Standard & poor/Moodys Credit agecies..

  Autoschediastic 20 Sep 11
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As we all may now know Italy is the latest country to have its credit rating slashed putting a significant amount of stress on their government, of cause there has been other countries that have also had their credit ratings slashed weakening their economy and gives a shockwave of uncertainness with investors around the world that that individual country, I need to ask the question is this what the world needs right now for some agencies too put a spanner in the works? Their actions could cost tens of Billions of pounds/euro’s and could also excel the financial Tsunami meltdown we are about to be hit by..

All I see is Moody’s/Standard & poor’s smashing hell out of the worlds very fragile economies and whilst I appreciate investors rely on these such companies for financial direction the agencies are doing a LOT more harm than good from where I see.?

  Autoschediastic 20 Sep 11

fourm member, The impact this will have on Italy is huge at a time when it couldnt of been worse, so this has the potential to be a good old kick to the taties for them so using the word "Slashed" maybe extreme which i agree but it is still a big poke in the eye Sire...

  Autoschediastic 20 Sep 11

FM & this news....Read Here

With this

Read Here

They are creating a MONSTER of a situation for us all... i remember only 6 months ago some forum members stating we are well and truly coming out of the recession Mmmmm this is such a shame whats happening i know so many people struggling to pay their mortgages and some that are loosing their homes...

  daz60 20 Sep 11

I would ask that who is the most dangerous, The ratings companies whose integrity was never questioned by the west when the financial tsunami hit the southern hemisphere countries over the last 3 decades and left those countries virtually destitute and in the "warm" embrace of that symbol of fiscal probity the IMF.?

Or indeed the IMF whose principals have generated more harm in both the long and short term to various countries forced to accept its neo-liberalist dogma.?

The worm has turned and the western economies now suffer the medicine imposed on the "3rd world" or emerging economies,as they now say,so they complain.!!

  morddwyd 20 Sep 11

"All I see is Moody’s/Standard & poor’s smashing hell out of the worlds very fragile economies"

All they are doing is telling the world how they think the economy is doing.

That's their business.

If they get it wrong, or try to cover it, they would soon be out of business.

  Autoschediastic 20 Sep 11

FM "You seem to be suggesting I'm pooh poohing the whole financial situation. I'm not. I'm just saying that a cut from A+ to A is not 'slashing' in my book" i know i truly understand what your saying fare point indeed...

  zzzz999 21 Sep 11

S&P and Moody's have a long way to go before they can claim any credibility back; these guys were AAAing Lehman Brothers only weeks before they toppled over.

  morddwyd 21 Sep 11

"these guys were AAAing Lehman Brothers only weeks before they toppled over."

I think Lehman's problems were because of alleged fraudulent activity. These credit agencies only predict on published results, they are not investigative agencies, and therefore could not have known that the published figures were false.

They still have worldwide credibility, as witness the amount of attention world markets pay to their announcements

  zzzz999 22 Sep 11

World markets pay little attention to S&P, etc. They have a long way to go before their credibility will be recovered. Lehman Brothers was down to over exposure to bad debts and poor mortgage practise plus executives playing with the accounting information to hide poor results (at long last the US recognises that the rest of the western world might have it correct with regard to accounting standards) Bond thieves, however, like to cite S&P's etc as reasons for piling on the risk ticket when deciding which rate of interest to charge a country; knowing full well that the chance of said country defaulting is pretty small.

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