Moody's/Fitch/Standard and Poor?????

[MoonRocker]

http://www.bbc.co.uk/news/world-18542691
Why do they even exist? why does anyone take any notice? These are the firms that rated Enron AAA 2 weeks before it collapsed, they let the Subprime bomb go nuclear, I wouldn't let them rate my kids piggy bank! For christ sake in the US they where competing against each other to rate financial products on Wall street when the ratees where paying the bills so would switch between them to get the best ratings! The whole process is flawed, so why does anyone in the financial world give them the time of day?

[sandyRoe]

I've often wondered that too. Their opinions can be bought by the highest bidder and yet they set themselves up as arbiters of whats sound and what's not.

[Zeuhl]

Because the people who set up the Casino that is global capitalism put them there to perform their function.

You don't expect any of it to make sense do you?

[youngmafbog]

And your alternative to the 'Casino that is Global capitalism' Zehul? Should w all be purchasing little red books?
MR, agree it is total nonsense. The banks can however use it to now justify higher interest rates. They probably won tbe paying them but I bet the punter does.
IMHO we should have a State bank. Bron shoudl have done this instead of 'bailing' them. It is the easiest way to drive competition and force the Banks to do what you want, ie lend out at a proper rate. There would have been plenty of money to do this. Of course we would have to watch out for the left and the unions trying to hijack it, but the BoEWI (note: not the BoEWIS) could work if monitored correctly and existing as competition.

[jake-the-peg]

We did have a state bank

It was called Northern Rock "bron" bought it all on our behalf

Cameron flogged it off cheap- remember?

but isn't state nationalised banks leftish commie talkin your book?

[Zeuhl]

Boggy

I'm not sure disliking 'Little Red Books' and having a healthy distrust of Casinos is mutually exclusive is it?

Or do you enjoy being a punter?

I am a businessman with a healthy liking for money, but no one is going to convince me that the people who make it go round at the highest levels are anything more than Bookies and that their 'system' is anything more than a massive confidence trick.

I think recent events have demonstrated those facts haven't they?