Al Jazeera Interview on Credit Rating Agencies

The Credit Rating agencies have helped cause this crisis by (a) being for profit organizations whose ratings are paid for by the sellers of financial instruments and (b) giving advice that might be useful in episodic events but which makes systemic crises worse.

Category:

News & Politics

Tags:

• interview
• Credit Rating Agencies
• Moodys
• S&P
• Financial Crisis
• Sovereign Debt Crisis
• Euro Crisis
• Debt Deflation
• IMF
• EU
• European Union
• Great Recession
• Global Financial Crisis

[ftwbk]

keen missed one of the biggest points about the credit rating agencies: they all are licensed by the us government. moody's and S&P have to have the gov't provide them with a license to rate bonds, treasuries, etc. so there is clearly a conflict of interest there.

[meotaku2]

@optionsupdate. The name is Steve.

[optionsupdate]

this presenter is very beautiful, wonder what her name is

[61damage]

The credit rating agencies aren't businesses in their own right; they work in collaboration with the big financial services corporations and the accountancy firms to effectively invent value from nothing... what they're doing now is trying to protect their clients/collaborators from the devaluation of their assets, even if it destroys the economy of every country in europe. Go look at Yves Smith's Naked Capitalist blog and anything by Steve Keen.

[GHPCAndersB]

Another excellent interview by Steve - I found a link to it on the Zetaboards Australian Property Forum. This downturn will be steeper and sharper than 89-91. Debt is at crazy levels today, much worse than during the nineties. Australia has a major debt problem that needs to be addressed. But at the moment it’s not even being acknowledged by the mainstream press!

[dionhenderson]

@seemoretube I agree, but at the end of the day, everyone has their own agendas. It's taking that on board and deciphering (not to mention thinking) for yourself is the most important aspect of trend tracking/research.

It's nice to see someone else who has unplugged from the box.

[seemoretube]

@dionhenderson Western intelligence agencies are not directing content or the agenda on Al Jazeera, pLease. And it would be just like Soros to do so on the other hand.

Whom do I trust? Primary sources, direct quotes. "News" agencies with a proven agenda; more op-ed and historical white-washing need not even attempty to apply (RT, Al J, fox,). MSNBC are somewhat more intellectually honest than the other three mentioned. I don't subscribe to any of them, I read primary documents myself.

[dionhenderson]

@seemoretube AL Jazeera is majority owned by George Soros, with ties to Western intelligence, so... You're slightly wrong in that respect.

To whom do you trust? Fox, CNN, MSNBC?

I would trust a state run Russian network such as RT over Rupert "I hack into peoples computers" Murdoch, The Cartoon News Network or MSNBC, all part owned by weapons manufacturers... Hmmm... Moral Hazard anyone?

While no one can deny their own agendas, look at our own media agenda more thoroughly, the West must fall.

[seemoretube]

I know that what you say is accurate and that you are genuine, but the likes of Al Jazeera and Russia Today are not honest news agencies. They have a clear ideological direction and are social agitators waiting with bated breath for America and the West to fall.