It is being reported that if the United States Congress does not raise our debt limit, Moody’s is going to drop our credit rating. So just what or who is Moody’s? Well I will tell you. Moody’s Corporation is the parent company of Moody’s Investors Service, which provides credit ratings and research covering debt instruments and securities. Moody’s is also the organization that gave Triple A ratings to the bad derivatives made up of the toxic mortgages that resulted in the economic collapse.
It worked like this. The banks made loans that they doubted could be paid back; high risk, high interest loans. They then packaged those bad loans into derivatives, after which they hired Moody’s to evaluate these toxic loans and give them a fraudulent Triple A rating, after which they were purchased by institutions like workers’ pension plans consisting of 401Ks.
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