tag:blogger.com,1999:blog-8120478390983403863.post2384356512554644018..comments2023-12-24T13:03:35.696+00:00Comments on Miserable Old Fart: The Unacceptable Face of CapitalismAlwyn ap Huwhttp://www.blogger.com/profile/06194724336424525283noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-8120478390983403863.post-23152468704008306392011-12-08T19:44:34.743+00:002011-12-08T19:44:34.743+00:00S & P are part of the problem. They were hand ...S & P are part of the problem. They were hand in glove with the banks, hedge funds and insurance companies that got us in this mess by giving AAA ratings to repackaged sub-prime mortgages and all the rest. They were still giving top ratings to Merrill Lynch and all the others up to when they went bankrupt.<br /><br />Therefore S & P and the other US ratings agencies are totally Jac o' the North,https://www.blogger.com/profile/02032744625666336148noreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-53889806859112364302011-12-06T19:42:16.908+00:002011-12-06T19:42:16.908+00:00Well said Alwyn! I have long believed that these s...Well said Alwyn! I have long believed that these so called ratings agencies have far too much power and influence and as you identify they are outside of any democratic control. Coupled with the speculators who are quite happy to profit by bringing a national or multi-national currency to its knees, we are viewing Capitalism at its soulless, morally bankrupt worse.<br /><br />If anything good is Britnothttps://www.blogger.com/profile/02669397941937145052noreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-82537618845695000732011-12-06T16:52:46.827+00:002011-12-06T16:52:46.827+00:00If only S&P had been this vocal when the bigge...If only S&P had been this vocal when the biggest credit bubble in history was forming the west would not be in quite such a deep mire now. Unfortunately they did n't and convinced themselves that sub-prime mortgages were a AAA+ asset. Oh how we laughed.<br /><br />Now they are telling the truth: which is that unless something radical happens in euroland (ie a break up or Germany apcernywnoreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-26880567329734238382011-12-06T11:35:37.045+00:002011-12-06T11:35:37.045+00:00Well said Alwyn.
The rule of the people, democrac...Well said Alwyn.<br /><br />The rule of the people, democracy, has to be more sacred than the rule of finance.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-68747614766445587102011-12-06T06:52:09.032+00:002011-12-06T06:52:09.032+00:00The banks - which means the pension funds - which ...The banks - which means the pension funds - which means you and me....<br /><br />Unfortunately we are all living on borrowed money and if the wheels stop spinning we will all fall off and it will not be pretty!<br /><br />PendduAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-85452714856173654932011-12-06T06:31:18.946+00:002011-12-06T06:31:18.946+00:00Good point anon!
If all 27 members of the EC said...Good point anon!<br /><br />If all 27 members of the EC said <b>sod it we are not paying back what we owe</b> and went bankrupt what would happen?<br /><br />Who would be left with the final IOU's? <br /><br />Who would be the real losers?Alwyn ap Huwhttps://www.blogger.com/profile/06194724336424525283noreply@blogger.comtag:blogger.com,1999:blog-8120478390983403863.post-45193917904056671382011-12-06T05:45:49.866+00:002011-12-06T05:45:49.866+00:00There is an old saying where I come from
"I...There is an old saying where I come from <br /><br />"If you owe the store $10 and you can't afford to pay it YOUR IN TROUBLE! If you owe the store $10,000 and you can't afford to pay it THE STORE IS IN TROUBLE!"<br /><br />The markets are the store, it's time for governments to tell them to back off because the trouble is THEIRS!Anonymousnoreply@blogger.com