Despite the fact that the market surged yesterday on news that S&P claimed the rating agencies were nearly finished with downgrades, as is usual it is what was left unsaid that was most revealing.
“March 11 (Bloomberg) — Even after downgrading almost 10,000 subprime-mortgage bonds, Standard & Poor’s and Moody’s Investors Service haven’t cut the ones that matter most: AAA securities that are the mainstays of bank and insurance company investments.’
So, yeah, they’e playing games of hide the sausage with one another. When you have an industry which is given the mandate to police itself (fox, henhouse, get it?), rather then by an objective commission (*cough* SEC *cough*) this is the result.
Is Bush fiddling while Rome burns? He says everything is cool, we shouldn’t worry, and we definitely shouldn’t panic.
When authority figures tell sheeple not to panic, they usually panic.
Next week should be an interesting one in the markets.
“No man’s life, liberty, or property is safe, while Congress is in session.” -Mark Twain “