Why are we still listening to these people:
Ireland’s decision to accept a rescue package worth more than $100 billion prompted a call Monday for early elections and a warning from a major ratings agency that the bailout could prove to be a “credit negative” for the country.
European Union officials, who had been pushing Ireland to accept help, quickly agreed to the request late Sunday, committing a significant amount of money to an ailing member for the second time in six months. The total amount was not announced, but several officials said it would be 80 billion to 90 billion euros, or $109 billion to $123 billion. Last spring, Europe disbursed 110 billion euros to Greece to save it from default.
The move, which will allow Ireland to shore up its faltering banks and operate without having to borrow money at budget-breaking rates, was welcomed by Ireland’s neighbors on Monday, although financial markets were more cautious. There were also rising worries about political stability in Ireland as a result of the bailout and the angry public backlash it engendered.
Have the credit ratings agencies, the folks who are as complicit in the meltdown of the past few years as ANYONE, had to pay any price for their recklessness and malfeasance? Why are they still allowed to issue decrees, and why does anyone pay any attention to them. They spent the last decade slapping triple A on anything that gave them a bonues. They are hacks, pure and simple.
I hear “Moodys” and I think their word is only slightly more reliable than the 60 year old gin drunk chain smoking menthols at an airport bar.