US Government Sues Standard & Poor for $1 Billion, Supposedly Because S&P Rated the Government's Own Fannie & Freddie Securities Too Charitably

You can't misrepresent our account ledgers -- only we can misrepresent our account ledgers.

Or, it might have something to do with S&P downgrading the US government's credit rating.

Partly, I think, the move against S&P (the other rating agencies are also in the government’s crosshairs) is a an example of the time-honored practice of scapegoating. People are looking for someone to blame and the rating agencies seem like low-hanging fruit: “Hey, they told me this might be a great (though risky) investment, and I lost money! Whom can I blame?”

But I suspect this is not only about scapegoating. I suspect it is also about retaliation. We are living with the most fiscally incontinent administration in U.S. history, perhaps in world history. Both S&P and Moody’s took note of this incontinence and broadcast the news by downgrading U.S. debt in 2011. The result? A $1 billion lawsuit against S&P. Merely post hoc? Or do you discern a teensy bit of propter hoc there as well? I do.

And more from Instapundit-- The NYT originally reported the government threatened to bring a criminal case in order to compel a bigger settlement from S&P, which is improper.

That reference is now deleted from the NYT's report, though it survives on the Internet.

Posted by: Ace at 12:56 PM



Comments

1 Balance.

Posted by: The littl shyning man at February 05, 2013 12:57 PM (PH+2B)

2 They also sued Egan-Jones last month, who downgraded the US credit prior to S AMPERSAND P.

Good thing our credit market is back in full swing, healthier than ever ...

Posted by: weft cut-loop at February 05, 2013 12:57 PM (NTBjC)

3
That's a nice company you've got there. Be a shame if something happened to it.

Posted by: Bargy Al Clusterfuq at February 05, 2013 12:58 PM (BZMZX)

4 Ninth!

Posted by: General Woundwort at February 05, 2013 12:58 PM (RrD4h)

5 Pure political BS. The government has no case but SnP will "settle" after agreeing to some kind of fine and reevaluating the gov T-bill rating.

Posted by: Vic at February 05, 2013 12:59 PM (53z96)

6 Well, what a nice government by extortion we have here. And the Mafia is bad how?

Posted by: Anna Puma (+SmuD) at February 05, 2013 12:59 PM (vN8uH)

7 And the DOJ is doing it with our money. They can't lose.

Posted by: Vic at February 05, 2013 12:59 PM (53z96)

8 well if you have everything useful to shut others up , why not put them to use.
so it's chilling ? o well I read recently where whistleblowers will also not be honored in the age old american tradition as hero's anylonger

Posted by: ette at February 05, 2013 12:59 PM (nqBYe)

9 S P: latest fat cat 1% who is wrecking Food Stamp Nation and the Reign of the Blessed One.

To the guillotine!

Posted by: PJ at February 05, 2013 12:59 PM (ZWaLo)

10

but the important thing is...

MITT ROMNEY'S TAX RETURNS!!!

Posted by: soothsayer at February 05, 2013 01:00 PM (OZ9Xn)

11 OT: Just picked up Gabe's ReTweet about Ahmadinnerjacket possibly being attacked by a Syrian in Cairo. Did shit just get real?

Posted by: Country Singer at February 05, 2013 01:00 PM (L8r/r)

12 I'm sure IRS as with NLRB will also be very useful,

Posted by: ette at February 05, 2013 01:00 PM (nqBYe)

13 Only $1 billion?

Low ball.

Posted by: EC at February 05, 2013 01:00 PM (GQ8sn)

14 I hereby swear and affirm, I will never judge governmental and quasi-governmental organizations fiscal position to favorably.

Posted by: WalrusRex at February 05, 2013 01:01 PM (Hx5uv)

15 As a famous Secretary of State said, What does it matter!

It's not like there's an oppositional party or media in place for this to become anything other than a footnote on page 100 of things that happened on February 5th, 2013.

Posted by: General Woundwort at February 05, 2013 01:01 PM (RrD4h)

16 The government should sue investors for investing in bad securities.

Posted by: Dr Spank at February 05, 2013 01:01 PM (w+Dvf)

17 Heck and the DOJ, EPA, were all set.

Posted by: ette at February 05, 2013 01:01 PM (nqBYe)

18 So finally someone is being held accountable for the disastrous policies that led us to the Great Recession an you cons still whine.

Posted by: Republicons are in the dustbin of history at February 05, 2013 01:01 PM (KfEiI)

19 we're

Posted by: ette at February 05, 2013 01:01 PM (nqBYe)

20 Up is down. Cat is dog. Lying is accepted. Truth is prosectutable.

Posted by: Kevin in ABQ at February 05, 2013 01:02 PM (7TwHV)

21
It's not nice...to not give me what I want.

Posted by: The Thug in Chief at February 05, 2013 01:02 PM (BZMZX)

22 is a an example of the time-honored practice of scapegoating. People are looking for someone to blame

_______________

Scapegoating and retaliation--it's about all this administration has.

Posted by: tasker at February 05, 2013 01:02 PM (r2PLg)

23 nly $1 billion?

Low ball.


Posted by: EC at February 05, 2013 01:00 PM (GQ8sn)

it does seem rather low now that i'm used to hearing multiples of Trillion as yearly cash flows.

Posted by: ette at February 05, 2013 01:02 PM (nqBYe)

24 Thug is as thug does.

Posted by: Forrest Gump at February 05, 2013 01:02 PM (FcR7P)

25 The Hagel and Kerry appointments are--retaliation.

Posted by: tasker at February 05, 2013 01:02 PM (r2PLg)

26 We are Argentina


Ole'!!!

Posted by: DOA in Scrambletown, FLA at February 05, 2013 01:02 PM (Dll6b)

27 So finally someone is being held accountable for the
disastrous policies that led us to the Great Recession an you cons
still whine.

Posted by: Republicons are in the dustbin of history at February 05, 2013 01:01 PM (KfEiI)

really now ? Like Fannie and Freddy and those who facillitate it?

Posted by: ette at February 05, 2013 01:03 PM (nqBYe)

28 Patti LuPone - Don't Cry for Me Argentina.
http://youtu.be/14DIoEWB7VE

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:05 PM (vN8uH)

29 "...the most fiscally incontinent administration in U.S. history"

So, the government is shitting money? Actually, yeah. That's about right.

Posted by: BlueStateRebel at February 05, 2013 01:05 PM (7ObY1)

30 WE have NO Problem in the housing Markets - Maxine Waters!

Posted by: ette at February 05, 2013 01:05 PM (nqBYe)

31 Up is down. Cat is dog. Lying is accepted. Truth is prosectutable.

***

Joe Biden is smart.

Posted by: WalrusRex at February 05, 2013 01:05 PM (Hx5uv)

32 18 So finally someone is being held accountable for the disastrous policies that led us to the Great Recession an you cons still whine.
Posted by: Republicons are in the dustbin of history at February 05, 2013 01:01 PM (KfEiI)

___________

Standard and Poor's is to blame?

Exactly what fiscal policy do they control?

M3?

Posted by: tasker at February 05, 2013 01:05 PM (r2PLg)

33 Faster.

Furiouser.

Posted by: T. Hunter - let it burn at February 05, 2013 01:06 PM (EZl54)

34 Zimbabwe, Zimbabwe, my kind of town!

Posted by: Barrack Obama at February 05, 2013 01:07 PM (Hx5uv)

35 And Jamie Gorelick isn't in jail.

Posted by: garrett at February 05, 2013 01:07 PM (LeOij)

36
You said, "incontinent". Heh Heh,

Heh Heh heh heh, *snork* *snork*.

Posted by: Beavis or Butthead- at February 05, 2013 01:07 PM (4Mv1T)

37 It is an Argentian move. Fire the economists. Create our statistics. Fool the people.

Posted by: mikulin at February 05, 2013 01:07 PM (vmyXX)

38 I think we were having a conversation with JDP when we were trying to explain facism. Note here there bullying of the private sector to comply with government mandate, to deny reality.

