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Why S&P deserves their own downgrade

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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: nytimes.com

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.

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.

 

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