I wish I were talking about a different place and time, but I mean here and now.
I have no sympathy for Standard & Poors, as I have been blogging for years, they are one of the guilty parties in pumping up the real estate bubble, the bursting of which brought us the foreclosure crisis that is not yet over.
And which caused tens of thousands of bankruptcies.
Hey, you may be thinking, didn’t the manure hit the fan on this in the summer of 2008? Why, yes, you are correct!
The short version is, the Wall Street crooks and Fannie Mae and the politicians they bought gave anyone who could fog a mirror a mortgage. Appraisers who were honest were driven out of business. Crooked mortgage brokers profited; the banks were happy, they sold the mortgages before the ink was dry and booked the profits. The mortgages were packaged into securitized trusts, and Goldman Sachs and the other crooks sold them to unsuspecting customers.
How did Standard and Poors fit in?