Posted by: joeindc44 is now more concerned about Dark Ages 2.0 than Great Depression 2.0 at February 05, 2013 01:07 PM (QxSug)

39 Both S&P and Moody’s took note of this incontinence and broadcast the news by downgrading U.S. debt in 2011. The result? A $1 billion lawsuit against S&P.

That's the Chicago Way.

Posted by: toby928© for TB at February 05, 2013 01:07 PM (evdj2)

40 How the hell are they going to be able to successfully sue S&P?

Posted by: tasker at February 05, 2013 01:07 PM (r2PLg)

41 We were selling crap but they should have said we were selling crap.

Posted by: Fannie Mae at February 05, 2013 01:07 PM (8ZskC)

42 Think about the psychic energy it takes to purposely keep oneself so pugnaciously ignorant (and be so proud of oneself in the process).

Posted by: D. Hopper at February 05, 2013 01:07 PM (AVfT8)

43 Only $1 billion?

Low ball.


It's for the chilling effect on everyone else, not just the S&P. Thugocracy.

Posted by: t-bird at February 05, 2013 01:08 PM (FcR7P)

44 It was them Republicans, see!

Meah, they have money and they're rich. Go get them!

Posted by: John Corzine at February 05, 2013 01:08 PM (NTBjC)

45 Actually to fudge the numbers on a country wide scale is a Soviet GOSPLAN move. Pretty soon no one knows what is actually produced and then the wheels come off.

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:08 PM (vN8uH)

46

26
We are Argentina


Ole'!!!

And we are all citizens of the US even if we came here illegally. It's our "status" don't you know keeping us from our full citizenship being as all we have to do is get here.... Thanks Conyers for that clarification.....The Mexican hoarde...

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:08 PM (9+ccr)

47 If it were a Republican...

I know we say it, but the Lefties can be outraged over freakin' Sodastream but this?

Such children they are.

Posted by: AmishDude at February 05, 2013 01:08 PM (T0NGe)

48 I believe that is the only time I have seen incontinent and fiscally used in conjunction. The imagery conjured is, unique.

Posted by: Joe Mama at February 05, 2013 01:08 PM (P4cxa)

49 pay the fine in Stockton California municipal bonds.

Posted by: No Feet Johnson at February 05, 2013 01:09 PM (KHo8t)

50
Ace,

Love your piece..."The Ike Turner Media"...over at The Conversation.

Yep, we are in an abusive relationship with the media.

We should justbe grateful that they let us live.

Posted by: wheatie at February 05, 2013 01:09 PM (BZMZX)

51 I see we have the famous AoSHQ double tap on the McCain post.

Posted by: maddogg at February 05, 2013 01:09 PM (OlN4e)

52 In other words: how dare you not mention that my fly was down. Off with your head!

Posted by: wooga at February 05, 2013 01:09 PM (CB+1e)

53 But, Fannie and freddy are still safe financial institutions.
Barney Fwank

Posted by: Clemenza at February 05, 2013 01:09 PM (Q8Pu5)

54 I am so happy the fiscal sanity with spending billions to green shootshits like solyndra, abound, lightsquare, all bankrupt btw was Great management and helped immensely to save our economy.
how is gm doing these days? needing anymore kickbacks?

Posted by: ette at February 05, 2013 01:09 PM (nqBYe)

55 Joe the plumber was just batting practice for this criminal administration.

Posted by: @PurpAv at February 05, 2013 01:10 PM (J6hHs)

56 Everything related with the government is just fine. Anyone saying otherwise will be shot for treason

Posted by: TheQuietMan at February 05, 2013 01:10 PM (1Jaio)

57 F* 'em S AND‡ P settle, then downgrade them again.


‡This unnecessary and unwanted spelling of the word AND brought to you by pixybot, Ruthless murderer of ampersands.

Posted by: MikeTheMoose Offering Moobats Gasoline and Matches at February 05, 2013 01:10 PM (0q2P7)

58 18
So finally someone is being held accountable for the disastrous policies
that led us to the Great Recession an you cons still whine.

Posted by: Republicons are in the dustbin of history at February 05, 2013 01:01 PM (KfEiI)


S and P sets policy and passes laws? Who knew?!

Posted by: Tami at February 05, 2013 01:11 PM (X6akg)

59 It is only a matter of time before these fuckers figure out how to make being a conservative or a Republican illegal. I shit you not.

And half of the retards in this country would be ok with that.

Posted by: LGoPs at February 05, 2013 01:12 PM (BJVEF)

60 Up is down. Cat is dog. Lying is accepted. Truth is prosectutable.

------
And 19th century technology is the wave of the future, all aboard the Slo Joe Choo-Choo Train! Track 69!

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:12 PM (vN8uH)

61 37 It is an Argentian move. Fire the economists. Create our statistics. Fool the people.
Posted by: mikulin at February 05, 2013 01:07 PM (vmyXX)

You can fool the people and make up the numbers, but you can only do it once.

When you jumble reality, you've got to make it count.

Posted by: jwest at February 05, 2013 01:12 PM (ZDsRL)

62 Your next!!! Moody.

Posted by: Clemenza at February 05, 2013 01:12 PM (Q8Pu5)

63 $1 billion. Also known as1 hour of federal spending.

Posted by: SH at February 05, 2013 01:12 PM (gmeXX)

64 And more from Instapundit-- The NYT originally reported the government threatened to bring a criminal case in order to compel a bigger settlement from SP, which is improper.

That reference is now deleted from the NYT's report, though it survives on the Internet.



The New York Times has strict controls in place to prevent the accidental reporting of actual news. Heads will roll for this one.

Posted by: Cicero, Semiautomatic Assault Commenter at February 05, 2013 01:12 PM (8ZskC)

65 I really hated Clinton. I never dreamed the fucking country could actually vote in some lame brained bastards that would make me wax nostalgic over slick Willy.

Posted by: maddogg at February 05, 2013 01:12 PM (OlN4e)

66 How the hell are they going to be able to successfully sue SP?
Posted by: tasker


Charge big and settle on some fines. Wrist slaps all around and then back to bid'ness.

The big 3 ratings agencies are pay-for-play companies and will pretty much back anything DC and Wall Street say.

This? This is theater.

Posted by: weft cut-loop at February 05, 2013 01:13 PM (NTBjC)

67 So finally someone is being held accountable for the
disastrous policies that led us to the Great Recession an you cons
still whine.

Posted by: Republicons are in the dustbin of history


Nope. Barney Frank's whores that he installed in Fanny Mae and Freddy Mac have still not been sent to jail. And Barney Frank remains unpunished for deliberately starting the panic on the week that McCain was about to win the election.

Do try again.

Posted by: Kristophr at February 05, 2013 01:13 PM (wYVte)

68 58
18

So finally someone is being held accountable for the disastrous policies

that led us to the Great Recession an you cons still whine.



Posted by: Republicons are in the dustbin of history at February 05, 2013 01:01 PM (KfEiI)

So they finally arrested Obama? Yeah, the man who held sit-ins in Banks to force them to make bad loans to unqualified Minorities and who also filed the Law suit to force them?

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:13 PM (9+ccr)

69 It's for the chilling effect on everyone else, not just the SP. Thugocracy.


Dynamically corrupt thugocracy.


Thank you Chitown.

Posted by: Heyoooohhhhhh at February 05, 2013 01:14 PM (KXm42)

70 When I open the door here in Mexifornia and I see the future as Zimbabwe on the lawn , I will be eating feral hogs in Texas the next month and cleaning my pool filter daily.

Posted by: Clemenza at February 05, 2013 01:14 PM (Q8Pu5)

71
"Partly, I think, the move against SP (the other rating agencies are also in the government’s crosshairs) is a an example of the time-honored practice of scapegoating."

No, it's the time-honored Chicago tradition of intimidation.

