President Barack Obama Message Board

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Politics : President Barack Obama

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To: Land Shark who wrote (99148)	8/8/2011 12:48:16 AM
From: Neil H	of 149317

Re S&P The downgrade does seem odd. Here are Mauldins comments which seem to ask some reasonable questiosn "So, if the Fed, which doesn’t issue credit and can print money, can be downgraded because it holds AA+ debt, then why and how in hell can the ECB, which holds hundreds of billions of euros of the junk debt of Greece and Ireland and insolvent banks not be downgraded on Monday? And the Bank of Japan? REALLY? What are these guys smoking? Do we now downgrade GNMA? Of course. And the FDIC? What the hell will repos do on market open? The NY Fed says it won’t affect anything. Don’t ask me, I just work here. And how can you rate France AAA? And still give AA or more to Italy when the market is saying they are getting close to junk?" It appears that the S&P has not been consistent in their ratings. Neil

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