21:01 ET
Barry Ritholtz just said on Bloomberg Television just called the action by S&P “political opportunism” and not justified. Do I smell a Democrat in the room?
Wow, just wow, this is going to get nasty.
EDIT TO ADD UPDATE 21:13 ET:
Now if the politicians proceed on their current course, this will be a “Tea Party Recession” and repeat of 1937.
Do you get the idea that old Barry has his lip imprints on the Messiah’s ass?
To be fair, here is the entry from his blog at The Big Picture:
Here is the great irony: S&P (and the rest of the ratings agencies) helped contribute in no small way to the overall economic crisis. The toadies rated junk securitized mortgage backed paper AAA because they were paid to do so by banks.
They are utterly corrupt, and should have received the corporate death penalty (ala Arthur Anderson).
The good news is we have removed the requirements from SEC and other regulations that their input is ever needed; The bad news is they still have some sway.
It just goes to show you that the old cliche is true: You don’t need analysts in a bull market, and you don’t want them in a bear market.
(JG commentary: I can not disagree with the post, but his other posts were purely to gain allegiances within the administration)