Posted by: rrpjr at February 05, 2013 01:14 PM (yBrS/)

72
How the hell are they going to be able to successfully sue SP?


Posted by: tasker


By claiming they gave bad investment advice on an unrelated matter. Obama will never admit publicly to violating the first amendment. Even though he does.

Posted by: Kristophr at February 05, 2013 01:15 PM (wYVte)

73 @18

So finally someone is being held accountable


The State must have a scapegoat.

Pray to Lenin that it is not you.

Posted by: Baraackvan Obamavich at February 05, 2013 01:15 PM (EZl54)

74 Look, the fact is that the rating agencies DID blow it on the mortgage-backed securities. They were of course only one of several cogs in the wheels of destruction, but second probably only to Fannie and Freddie in their culpability and well deserving of sanction.

In a functioning market they, and the 'government-sponsored entities', and a whole lot of banks, would have disappeared from the Earth in 2009.

But...yeah, it's very difficult for DOJ to do this *now* and not have it look politically motivated. And it also illustrates once again how our judicial system has a very weak concept of the importance of the time factor in justice.


Posted by: JEM at February 05, 2013 01:15 PM (o+SC1)

75 OT- Gird yer loins....


Budweiser names Super Bowl foal "Hope"

http://is.gd/ng1naD

Posted by: Jones in CO at February 05, 2013 01:15 PM (8sCoq)

76 Someone explain the lawsuit to me. Is there not a pretty big 1st A defense available. I realize that is not the point of the suit, but I need to know more and I am too lazy to read the details, and certainly can't trust thte times to properly provide them.

Posted by: SH at February 05, 2013 01:16 PM (gmeXX)

77 Extortion and graft is the Chicago way. See also, Jesse Jackson Jr., wife of.

Posted by: Fritz at February 05, 2013 01:16 PM (UzPAd)

78
Blame Bush!!!

It's still working. Like magic.

Posted by: Reader C.J. Burch writes..... at February 05, 2013 01:16 PM (RFeQD)

79 Smells like Fascist spirit.

Posted by: Margarita DeVille at February 05, 2013 01:16 PM (C8mVl)

80 >>>So finally someone is being held accountable for the
disastrous policies that led us to the Great Recession an you cons
still whine.

Really, not the people who made the loans, sold the loans, misrepresented the loans, made the laws that made it profitable, hid the structural instability at FM/FM, all those people, PROGS, get to walk. This isn't accountability. This is punishment for not being adequately socialist and lying about the US' credit worthiness.

Posted by: MikeTheMoose Offering Moobats Gasoline and Matches at February 05, 2013 01:17 PM (0q2P7)

81 Well lets hope the foal is a filly then.

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:17 PM (vN8uH)

82 Textbook fascism.

Posted by: mugiwara at February 05, 2013 01:17 PM (DdL0i)

83 Anybody listening to Rush? Is the audio f'ed up?

Posted by: RWC at February 05, 2013 01:17 PM (fWAjv)

84 SH: Obama hates SP for telling the truth about the treasury's credit rating.

So they are trying to crucify them on an unrelated matter, and pretending they aren't punishing SP for saying the US has bad credit.

Posted by: Kristophr at February 05, 2013 01:17 PM (wYVte)

85
‡This unnecessary and unwanted spelling of the word AND brought to you by pixybot, Ruthless murderer of ampersands.

***

I hate ampersands. They killed my mother.

Posted by: Pixie at February 05, 2013 01:18 PM (Hx5uv)

86 The Alinsky Cliff-Notes for Fascism in 10 Easy Steps?

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:18 PM (vN8uH)

87 "That reference is now deleted from the NYT's report, though it survives on the Internet."

That sentence gave me some Orwellian chills. At what point, I wonder, do we say, 'Enough. This far and no farther!'? There's this term, 'red lines', the government uses to indicate a point at which action is required. What's our red line? Suspension of the Constitution? Gun confiscation? Bacon shortage? What?

Posted by: troyriser at February 05, 2013 01:18 PM (vtiE6)

88 And we laughed at the Italians when the jailed the scientists for not predicting the earthquakes.

Well, some of us anyway. Their own FSA--just like our FSA--cheered.

Also, how is this any different from Argentina jailing economists who put dared put out statistics that differed from the governments?

Geez, it's almost like the socialist all play from the same playbook?

Posted by: RoyalOil at February 05, 2013 01:18 PM (VjL9S)

89 I'd love to see an Equifax report on the U.S. government.

ha!

They have this little tool whereby you can determine how particular actions will affect your credit score and a 'Best Actions' adviser which tells you how to raise your score.

It would probably be something like Pay down $16T in debt

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:18 PM (piMMO)

90 If SaP broke the law, prosecute them. This practice of the federal government bringing a civil suit against private citizens is bullshit.

That said, there was something a bit fishy with regards to the ratings agencies. I don't know whether they were too bullish on mortgage securities out of incompetence or greed, but they didn't put a gun to anyone's head to buy.

Posted by: Hollowpoint at February 05, 2013 01:19 PM (SY2Kh)

91 55 Joe the plumber was just batting practice for this criminal administration.

"You have to crucify one of them, to make an example out of them for the others."

Barky has been doing this...all along.
He sued Citibank in 1995,to make subprime loans and make an example out of them.

He was a Civil Rights Attorney in Chicago, shaking down companies with threats of lawsuits...if they didn't play ball.

Posted by: wheatie at February 05, 2013 01:19 PM (BZMZX)

92 In a just land under the rule of law, Corzine would be in jail and Zimmermanwould be free.

Posted by: Larsen E. Whipsnade at February 05, 2013 01:19 PM (6BgmB)

93 Yup. YOU CAUSED US TO THINK FANNIE AND FREDDIE WERE OKAY! DON'T YOU DARE DROP OUR CREDIT RATING AGAIN!

America deserves everything it gets.

Posted by: sven10077 at February 05, 2013 01:19 PM (LRFds)

94 No, it's the time-honored Chicago tradition of intimidation.

To be fair, it's a transparent case of intimidation, from the most transparent Maladministration evah.

President Math is unimpressed, however.

Posted by: t-bird at February 05, 2013 01:19 PM (FcR7P)

95 For all of us that wanted to LIB. Well, it's burning. The damage in the next four (or more) years is beyond anything we can contemplate today.

Posted by: Soona at February 05, 2013 01:20 PM (b4dE9)

96
He should just Drone bomb S and P. It's legal!

Posted by: Eric Holder at February 05, 2013 01:20 PM (p/cQy)

97 I feel better already.

Posted by: Truck Monkey at February 05, 2013 01:20 PM (jucos)

98 Hollowpoint: Ratings agencies are merely publishing their opinions.

Trying to punish someone for having a bad opinion is bullcrap.

Posted by: Kristophr at February 05, 2013 01:20 PM (wYVte)

99 Budweiser names Super Bowl foal "Hope"


What they didn't mention was the other stillborn foal named "Doom".

Posted by: EC at February 05, 2013 01:20 PM (GQ8sn)

100 Eric Cantor tweets:

One of our priorities this year will be to move heaven and earth to fix our education system for the most vulnerable.

I feel annoyed.

Should I feel annoyed?

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:20 PM (piMMO)

101 So has obumbles started his speech yet telling us we have to raise more taxes?

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:21 PM (9+ccr)

102 What next? Roger Ebert will be sued the next time a movie he hates tanks at the box office?

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:21 PM (vN8uH)

103 Simple solution for all our fiscal woes: require that the government adhere to the same accounting standards that they demand from any business.

HAHAHAHAHAHAH

Like that'll ever happen.

Posted by: Bitter Clinger (aka Ol' 3 tooth) at February 05, 2013 01:21 PM (3E2th)

104 If you read any of the books such as The Big Short by Michael Lewis, there was plenty of blame to go around that caused the houseing crisis and the rating agencies need to take some of that blame as they were rubber stamping investments as decent quality in order to make a quick paycheck.

