from Sovereign Man:
In the middle of a heated battle against my jetlag yesterday, I finally decided to exercise the nuclear option and turn on CNBC in order to stay awake.
I figured someone would say something completely ridiculous, and it would get my blood boiling enough to power through the next couple of hours.
Within minutes I saw a top economist for Moody’s (one of the largest rating agencies in the world) saying that there are absolutely zero signs of recession.
Boom. I was suddenly so wide-awake it was like that adrenaline scene from Pulp Fiction.
I couldn’t believe what I had just heard. Moody’s. No recession. Seriously?
In addition to being criminally complicit in committing widespread fraud that fueled the housing bubble ten years ago, Moody’s takes advantage of every opportunity to show the world that they don’t have a clue when it comes to economic forecasts.
It’s like what Churchill said about democracy– it’s the worst form of government, except for all the others.
Well, Moody’s is the worst rating agency and economic forecaster… except for all the others.
These are the same guys (along with their colleagues at S&P, Fitch, etc.) who totally missed the boat on the housing market and slapped pristine credit ratings on subprime mortgage bonds.
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