Could we have a more obvious example of a rating agency serving its oligarchic Wall Street masters more servilely?
S&P participated in the massive frauds of the real estate boom, certifying junk as AAA, and enabling Wall Street to dispossess many Americans of their homes at taxpayer expense after having profited from the pump-and-dump (and short, in some vile cases), so why shouldn’t they enable their masters to further enhance their relative social and financial position by sending the remains of the American middle class into old-age serfdom? www.angrybear.com has the best data on Social Security, and it says the system if funded for decades to come if Treasury obligations are honored. Moreover, relatively small changes to the payroll tax, like taking the ceiling off, would render the system solvent indefinitely, if I am not mistaken.
Obama should strike back, and take S&P to court for fraudulent activities during the real estate fraud boom. It’s time to put the rating agencies completely out of business.
S&P should have downgraded the entire Bretton Woods II monetary system.