Capitalism is the best system ever but in order for it to work, there needs to be failure and accountability when things go bad and people do bad things and we as a society have decided we don't want to deal with any of that.

Posted by: AndrewsDad at February 05, 2013 01:21 PM (C2//T)

105 We are under enemy occupation. And that retarded half of the American people that don't see this - theyare part of the occupation.

Posted by: LGoPs at February 05, 2013 01:22 PM (BJVEF)

106 I sense an impending circular firing squad. So time to tackle stuff.

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:22 PM (vN8uH)

107 Budweiser names Super Bowl foal "Hope"

***

My submissions were Liberty Bell, Liberty, Freedom, and Ambassador


'Hope', these days, has a whole other meaning than it did 4 years ago.

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:23 PM (piMMO)

108 And the Mafia is bad how?
---
Let's say that their workforce is lacking in diversity. And they do not give us our due Tribute. and it's full of WOPs.

Posted by: The Overlords at February 05, 2013 01:23 PM (SO2Q8)

109 Why did we downgrade the U.S. credit rating? 16 trillion in debt and growing with no plan to ever pay it back. I rest my case.

Posted by: SnP's Super Lawyer at February 05, 2013 01:23 PM (7Nq2G)

110 This on the same day that the government of Argentina ( after firing and jailing economists who tell truths ) is Getting Jiggy with it's inflation stats and forcing price controls on groceries nationwide



what a marvelous coincidence

Posted by: DOA in Scrambletown, FLA at February 05, 2013 01:23 PM (Dll6b)

111 95 For all of us that wanted to LIB. Well, it's burning. The damage in the next four (or more) years is beyond anything we can contemplate today.

Posted by: Soona at February 05, 2013 01:20 PM (b4dE9)


I think you're wrong about the "beyond anything" part.
I've studied history and formed my career during the Carter years.

This is going to be like the FDR years, except the stock market won't crash -- it will just become worthless.

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:24 PM (Qxe/p)

112 How can he say 'working on a budget?'

Fuck you TFG

Posted by: RWC at February 05, 2013 01:24 PM (fWAjv)

113
another great segment on Rush

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:24 PM (gtTDa)

114 Why not sue for $17 Trillion? Shit, it'd solve all our problems. Right?

Posted by: Brock O'bama at February 05, 2013 01:24 PM (eDWZG)

115 100 ---- "Should I feel annoyed?"

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:20 PM (piMMO)

YES. The only thing the federal government should do about education is to get the hell out of it.

Posted by: Margarita DeVille at February 05, 2013 01:24 PM (C8mVl)

116 It's a big no no to threaten criminal charges to obtain a civil settlement. That's called blackmail and it is frowned upon.


The question about the ratings given to mortgage backed securities is interesting. The argument for liability is that the ratings agencies did not perform proper due diligence to determine that the securities were backed by subprime loans that were highly likely to fail. The counter to that is that 90+% of those mortgages were guaranteed by Freddie and Fannie and thus were secured by the full faith and credit of the US government leading to a determination that there was minimal risk of ultimate default on the mortgages.


I have no idea which way the courts will rule on this. Hell, I have no idea which way I would rule.

Posted by: alexthechick - SMOD. Team Stompy. at February 05, 2013 01:24 PM (VtjlW)

117 98 Hollowpoint: Ratings agencies are merely publishing their opinions.

Rating agencies have a fudiciary duty to base the ratings on factual data and a fair and reasonable interpretation of the numbers.

Posted by: jwest at February 05, 2013 01:24 PM (ZDsRL)

118 No questions again.

Posted by: RWC at February 05, 2013 01:24 PM (fWAjv)

119
troyriser @ 87

I think we passed a couple of red lines. There is no one to call it out. The Mainstream Imbecile Media is totally compromised, the Republicans are spineless jellyfish, the Executive is a Marxist thug.

What's left? You, me, us, the NRA, who will speak up? I am told the "Tea Party" is dead.

Posted by: Reader C.J. Burch writes..... at February 05, 2013 01:24 PM (RFeQD)

120 Andrewsdad: No, blame for this points straight as a laser at Barney Frank, Bill Clinton, and Jimmy Carter, and a bunch of Democrats that wanted "free" homes for hobos.

Every Republican president since Carter has done their best to ignore and refuse to enforce the CRA.

Posted by: Kristophr at February 05, 2013 01:24 PM (wYVte)

121 ‡This unnecessary and unwanted spelling of the word AND brought to you by pixybot

"the S&P is the latest...", &c. I wonder if there's such a thing as a "N& gate"?

Yes, I'm just taunting.

Posted by: t-bird at February 05, 2013 01:24 PM (FcR7P)

122 I feel annoyed.
Should I feel annoyed?
Posted by: Niedermeyer's Dead Horse


I took my annoyed and buried it in a cigar box out back. It's easier this way.

It'll be safe until I need it again, if ever.

Posted by: weft cut-loop at February 05, 2013 01:24 PM (NTBjC)

123 The bacon ration will be raised to 20 grams.

Posted by: president o'bumbles at February 05, 2013 01:24 PM (ORGYc)

124 I'm confused. Is the government in the right for suing SnP for all the wrong reasons or is there no case and this can be chalked up as bureaucratic malfeasance.

Our politicians failed us. our regulators failed us our captains of industry failed us.

I think leaders of these outfits - including government regulatory agencies -need to swing for ruining our economy. Am I wrong for believing that? We've been fk'd over, right? Shouldn't we get our pound of flesh?


Posted by: 13times at February 05, 2013 01:25 PM (h6XiD)

125 Assault Lawyering.

Posted by: Bevel Lemelisk at February 05, 2013 01:25 PM (hjRtO)

126 http://www.huffingtonpost.com/2013/02/05/budget-deficit-trillion-cbo_n_2623910.html

Barack Hussein Obama is looking out for the people of America. He has his hart set on America beign great!!!

Through Barack's genius leadership the deficit id projected to be under $1 Trillion this year.

He truly is the King of Kings!!!!

Posted by: Mary Cloggenstein of Battleboro VT and PROUD OF IT!!!! at February 05, 2013 01:25 PM (xAtAj)

127 If SaP broke the law, prosecute them. This practice of the federal government bringing a civil suit against private citizens is bullshit.
______

I found this from Yahoo news story. This is what I wanted to know:
"The lawsuit was brought under FIRREA, the Financial Institutions Reform, Recovery, and Enforcement Act, a federal civil fraud statute passed in the wake of the 1980s savings-and-loan scandals. It covers fraud affecting federally insured financial institutions."

Under what authority does the federal government have the power to bring a civil suit. But Hollowpoint raises a great point? Why give the federal government this power? Either they broke the law, and in that case you prosecute them. But why does the federal government have the power to bring a fraud suit against a private company on behalf of investors. I'm sure that authority exists in many places, and that ship has sailed, but it is frightening.

Posted by: SH at February 05, 2013 01:25 PM (gmeXX)

128 @104: What, you expect people to take personal responsibility in this day and age?

How quaint an idea!

Posted by: Tex Lovera at February 05, 2013 01:25 PM (wtvvX)

129 Hollowpoint: Ratings agencies are merely publishing their opinions.

Trying to punish someone for having a bad opinion is bullcrap.


It's a bit more complicated than that. The question is- was it an honest opinion, or one issued because they stood to profit from a dishonest opinion?

If they broke the law by committing fraud, prosecute them. Bringing a civil suit is chickenshit.

Posted by: Hollowpoint at February 05, 2013 01:26 PM (SY2Kh)

130 116 AlexTheChick,

I am charmed the Feds are pretending that the GSEs were not engaged in risk laundering as known baseline policy,

This case would be popcorn material if SP came to fight.

