So Fitch Ratings has decided not to lower the U.S. debt’s AAA credit rating – for now. The “key pillars of the U.S.’s exceptional creditworthiness remains intact,” the agency ungrammatically explained.
What’s behind the discrepancy between the Fitch finding and the recent downgrade by Standard & Poor’s? I did a little digging and I think I’ve found the answer.
You see, in a process which all on its own should discredit the credit-agency system, companies themselves hire the “agencies” (which are actually government-blessed for-profit companies) that rate them. It must be, then, that a certain Barack Obama, currently President of U.S.A. Inc., slipped Fitch a little extra something under the table in return for a timely vote of confidence. It probably happened on that big black bus he was using to tour the Midwest over the last few days. (No one could see inside that thing, that’s for sure. Why, absolutely anything could have been going on in there! Back-seat driving. Worshipping Allah. Eating home-gardened vegetables…the imagination runs riot!)
Obama and the liberal punditocracy are clearly in cahoots here. After S&P issued its downgrade, RJ Eskow in the Huffington Post fumed that “much of the government’s current financial problems – and most of the public’s problems – are due to a financial crisis they [the ratings agencies] helped make possible through incompetence and moral corruption.” Yet in calling for the government to withdraw the agencies’ official recognition on grounds of “egregious professional errors and ethical lapses,” Eskow conspicuously left out Fitch, demanding punishment only for Moody’s and S&P.
Where will this devilish cycle end?