Send a Tweet
Most Popular Choices
Share on Facebook 1 Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

Why S&P deserves their own downgrade

By       Message Matthew Olson       (Page 1 of 1 pages)     Permalink    (# of views)   1 comment

Related Topic(s): ; ; ; ; ; , Add Tags
Add to My Group(s)

View Ratings | Rate It

Author 70089
Become a Fan
  (3 fans)
- Advertisement -
The U.S. Department of Justice announced its intention to investigate the role S&P, the only major ratings agency to recently downgrade the U.S., played in causing the 2008 financial crisis.

S&P building - Credit:

S&P should have seen this coming.  Despite making a $2 trillion accounting error, they decided to go ahead and downgrade their outlook on our country's ability to pay off its debts.

That was, quite simply, a ridiculous decision.  We are not anywhere close to even discussing an unlikely default on our debt.  All of this is just hyped-up political garbage, and I would like to applaud the Moody's and Fitch agencies for maintaining their commonsense stances.  Just so everyone knows, this great nation still has the most reliable, diversified, and powerful economy in the world.

- Advertisement -
And honestly, a lot of our current economic woes can be traced back to S&P and their support for the extremely risky sub-prime mortgages that put us in a recession in the first place.  So, if anything, S&P should have downgraded themselves.  But they have obviously chosen to attempt to rewrite history and shift the blame to our government.

I do not think much will come from this investigation.  We all know they played a nefarious role, but House Republicans and the constructionist-controlled Supreme Court will surely roadblock any attempts to punish the agency.  Rather, this is all just a way of further demonstrating the power of our government to protect its citizens from unjust entities and practices.

At least we are finally doing something.  And you know what?  If this is all we can do, I am glad that we are doing it.


- Advertisement -

View Ratings | Rate It

I am a young, college-attending journalist with a passion for many topics, but with a special interest (pun!) in politics and all of its accompanying drama and responsibilities. Eventually, I want to be on the national stage, promoting worthy (more...)

Matthew Olson Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The politicization of the U.S. media

WIC perhaps in political danger

Democrats need to move forward

Why Huntsman is my choice for the Republican nominee

More Affordable Housing Needed

Questioning the Fox News Way