Posted by: sven10077 at February 05, 2013 01:26 PM (LRFds)

131 Budweiser names Super Bowl foal "Hope"---
What place did 'Sarah Jessica Parker' come in?

Posted by: Buzzsaw90 at February 05, 2013 01:26 PM (SO2Q8)

132 Rating agencies have a fudiciary duty to base the ratings on factual data and a fair and reasonable interpretation of the numbers.
Posted by: jwest
***

And the govt has clearly decided it doesn't like the "interpretation".

Posted by: Tilikum the Killer Assault Whale at February 05, 2013 01:26 PM (uhftQ)

133 Assault S&P.

Assault Ampersands.

Posted by: tasker at February 05, 2013 01:26 PM (r2PLg)

134 I should also point out that those running this country see nothing wrong in Argentina.

They go down there on vacations and are treated like kings. The biggest steaks, cigars and brandy on the patio, white tablecloth picnics followed by a hammock nap under the shade trees.

They know, and you know it too if you're posting here, that they will be the kings in America if they follow the same path.

There is a reason Argentina is what it is--a large, loud and dangerous FSA that is lead around by the nose by the political left.

Notice I didn't say "think they will be kings" and notice also I didn't identify a party.

Because it will be so: They have the money, they have the connections, they have our country now--those who see themselves as fit to rule man of both parties. Rule, not govern: Rule.

Posted by: RoyalOil at February 05, 2013 01:27 PM (VjL9S)

135 Mary, you speaketh the trooth!!

Posted by: Tex Lovera at February 05, 2013 01:27 PM (wtvvX)

136 Frank Sinatra - Send in the Clowns
http://youtu.be/K1fVQGESUTo

Posted by: Anna Puma (+SmuD) at February 05, 2013 01:27 PM (vN8uH)

137 Rating agencies have a fudiciary duty to base the
ratings on factual data and a fair and reasonable interpretation of the
numbers.

Posted by: jwest[\i]

Bullcrap. First Amendment. S and P is not anyone's hired broker. Ratings agencies can say the sky is green. They might not be trusted after that, but they can say it.

This is a powergrab by the SEC and Obama, and they all need to be put up against a wall and shot for treason.

Posted by: Kristophr at February 05, 2013 01:27 PM (wYVte)

138
In one sentence, here is the GOP's new strategy:

If we can't beat 'em, we'll join 'em.

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:27 PM (gtTDa)

139 11
OT: Just picked up Gabe's ReTweet about Ahmadinnerjacket possibly being attacked by a Syrian in Cairo. Did shit just get real?
Posted by: Country Singer at February 05, 2013 01:00 PM (L8r/r)
Pics or it didn't happen.

Posted by: LizLem at February 05, 2013 01:27 PM (8wqqE)

140 tag off

Posted by: Kristophr at February 05, 2013 01:27 PM (wYVte)

141
In a just land under the rule of law, Corzine would be in jail and Zimmermanwould be free.

Posted by: Larsen E. Whipsnade at February 05, 2013 01:19 PM (6BgmB)


Zimmerman had a court hearing today: The trial will be in June, although the defense wanted more time


The MFM is creaming its pants that today would have been TraYYvoNNs 18 th birthday

Posted by: DOA in Scrambletown, FLA at February 05, 2013 01:28 PM (Dll6b)

142 YES. The only thing the federal government should do about education is to get the hell out of it.


****

THIS and, of course, timing.

Aren't there a few other things that should be at the forefront of the agenda? I mean, shouldn't they be moving 'Heaven and Earth' to fix the economy/defend the Constitution/fight galloping Socialism?

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:28 PM (piMMO)

143 139
11

OT: Just picked up Gabe's ReTweet about Ahmadinnerjacket possibly being attacked by a Syrian in Cairo. Did shit just get real?
Posted by: Country Singer at February 05, 2013 01:00 PM (L8r/r)
Pics or it didn't happen.


Posted by: LizLem at February 05, 2013 01:27 PM (8wqqE)

What?

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:28 PM (9+ccr)

144 133 Assault SP.

Assault Ampersands.

Posted by: tasker at February 05, 2013 01:26 PM (r2PLg)


How much does the premium membership cost?

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:28 PM (Qxe/p)

145 102 What next? Roger Ebert will be sued the next time a movie he hates tanks at the box office?
Posted by: Anna Puma (+SmuD) at February 05, 2013 01:21 PM (vN8uH)



Stallone thrilled

Posted by: BCochran1981 at February 05, 2013 01:28 PM (GEICT)

146 139 11
OT: Just picked up Gabe's ReTweet about Ahmadinnerjacket possibly being attacked by a Syrian in Cairo. Did shit just get real?
Posted by: Country Singer at February 05, 2013 01:00 PM (L8r/r)
Pics or it didn't happen.
Posted by: LizLem at February 05, 2013 01:27 PM (8wqqE)


______________

Finally--maybe--some good news!!

Posted by: tasker at February 05, 2013 01:28 PM (r2PLg)

147 138 soothsayer,

Yup remember "Mirror Universe John Boehner"?

"America why didn't you say so??!!? Send it in!"

Hell we should out freeshit the donks and make Barry cry "stop!"

You want a half a billion dollars for zero point Cabbage Patch kid fueled energy friend?

SEND IT IN!

Posted by: sven10077 at February 05, 2013 01:29 PM (LRFds)

148 125 Assault Lawyering.

Perfect.

Posted by: wheatie at February 05, 2013 01:29 PM (BZMZX)

149 Budweiser names Super Bowl foal "Hope"

Better than 'Buckets'.

Posted by: t-bird at February 05, 2013 01:29 PM (FcR7P)

150 144 133 Assault SP.

Assault Ampersands.

Posted by: tasker at February 05, 2013 01:26 PM (r2PLg)

How much does the premium membership cost?
Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:28 PM (Qxe/p)

_________________

100 Jeff B.s

Posted by: tasker at February 05, 2013 01:29 PM (r2PLg)

151 How much does the premium membership cost?
If you have to ask, you can't afford it.

Posted by: andycanuck &&& at February 05, 2013 01:29 PM (ORGYc)

152 Do we have a spending problem?


http://tinyurl.com/as9gagz



I'm shocked. SHOCKED I SAY.

Posted by: RWC at February 05, 2013 01:30 PM (fWAjv)

153 Finally--maybe--some good news!!

Posted by: tasker at February 05, 2013 01:28 PM (r2PLg
He's just a puppet of the Ayatollahs.They would just replace him with someone equally as bad...

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:30 PM (9+ccr)

154 Rating agencies have a fudiciary duty to base the ratings on factual data and a fair and reasonable interpretation of the numbers.
Posted by: jwest


No, there is no fiduciary duty of ratings agency. Invest advisors, brokers, and fund mgrs have fiduciary duties. Ratings agencies do not fall under those rules and regs. It's a different Series.

Court cases say their opinions are merely that. Don't believe me and look it up.

Posted by: weft cut-loop at February 05, 2013 01:30 PM (NTBjC)

155 There is a reason Argentina is what it is--a large,
loud and dangerous FSA that is lead around by the nose by the political
left.

Notice I didn't say "think they will be kings" and notice also I didn't identify a party.

Because
it will be so: They have the money, they have the connections, they
have our country now--those who see themselves as fit to rule man of
both parties. Rule, not govern: Rule.


Posted by: RoyalOil at February 05, 2013 01:27 PM (VjL9S)


Sadly true. If you got foreign currency or access to government power in Argentina, life is good. If you don't got that, life is.........precarious

Posted by: DOA in Scrambletown, FLA at February 05, 2013 01:30 PM (Dll6b)

156 Hollowpoint - its not the government shouldn't do this because it is a form of retaliation, but they shouldn't even have the power because it is ripe for abuse.

In an ideal world the SP should defend themselves all the way to the supreme court and win and win attorneys' fees in the process.

I don't care if the SP was committing fraud or not. If they were prosecute them, and let individual investors bring a claim.

