Shoot the Messenger

12 08 2011

Standard & Poor’s downgrade of the U.S. government’s credit rating has created a furious political reaction in Washington along with demands that the firm be punished for its “unpatriotic” actions.

“Democrats and Republicans in Congress are gearing up to put it under investigative scrutiny and do more to restrict the influence of S&P and its peers in financial markets.”  Read more here. As I have mentioned in a previous blog post, S&P’s offices in Milan have also been subject to harassment by Italian police.

The ratings issued by these agencies may be unreliable, but I am very uncomfortable with restricting their freedom of speech.




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