FedUpUSA

Amazing Spin Job (FCIC/Subcommittee)

 

“The report concludes that Moody’s and S&P triggered the worst financial crisis in decades.”

Sounds like it was their fault for downgrading, right?  Nope – the rest of the quote is “when they downgraded inflated ratings.

So…..  We have companies that did the wrong thing originally, then the “downturn” was triggered by un-wronging that?  Uh, no, the original problem was the bogus securities in the first place, which inflated a credit bubble.

This, in turn, allowed the Ponzi Scheme in our broader economy to continue for a couple of additional years, as shown right here:

Has anyone yet stood up in front of the American people and admitted to the intentional distortion and “pumping” of asset prices – including stocks and homes – along with utterly fraudulent “economic output” in the form of allegedly “healthy” GDP that was nothing more than unsound credit issuance?

Nope.  Not one word.  And every single action since, by The Fed, by Congress, by the media – all of it – has been an puerile (and will ultimately be proven futile) attempt to prevent recognition in the economy that must come in the form of contraction of GDP and default of debt that cannot be sustained by actual output.

http://video.cnbc.com/gallery/?video=3000016654

Tickercon 3 was moved to Tickercon 2 yesterday when Obama joined Congress in lying about the deficit, debt, and what he intends to “do about it” (that is, he intends to make it worse, not better.) {See right side-bar here on FedUpUSA.}

Tickercon 2 will be moved to Tickercon 3 if and only if we start to see Congress and the “mainstream media” admit that we must accept the economic correction to clear the system.  If they continue to refuse, and the speech yesterday from Obama makes clear that they have at this point zero intention to tell the truth, I will soon be compelled to change the Tickercon level to 1.

Unfortunately.

The Market-Ticker