Posted by: SH at February 05, 2013 01:31 PM (gmeXX)

157 Heh.

Brad Thor just tweeted:

Hey @PressSec that skeet shooting photo was great. Can you now please dig up one of @BarackObama taking questions from the press?

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:31 PM (piMMO)

158
And here's the analogy that follows:

Imagine that in 2012 Pepsi had 51% of the market share, Coca Cola had 49%.

Coke reacts to this by publicly stating the following: We at Coca Cola believe our best business model going forward is to become more like Pepsico; run our business like Pepsico; and even taste more like Pepsi.

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:31 PM (0nyYS)

159 What? Did somebody steal the & key from everyone's keyboards?

Posted by: teej at February 05, 2013 01:31 PM (1CULz)

160 It's a bit more complicated than that. The question is- was it an honest opinion, or one issued because they stood to profit from a dishonest opinion?

Having the government decide the relative honesty of opinions is a stupid idea.

Maybe opinions should be treated as such.

Posted by: Bevel Lemelisk at February 05, 2013 01:31 PM (hjRtO)

161 The damage in the next four (or more) years is beyond anything we can contemplate today.

18 months from now, these will be The Good Ole Days.

Posted by: toby928© for TB at February 05, 2013 01:32 PM (evdj2)

162 I am looking for the other info but stumbled upon this--


Mahmoud Ahmadinejad offers to be the first Iranian in space
Iran's beleaguered president offered to be the first Iranian blasted into space, a week after the regime triumphantly claimed to have safety launched a monkey beyond earth's atmosphere.

Daily Telegraph - Feb 04 12:40pm

Posted by: tasker at February 05, 2013 01:32 PM (r2PLg)

163 teej: Pixy snuck into your home and pried it off your keyboard. He has thousands of them now.

Posted by: Kristophr at February 05, 2013 01:32 PM (wYVte)

164 This is going to be like the FDR years, except the stock market won't crash -- it will just become worthless.
Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:24 PM (Qxe/p)


-------------------


Which is worse? I see the same result with either one.

Posted by: Soona at February 05, 2013 01:32 PM (xYb7L)

165 My regime will not suffer dissent.

Posted by: Augustus Obama at February 05, 2013 01:32 PM (vbh31)

166 Posted by: t-bird at February 05, 2013 01:24 PM (FcR7P)

Ampersand whore.

Posted by: CharlieBrown'sDildo at February 05, 2013 01:33 PM (GsoHv)

167 Iran's beleaguered president offered to be the first Iranian blasted
into space, a week after the regime triumphantly claimed to have safety
launched a monkey beyond earth's atmosphere.



Isn't this how Planet Of The Apes started?

Posted by: EC at February 05, 2013 01:33 PM (GQ8sn)

168 142 --- "Aren't there a few other things that should be at the forefront of the agenda? I mean, shouldn't they be moving 'Heaven and Earth' to fix the economy/defend the Constitution/fight galloping Socialism?"

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:28 PM (piMMO)

Now, now.
Are those really the hills we want to die on?!?

Posted by: Margarita DeVille at February 05, 2013 01:33 PM (C8mVl)

169
He's just a puppet of the Ayatollahs.They would just replace him with someone equally as bad...

Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:30 PM (9+ccr)



Be a shame if something were to happen to them...

Posted by: BCochran1981 at February 05, 2013 01:33 PM (GEICT)

Posted by: Jones in CO at February 05, 2013 01:33 PM (8sCoq)

171 145 102 What next? Roger Ebert will be sued the next time a movie he hates tanks at the box office? Posted by: Anna Puma (+SmuD) at February 05, 2013 01:21 PM (vN8uH)

Stallone thrilled

-------

Fuck Stallone. Sideways...with a flaming, barbed, high-capacity magazine.

I still can't believe that sonuvabitch has come out in favor of gun control...after making millions off of depicting gun violence.

Posted by: wheatie at February 05, 2013 01:34 PM (BZMZX)

172 153 Finally--maybe--some good news!!

Posted by: tasker at February 05, 2013 01:28 PM (r2PLg
He's just a puppet of the Ayatollahs.They would just replace him with someone equally as bad...
Posted by: Hello, it's me Donna let it burn really.really bummed at February 05, 2013 01:30 PM (9+ccr)

________________

Well now Mahmoud is offering to replace the monkey they just shot up to space.

Posted by: tasker at February 05, 2013 01:34 PM (r2PLg)

173 >>>Capitalism is the best system ever but in order for it to work, there
needs to be failure and accountability when things go bad and people do
bad things and we as a society have decided we don't want to deal with
any of that.

What the F* is that? Accountability via civil suit? You know what accountability to a company that sells it's opinion is? No one buys it. Not: I'm going to drag you into court because I listened to you and things didn't turn out like you said, despite the fact you told me up front that their are no guarantees.

You can't punish someone with liability for having a bad opinion unless

a. You paid for the opinion.
b. They gave specific recommendations for action.
c. They didn't advise you of the risks. Nor provide other disclaimer.
d. You took exactly the actions recommended.
and
e. Suffered damages which can be directly traced to the action you took following the recommendation given.


If this goes through, the cost for financial advice is going to go through the roof like medicine. Is that what you want? Any time you get financial advice from a professional, having to pay a huge hunk of overhead for assurance against this kind of liability?

Unforseen consequences. Or the lacking the ability to look at the broader implications of action. That childish view is uniquely liberal.

Posted by: MikeTheMoose Offering Moobats Gasoline and Matches at February 05, 2013 01:34 PM (0q2P7)

174
As zerohedge noted you will also notice Moody's wasn't sued being owned by Warren Buffett.

Posted by: Eric Holder at February 05, 2013 01:34 PM (p/cQy)

175 Now, now.
Are those really the hills we want to die on?!?


****

LOL







*sigh*

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:34 PM (piMMO)

176 Tasker: Well ... Ahmadinejad is about the size of a monkey.

They do need someone to fully test their new MIRV: Monkey Incinerating Re-entry Vehicle.

Posted by: Kristophr at February 05, 2013 01:34 PM (wYVte)

177 Is your fiddle in tune, Mr. Plouffe?

Posted by: Augustus Obama at February 05, 2013 01:34 PM (vbh31)

178 Which is worse? I see the same result with either one.

Posted by: Soona at February 05, 2013 01:32 PM (xYb7L)


The beauty of it is that the typical voter won't realize the economy has already tanked.

Six of one evil is observably worse than half a dozen of the other.

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:35 PM (Qxe/p)

179 167 Iran's beleaguered president offered to be the first Iranian blasted
into space, a week after the regime triumphantly claimed to have safety
launched a monkey beyond earth's atmosphere.


Isn't this how Planet Of The Apes started?
Posted by: EC at February 05, 2013 01:33 PM (GQ8sn)

_____________

LOL!

Posted by: tasker at February 05, 2013 01:35 PM (r2PLg)

180 yeah, the older among you might remember that in the 80s, Coke apparently believed those 'Pepsi Challenge' commercials and changed their century-old formula to taste more like Pepsi


I can still remember the Summer of 85, searching the bottom of old coolers in stores in small towns, searching for the last remnants of 'old Coke'.


Difficult days those were.......

Posted by: DOA in Scrambletown, FLA at February 05, 2013 01:35 PM (Dll6b)

181 Mahmoud Ahmadinejad offers to be the first Iranian in space


***

the photoshopping should be EPIC!

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:35 PM (piMMO)

182 Mahmoud on Mars--an alien love story.

Posted by: tasker at February 05, 2013 01:35 PM (r2PLg)

183 Ace,
Yes, it is improper to threaten to bring criminall charges to compel a settlement. But that is for third parties. I can threaten it, but ultimately I can't compel the government to bring those charges. If the government is the plaintiff, then the threat is there from the get go, whether given directly or not. Any defendant would know it exists. Sure its worse to directly threaten it, but I'm not sure it really matters, other than in the minds of dumb voters who don't think things through. Carry on.

