Tuesday, February 5, 2013

US Federal Government Retaliates...

Standard & Poor's rating agency downgrades the United States federal government's credit rating. So what does the federal government do?  It sues Standard & Poor's for an allegation that they misrepresented the mortgage companies ratings.

When word leaked about the pending civil complaint, some speculated that S&P was being singled out because it had downgraded in August 2011 the U.S. government’s treasured AAA rating for government bonds. The downgrading was both unprecedented and an embarrassment for the Obama administration, and some analysts suggested the new lawsuit was a veiled threat to prevent Moody’s and Fitch from contemplating a downgrade.

So, rather than get their act together to become more solvent, they attack the rating company in an attempt to discredit the agency.

There are two ways to approach a given situation. You can strive to become better, or you can discredit those around you to try to make yourself look better.