France loses AAA credit rating

[sasguru]

I was quite amused the other day, when you and a few others were railing against the treaty to discover you didn´t actually know what was in it.

That's a bit rich coming from the dunce who thought the treaty applied to the Eurozone rather than the full EU.
I can dig up a link if you like.

[BlasterBates]

That's a bit rich coming from the dunce who thought the treaty applied to the Eurozone rather than the full EU.
I can dig up a link if you like.

No the fiscal control only applies to Eurozone countries. But most of the time you don´t read most the links you post.

I like the one you posted today which supposedly about being money withdrawn from the Eurozone, but obviously you didn´t read it properly because British banks put 60 billion in Germany and Netherlands.



Please carry on I find your posts quite amusing.

[darmstadt]

Well done! you have found a couple of stories to trash one credit agency. Well done indeed! The question I ask is if they are so corruptible then why don't the French bribe them ?

The question you should maybe asking is, who is actually paying them to do this? I can understand it happening in the corporate world but I can't see them doing it for free, can you?

Here you go, a different agency:

On Nov 11, 2011 S&P "mistakenly" announced the cut of France's triple-A rating(AAA). French leaders said that the error was unexcusable and called for even more regulation of these private Credit Rating Agencies (CRA's).

Companies pay S&P to rate their debt issues. As a result, some critics have contended that S&P is beholden to these issuers and that its ratings are not as objective as they ought to be and that, in fact, this "pay to play" model makes their ratings meaningless at best and perhaps would more accurately be compared to the role of the "shill" in a game of three card monte.

In April 2009, the company called for "new faces" in the Irish government, which was seen as interfering in the democratic process. In a subsequent statement they said they were "misunderstood".

Some critics have pointed out that the company and other rating agencies were part of the cause of the global financial crisis of 2008–2009, for example when Moody's downgraded Freddie Mac or, to quote Time, when "both agencies granted AAA rating to Collateralized Debt Obligations (CDOs) that were chock-full-of crap mortgages, thereby helping to precipitate the 2008 financial collapse". Ezra Klein wrote for The Washington Post that "Standard Poor's didn't just miss the bubble. They helped cause it," but he said S&P took the right action to downgrade the U.S. On the other hand, Paul Krugman wrote, "it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies," and, "S&P’s demands suggest that it’s talking nonsense about the US fiscal situation".. Perhaps more revealing and supportive of Paul Krugman's comment, David Wyss, who was chief economist at S&P till July 2011 noted to a reporter on August 17, 2011: "The credit agencies don't know any more about government budgets than the guy in the street who is reading the newspaper." Such insider comments lay fresh doubts about the key ratings decisions by S & P.

[DodgyAgent]

The question you should maybe asking is, who is actually paying them to do this? I can understand it happening in the corporate world but I can't see them doing it for free, can you?

Here you go, a different agency:

they were "misunderstood".

[sasguru]

No the fiscal control only applies to Eurozone countries. But most of the time you don´t read most the links you post.

I like the one you posted today which supposedly about being money withdrawn from the Eurozone, but obviously you didn´t read it properly because British banks put 60 billion in Germany and Netherlands.



Please carry on I find your posts quite amusing.

The treaty was a change to the Lisbon treaty which applies to all EU countries.

Money has been withdrawn from the weaker countries in the Eurozone and stuck in the strong countries' bonds. Obviously as everyone knows Germany and the Netherlands are the only viable countries in it. So the banks are investing in the future of those countries and not the zone as a whole.
But I know why you don't get the distinction.

[DodgyAgent]

I was quite amused the other day, when you and a few others were railing against the treaty to discover you didn´t actually know what was in it.

Do you? Unlike you I dont pick a position based on personal issues and dig myself in defending it. My viewpoint is based upon the analysis as I see it. If the analysis and facts are wrong - from what I read/see on telly/discuss with people I know who may have a more informed opinion than myself then it is likely that my opinion will change.

[BrilloPad]

Do you? Unlike you I dont pick a position based on personal issues and dig myself in defending it. My viewpoint is based upon the analysis as I see it. If the analysis and facts are wrong - from what I read/see on telly/discuss with people I know who may have a more informed opinion than myself then it is likely that my opinion will change.

Who was it who said that when the facts change I change my mind?

[DodgyAgent]

Who was it who said that when the facts change I change my mind?

DA?

[BrilloPad]

DA?

I had to google it - but seems it was Keynes. Though I am ure he got it from you in the first place.

[AllezFrance]

Another idiot in denial, choosing to shoot the messenger.

Just stick to what you're good at. Fleecing/shafting your naive candidates and fiiling your boots. You're allowed an opinion like everyone else. But the euro is here to stay and the UK will join sooner than you think. Oh and ignore the politics, Cameron's play last week was merely a short term boost for the polls and the 80 odd right wingers (dead wood) in that party of toffs and privleged, silver spoons etc.