Posted by: SH at February 05, 2013 01:35 PM (gmeXX)

184 I forget -- who was it again who was the only thing standing between the bankers and the pitchforks?

'Cause it's looking like pitchforks, all the way down.

Posted by: comatus at February 05, 2013 01:36 PM (qaVK+)

185
meanwhile...

oh noes Oscar snubs Benaffleck for Argo!!

Who. Gives. A. Fick??

But this is the "news" that is fed to people.

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:36 PM (0nyYS)

186 If you read any of the books such as The Big Short
by Michael Lewis, there was plenty of blame to go around that caused the
houseing crisis and the rating agencies need to take some of that blame
as they were rubber stamping investments as decent quality in order to
make a quick paycheck.



Capitalism is the best system ever but in order for it to work,
there needs to be failure and accountability when things go bad and
people do bad things and we as a society have decided we don't want to
deal with any of that.

Posted by: AndrewsDad at February 05, 2013 01:21 PM (C2//T)

Andrew's Dad , i get that but the process for punishment is very selective.

In this case who is picking the winners and losers .and why is Fanny and Freddy able to continue to implement same bad deals with no heads rolling ?

Posted by: ette at February 05, 2013 01:37 PM (nqBYe)

187 Yes, I'm just taunting.


Just don't do it a second time.

-----------

Ampersand come from the phrase "And per se And". True story.

Posted by: Heyoooohhhhhh at February 05, 2013 01:39 PM (KXm42)

188 Are there goats on Mars? Just askin'.

Posted by: Mahmoud Ahmadinejad at February 05, 2013 01:39 PM (8ZskC)

189 MtM - even if you want to impose some accountability, make it individual investors bring the suit who feel they were defrauded.

I cannot fathom why the federal government should ever have the power to bring this type suit against a private party.

Posted by: SH at February 05, 2013 01:39 PM (gmeXX)

190 SP should lower the bond rating of Fannie Mae and Freddie Mac

Posted by: Wolf Blitzer at February 05, 2013 01:40 PM (e8kgV)

191 yes, exactly!

Coke was #1 forever until Pepsi became more like Coke developed a genius marketing strategy that propelled their brand to match Coke's market share.

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:40 PM (SljXf)

192 Pixy break into my house and steal my &?

Nope. Pixy and I have an agreement. Pixy stays out of my house and my katana stays in it's saya.

Posted by: teej at February 05, 2013 01:40 PM (5gfow)

193 Ampersand is not the hill to die on.

Posted by: Heyoooohhhhhh at February 05, 2013 01:42 PM (KXm42)

Posted by: &&&&& at February 05, 2013 01:42 PM (evdj2)

195 I would love to see S and P take this to court. The discovery process would be interesting.

Posted by: Marmo at February 05, 2013 01:43 PM (QW+AD)

196 From the quoted text:

"We are living with the most fiscally incontinent administration in U.S. history, perhaps in world history. ..."

Heh.
I love the use of the word...'incontinent'.

Polite way of saying, "dribbling shit all over itself".

The big Irony, of course...is that the governmentis suing S and P over the too-favorable ratingsthat it gave to the government!

Posted by: wheatie at February 05, 2013 01:43 PM (BZMZX)

197 some of you guys are typing hurtful things ...

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:43 PM (Qxe/p)

198 In this case who is picking the winners and losers .and why is Fanny and Freddy able to continue to implement same bad deals with no heads rolling ?
Posted by: ette at February 05, 2013 01:37 PM (nqBYe)


----------------------------------------


Because, fuck you, that's why.

Posted by: The Almighty Preezy at February 05, 2013 01:44 PM (b4dE9)

199 It's time for Cantor to be nailed to the wall.

See his twitter feed here:

https://twitter.com/GOPLeader

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:44 PM (piMMO)

200 First mention I've found about Mr Iranian Crazypants getting attacked on the web: http://preview.tinyurl.com/aq5s2me

Posted by: Country Singer at February 05, 2013 01:45 PM (L8r/r)

201 The Menendez Dilemma ("Who is more trustworthy, a Dominican prostitute or a New Jersey Democrat?")

Posted by: Jesse Owens at February 05, 2013 01:45 PM (e8kgV)

202 Because, fuck you, that's why.


What differnce does it make?

Posted by: Heyoooohhhhhh at February 05, 2013 01:45 PM (KXm42)

203
[#38;]

Posted by: Marmo at February 05, 2013 01:45 PM (QW+AD)

204 & Just about the only thing this dog gone dumb fone is good for.
Well, that and coming to the HQ.

Posted by: teej at February 05, 2013 01:46 PM (aqj6v)

205 Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:44 PM (piMMO)

Wow.

What a backstabbing, inside-the-beltway asshole.

Posted by: CharlieBrown'sDildo at February 05, 2013 01:46 PM (GsoHv)

206 S&P should seek in discovery (and independently, through Freedom of Info Request law, and satellite litigation on those issues if necessary) all U.S. Gov't communications referencing the downgrade of U.S. Debt by S&P, with particular focus on those that made it to DoJ.

They should also put out a parallel PR campaign that calls this fascist retaliation for what it is.

Reminds me of the middle-of-night Stasi-type raid for a "parole violation" of the Innocence of Muslims guy.

By the way, when you watch the IoM video (if it hasn't been pulled everywhere yet) it seems like the guy had a genuine point to make, albeit with limited sophistication, about the horrific persecution of Christians (and all "Kuffar") in Muslim ruled lands.

Makes that episode of tossing the 1st Amend under the bus even more egregious, when you realize that the subject itself is core, political and religious expression (aside from the larger, general principal, regardless of the content).

I have to make a conscious effort to limit my exposure to "hard" news and political opinion nowadays, just to get on with my life. It's like living in the late Brezhnev period of the Soviet Union. You can mostly get by with your existence, so long as you don't get too "political" or aren't overtly religious.

Have been re-reading Road to Serfdom (FA Hayek) lately. Its a dead-on description of the collectivist mindset now in motion, the attendant breakdown of the rule of law, and the incessant attempts to propagandize the public with a uniform ("progressive") ethos.

How TF can we take our country back?

Posted by: NYC Parent at February 05, 2013 01:46 PM (8GA+4)

207
2014 will be extraordinary.

We will have the opportunity to witness a midterm election in which one political party puts up absolutely no fight and practically forfeit the election.

The results will be epic.

Posted by: soothsayer in the car, you're on the line, go ahead at February 05, 2013 01:47 PM (gtTDa)

208 We've been overdue for a remake of Capricorn One.

Posted by: Kevin in ABQ at February 05, 2013 01:47 PM (C3KwS)

209
[amp;]

Posted by: Marmo at February 05, 2013 01:47 PM (QW+AD)

210 Alpha children wear grey. They work much harder than we do, because they're so frightfully clever. I'm really awfully glad I'm a Beta, because I don't work so hard. And then we are much better than the Gammas and Deltas. Gammas are stupid. They all wear green, and Delta children wear khaki. Oh no, I don't want to play with Delta children. And Epsilons are still worse.

Posted by: Schrödinger's cat at February 05, 2013 01:47 PM (feFL6)

211 I give.

Posted by: Marmo at February 05, 2013 01:47 PM (QW+AD)

212 So I was with a patient when ofuckhead was speaking. What did it say?

Posted by: Nevergiveup at February 05, 2013 01:47 PM (9Bj8R)

213 199 It's time for Cantor to be nailed to the wall.
See his twitter feed here:
https://twitter.com/GOPLeader

------------

Arrgh.
Cantor and Rubio should get a room.

Posted by: wheatie at February 05, 2013 01:48 PM (BZMZX)

214 Wow.

What a backstabbing, inside-the-beltway asshole.

***

amnesty, big government, feds in education...

He needs to hear about this!

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:48 PM (piMMO)

215 203
[#38;]


Try that without the trailing semicolon. You may be elgible for a premium membership, in addition to the 50 million dollars you may have already won through Publisher's Clearing House.

