“Pot Calling the Kettle Black” — Updated
“God is dead.”
“Nietzsche is dead.”
In a nutshell, that’s my reaction to the news that Standard & Poor’s has put a majority of the Eurozone countries on alert for a credit ratings downgrade.
That would be the same S&P that took payment from Wall Street to give Triple-A ratings to literally trillions in securitized garbage underwritten and sold by the former.
Of course, it was that tidal wave of liquidity that drove a meteoric rise — and now drop — in housing prices.
Good thing the side effects (millions of foreclosures, lost jobs, decimated savings and investments, etc.) were so mild, and that the credit rating agencies were held accountable for their corruption and ineptitude . . . .