S & P Math is off By about $2 Trillion...

Onceler said:
I read some speculation this morning that S&P is running a big short for themselves. Something about this whole thing doesn't seem right, and they were certainly over-defensive once they were called on their error.
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That is because they were going to downgrade the US regardless of this plan and regardless of what their 'due dilligence' found. They just THOUGHT they had run the numbers to the point that they could 'justify' it.

There absolutely needs to be an investigation into S&P (not to mention Moody's and Fitch... and personally I think the consumer credit scoring agencies as well)
 
Damn Yankee said:
You boneheads trying to blame S&P: Moody's is considering the same move. Now its a conspiracy?
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Moody's is a bit closer to reality. If we don't do something by 2013 they MAY do it. There is a HUGE difference between that and panicking because a company that has been so incredibly wrong about pretty much every important call in the past decade says something.

S&P made a call and tried to justify it after with numbers that were off by 2 Trillion, then when their error is pointed out... "That's negligent"...

$2 Trillion mistake is a negligent number? Bull. They came to a conclusion then tried to justify their decision after the fact, and were openly brazen about it when they were caught out in a $2 Trillion error in their numbers.
 
Damocles said:
Moody's is a bit closer to reality. If we don't do something by 2013 they MAY do it. There is a HUGE difference between that and panicking because a company that has been so incredibly wrong about pretty much every important call in the past decade says something.

S&P made a call and tried to justify it after with numbers that were off by 2 Trillion, then when their error is pointed out... "That's negligible"...

$2 Trillion mistake is a negligible number? Bull. They came to a conclusion then tried to justify their decision after the fact, and were openly brazen about it when they were caught out in a $2 Trillion error in their numbers.
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The "error" is merely spin by The O-blame-a Administration. The $2 trillion is what some to-be-named committee is supposed to look at cutting. Only a fool would think that it would actually occur:
We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism that leaves
open the details of what is finally agreed to until the end of 2011, and
Congress and the Administration could modify any agreement in the future. Even
assuming that at least $2.1 trillion of the spending reductions the act
envisages are implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined, excluding liquid
financial assets) will likely continue to grow.
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