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:48 PM (Qxe/p)

216
81 33 49 47 03 80 18 81 43 44
98 33 21 24 18 46 47 92 99 17
87 00 43 27 00 66 62 29 06 13

Posted by: John has a long mustache at February 05, 2013 01:49 PM (evdj2)

217 [#38]

Posted by: Marmo at February 05, 2013 01:49 PM (QW+AD)

218 They should just sue them for 16 trillion dollars and that way, when they win, there will be no more debt and deficit!!!

/libtard

Posted by: DangerGirl at February 05, 2013 01:50 PM (9xhPY)

219 [#38]

Posted by: Marmo at February 05, 2013 01:50 PM (QW+AD)

220 For cryin' out loud. My Ace-TML is teh suck.

Posted by: Marmo at February 05, 2013 01:51 PM (QW+AD)

221 lol

Posted by: Heyoooohhhhhh at February 05, 2013 01:51 PM (KXm42)

222 Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:44 PM (piMMO)



Blood. Boiling.


But it's the SoCons who are ruining the country I'm told. We need to let the small gov't FiCons step up and fix it all.


Now if I could just figure out who the small gov't FiCons are.

Posted by: Burn the Witch at February 05, 2013 01:51 PM (4c71i)

223 Meanwhile, King Putt just stood-up and told anyone who would listen that he will never, ever approve any cuts to domestic, non-defense spending. Ever. Period. Full stop.

But sure, the Fed.GOV is totally worthy of a AAAAAA++++++ credit rating. Because SHUT THE F*CK UP! That's why.

And anyone who says different is, like, racist. Or something.

LIB.

Posted by: DocJ at February 05, 2013 01:52 PM (A5uiv)

224 traffic jam thread up

Posted by: Niedermeyer's Dead Horse at February 05, 2013 01:54 PM (piMMO)

225 206...Posted by: NYC Parent at February 05, 2013 01:46 PM (8GA+4)

Welcome to the party.
It's disgusting, isn't it.

We're working on a solution to help with that steam coming out of our ears.

Posted by: wheatie at February 05, 2013 01:54 PM (BZMZX)

226 219 [#38]

Posted by: Marmo at February 05, 2013 01:50 PM (QW+AD)


Nope. Publisher's Clearing House is clearly (y)our only hope.

Posted by: jwb7605 (Let It Burn) at February 05, 2013 01:54 PM (Qxe/p)

227 How TF can we take our country back?
Posted by: NYC Parent


As unattractive as it may seem LIB is not so much a creed as it recognition of the increasingly obvious; voters don't see the problem with the O-ministration and the Left and it will burn no matter what.

I suppose there is a small chance that some conservative shooting star will step up, break through the media, break through the image problem, and speak the plain truth loudly. However, waiting for Superman isn't a plan.

It's much more likely that the can-kicking, the perpetual delaying of folly will roll back on us and flatten our country. No greater teacher than pain and misery. Let's hope the country learns the right lesson.

Posted by: weft cut-loop at February 05, 2013 01:55 PM (NTBjC)

228 #38

Posted by: Marmo at February 05, 2013 01:57 PM (QW+AD)

229 f_ck.

Posted by: Marmo at February 05, 2013 01:58 PM (QW+AD)

230

85 79 91 95 85 94 96 17 31 07
89 58 22 38 11 58 01 25 80 06
02 38 00 77 42 15 64 05 55 29
10 34 78 04 23 54 67 27 83 38
68 16 97 97 41 91 69 29 86 91
69 60 96 46 05 30 01 92 20 13
14 10 80 31 14 93 54 44 39 42
27 43 60 10 78 11 86 77 50 43
93 61 85 76 22 07 51 81 97 65
49 78 24 53 29 36 42 64 29 50

Posted by: John has a long mustache at February 05, 2013 02:08 PM (evdj2)

231 [amp]

Posted by: jwb7605 (Let It Burn) at February 05, 2013 02:11 PM (Qxe/p)

232 For the lawyers here. Is there a Latin phrase for "the absence of justice." Why should I care if there are misapplications of justice in the stead of an absence of justice? Seems to me there really isn't much of a difference. Absence of justice is justice denied?

Millions and millions and millions of honest people have been deeply hurt by our laws of the land. Laws drafted by politicians from both sides of the aisle, lobbyist lawyers and unelected staff lawyers working in congressional offices.

I'm weary of the word parsing and justifications presented by word parsing practitioners of the law.

I may find the left's ideology repellent but i'm also finding that the RightLaw seems less of a home for me as well.

Speak slowly since I've no formal education beyond two years of junior college technical training and vocational school. Feel free to talk down to me.

Signed,
A moron construction worker living in the hinterlands.

Posted by: 13times at February 05, 2013 02:25 PM (h6XiD)

233 Maybe nonfeasance vs malfeasance.

Posted by: toby928© Person of Pallor at February 05, 2013 02:27 PM (evdj2)

234 232 13 times,

What are you looking for?

Posted by: sven10077 at February 05, 2013 02:28 PM (LRFds)

235 Look, the fact is that the rating agencies DID blow it on the mortgage-backed securities. They were of course only one of several cogs in the wheels of destruction, but second probably only to Fannie and Freddie in their culpability and well deserving of sanction.

-------------------------------------------------------

So rating financial instruments is, by law, something other than an opinion acted on by others by their choice?

Posted by: The Hobo Wears Prada at February 05, 2013 02:46 PM (Z5BDI)

236 I'm looking for the holy grail. Equity and fairness and justice.

Honestly, I want to see people swing for hurting our country, our laws and ruining my once very happy life.

Posted by: 13times at February 05, 2013 02:55 PM (h6XiD)

237 236 13 times,

Can't help you on Equity, fairness, and justice much.

1) equity if by which you mean equality is hard to enforce without engaging in egregious behavior against the 'designated other"

2) fairness? economic social hell we can't even make the law fair in application the rest is a pipedream

3) justice-we reelected a Politician through willful media collusion who allowed an ambassador to die and broke international law arming narcotrafficantes....

the populace ain't interested in it so it will not happen

Posted by: sven10077 at February 05, 2013 03:23 PM (LRFds)

238 “I hope no one uses the term ‘illegal immigrants’ here today. Our
citizens are, the people in this country are not illegal, they are out
of status, they are new Americans that are immigrants, and I think that
we can forge a path to citizenship that will be able to pass muster.” -- John Conyers

So these bonds that SP rated were ... "out
of status"

Posted by: Kosher Inspector at February 05, 2013 03:37 PM (e8kgV)

239 "And Jamie Gorelick isn't in jail."

Me neither!

Posted by: Jon Corzine at February 05, 2013 03:37 PM (VrNoa)

240 Just a reminder, this is the same Federal government that is suing banks over the same crap mortgages it forced them to issue under threat of lawsuit.

Posted by: richard mcenroe at February 05, 2013 03:42 PM (qvify)

241 But lets not pretend to justify poorly written law and further stand the word justice in its place or claim the verity of it in the absence of justice.

Why parse bad stuff?

It seems to me the lawyers here want to win the argument for the sake of winning an argument, they are, after all, trained to do just that.

But stomping the shit outta the law-opposition takes precedence over all else. It must feel good to stomp the shit outta somebody and suffer no physical effect.

Me and We? We just suck on it, and damned be happy for it. RightLaw is good law. Rightlaw is just law.

I'm furious at the prospect of another 8 years of poverty. This is the time for me to earn and profit from years of experience in my chosen field yet it aint gonna happen.

Posted by: 13times at February 05, 2013 03:44 PM (h6XiD)

242 Richard, i remember you from Tim Blairs joint years ago - same person I take it?

Posted by: 13times at February 05, 2013 03:45 PM (h6XiD)

243 SP should reward the US Treasury with another downgrade.

Posted by: Steve O at February 05, 2013 04:15 PM (Orxpy)






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