The ROOSTER HAS LANDED………….again.
LIKE PAUL REVERE………SEND THE WORD
SYNDICATED COLUMN:
Syndicators Limited. 6500 Casitas Pass Road, Ventura, CA 93001 The Roostercrows.net
All rights to the article are released, Use it freely. Nov. 27, 2012
Rooster Bradford is a former lawyer, politician and radio show host of “The Rooster Crows” He is the author of several books and articles. You can obtain his most recent book, “It is S.A.D.” from Amazon-Kindle.
Web page, is www.theroostercrows.net
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THE S & P FIASCO
(Republics do not, Totalitarians do–Suppress criticism.)
Hopefully you have read about Obama’s Justice Department suing S & P and asking for lottsa money in damages. Something like 5 billion, You may have missed that some 13 States (including California’s Brown, asking for 4 billion additional) and the District Of Columbia. have joined in the litigation. Well some filed separate actions but you know where it all came from. The Feds and theses Socialist States are claiming that Bank and Credit Union losses in 08 and 09 were caused by relying on S & P ratings of Mortgage-linked securities (what ever.) Funny the Rooster recalls it was the Feds demand of Fanny Mae etc to take bad loans so the poor could have homes (Franks and Dodd’s) that caused the real estate collapse. In fact that was the cause. Ok, so what gives here?
First let us recall what S & P is and is not. First, it is a private company now owned by McGraw-Hill, publishers of financial stuff. Second, it is one of several recognized by the Security and Exchange and others to give credit ratings to private and public corporations and the stuff . In other words S and P looks at data and gives a guess as to its good or bad credit rating. It has threatened to give the U.S. another less than favorable rating and has had bad things to say about kicking the financial can down the street. You know our Legislators see the financial cliff as a mirage.
This sue-the-bastards mentality by our Government follows a similar effort by the European Commission, charging S & P abused its position as the sole provider of international securities ID codes. That reflection you see in the rear view mirror, is that of the Tobacco industry which went through the same charade.
As you know the Rooster spent many years as lawyer, hearing officer and volunteer Judge. He can smell rotten eggs before most even test the air. This litigation is not on the merits . It is about using courts to get insurance companies, and S & P to pony up money. It used to be called extortion.
The facts themselves prove the point. First, the real Estate Bubble was Government caused. The private sector simply joined in the lack of control. What caused the bubble was the taking away from Fannie and Freddie the controls. Those were the long standing requirements to make certain a borrower could pay back the loan. This meant a simple analysis of income and expenses. It does not take a lot of smarts to know what happens when you lend money to flakes. When that safe guard was torn down by Franks, Dodd’s and their progressive assistances, the flood gates opened and the water of rotten debt flowed.
Second, Standard and Poor is a private company which depends on its accuracy to stay in business. It can not be laughed at and be believed at the same time. More over look at what they do. They do not have a crystal ball, or a weegie board. They hire human beings who look at data from a variety of sources and then give out their best guess, based on all the factors they can find. Federal interference is one of them.
Third, we know the Real Estate bubble was ignored by the Governmental Regulators. Anyone with a lick of sense knows why. They were told to stand down, by the legislators and their infernal committees. The Dems. controlled and they would have their way which is to take from those who have and give to those who do not. It is like giving candy to children so they will love you, instead of making them toe the mark, so they will respect you.
Add to the rotten eggs above, the decline in respect for law. The extortion that is allowed in the court system today is disgraceful. The Cigarette litigation where the Government forced billions from the private sector (Tobacco company and their Insurance Companies) is but a tip of the iceberg . Asbestos is another. Look around you. You know someone who sued, or threatened suit to get money that in reality was not owed to them. They generally brag about it.
As our Country falls further and further into this abyss of greed and disrespect for the rule of law, the result is chaos, exactly what Obama and his tribe what. Stay prepared. The worst is yet to come.
734
PROTEST: Fly the Betsy Ross flag, or fly the Socialist flag upside down.
Rooster Bradford, gives up all rights to this article and seeks no compensation for its use.
November 8, 2012