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November 28, 2011
The negative outlook indicates a slightly greater than 50 percent chance of a downgrade over a two-year horizon.
Credit ratings agency Fitch • Explaining the negative outlook they gave the U.S.’ AAA credit rating. Why the lower outlook? Well, they say there’s “considerable uncertainty surrounding the economy’s potential output.” Well, there won’t be as long as we can figure out a way to turn riots over $2 waffle irons into a sustainable moneymaking endeavor for the U.S. economy at large. We’re sure we can make it happen. Fitch’s downgraded outlook follows S&P’s straight-up downgrade a few months back. source (viafollow)
23:59 // 2 years ago
October 24, 2011
The ‘not-so-super’ deficit commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress… The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan. Hence, we expect at least one credit downgrade in late November or early December when the supercommittee crashes.
Ethan Harris, economist for Bank of America Merril Lynch • Speaking on the looming possibility the U.S. could suffer another downgrade to their credit rating, this one in late November or early December. The last downgrade to the U.S. rating was not without controversy — one U.S. official called it a “a facts-be-damned decision,” over an accounting error by Standard and Poor’s that incorrectly inflated their deficit projections by nearly $2 trillion. Whatever might cause a credit downgrade, though, that it’s a dire consequence to be avoided is not in dispute, and rumblings are growing louder that the U.S. may end up biting this bullet again soon. source (viafollow)
16:36 // 2 years ago
August 22, 2011
S&P’s President Deven Sharma: I’m stepping down, homies: We know what you’re thinking — his departure had something to do with this mess. Well, you’d be wrong; apparently, his departure’s been planned for months. source Follow ShortFormBlog

S&P’s President Deven Sharma: I’m stepping down, homies: We know what you’re thinking — his departure had something to do with this mess. Well, you’d be wrong; apparently, his departure’s been planned for months. source

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21:49 // 3 years ago
August 18, 2011

S&P facing Justice Department scrutiny over mortgage securities ratings

  • what The U.S. Justice Department is investigating whether S&P kept the credit ratings on certain bonds backed by mortgage debt higher in an effort to protect the company’s business concerns.
  • why See: The financial crisis, which happened in part due to toxic mortgage securities that had inflated credit ratings. S&P’s ratings played a huge role in this whole mess, BTW. source

» And in case you were wondering: This investigation began before S&P lowered the U.S. credit rating, though there’s a good chance it will now be informed by it. Anyway, if you don’t understand the credit ratings issue, here’s a good way to put it: Companies pay the agencies for high ratings.  Kinda like if Warner Bros. paid Roger Ebert to recommend the latest Harry Potter movie. Now imagine if Ebert recommended “Birdemic" based on his financial interests. This would be extremely unethical behavior for journalists. But did S&P do something like that?

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11:22 // 3 years ago
August 16, 2011
Fitch isn’t like S&P: Unlike the brouhaha about S&P downgrading the U.S. credit rating, our friends at Fitch aren’t going to rock the boat … well, unless Fitch decides to get in bed with Abercrombie again. Then we’re in trouble.

Fitch isn’t like S&P: Unlike the brouhaha about S&P downgrading the U.S. credit rating, our friends at Fitch aren’t going to rock the boat … well, unless Fitch decides to get in bed with Abercrombie again. Then we’re in trouble.

9:45 // 3 years ago
August 9, 2011
10:59 // 3 years ago
August 8, 2011
No matter what the agencies say, we will always be a AAA country.
President Barack Obama • Talking about the S&P’s downgrade of the United States in a speech today. He explained that they didn’t downgrade us because they didn’t believe that we would default on our debt, but because our politics get too much in the way — and because the threat of default was used as a bargaining chip. He also talked about our real challenge — long term deficit reduction. He stuck to his guns on policies like tax  cuts for the wealthy, and also said that we need to keep unemployment benefits around to keep our recovery going. However, just from this speech it’s clear that it isn’t going to be easy. It’s evident that despite the fact that Obama has good intentions, the politics simply aren’t going to change overnight. Obama also honored the troops that died in the helicopter crash over the weekend, which was well-deserved and moving. source (viafollow)
14:31 // 3 years ago
Stock market fail: It briefly dropped below 600, though we just missed it. This is worse than Thursday.

Stock market fail: It briefly dropped below 600, though we just missed it. This is worse than Thursday.

14:29 // 3 years ago
August 6, 2011
Hey, CNN, you’re above this. This credit rating thing is a serious issue. While the adults in the room are concerned about their future, you’re running articles about how funny it is that “AA+” sounds like something you might see on a battery, or a bra size. Leave the jokes to Twitter or Mashable, or someone besides you. EDIT: If they’re not above this, they should be.

Hey, CNN, you’re above this. This credit rating thing is a serious issue. While the adults in the room are concerned about their future, you’re running articles about how funny it is that “AA+” sounds like something you might see on a battery, or a bra size. Leave the jokes to Twitter or Mashable, or someone besides you. EDIT: If they’re not above this, they should be.

16:01 // 3 years ago
August 5, 2011
Perhaps this wasn’t intentional, but this e-mail we got from the WSJ about their MarketWatch Market Data iPad app seemed super-crass to receive less than an hour after the S&P downgraded the U.S. credit rating. Just sayin’.

Perhaps this wasn’t intentional, but this e-mail we got from the WSJ about their MarketWatch Market Data iPad app seemed super-crass to receive less than an hour after the S&P downgraded the U.S. credit rating. Just sayin’.

23:28 // 3 years ago