{"id":5357,"date":"2011-08-09T00:24:25","date_gmt":"2011-08-09T04:24:25","guid":{"rendered":"http:\/\/www.madkane.com\/madness\/?p=5357"},"modified":"2011-08-09T00:24:25","modified_gmt":"2011-08-09T04:24:25","slug":"standard-poor-chutzpah-satire","status":"publish","type":"post","link":"http:\/\/www.madkane.com\/madness\/2011\/08\/09\/standard-poor-chutzpah-satire\/","title":{"rendered":"Limerick Ode To Standard &#038; Poor&#8217;s Chutzpah"},"content":{"rendered":"<p>Paul Krugman does a great job <a href=\"http:\/\/www.nytimes.com\/2011\/08\/08\/opinion\/credibility-chutzpah-and-debt.html\">pointing out S&#038;P&#8217;s chutzpah<\/a> in downgrading U.S. debt:<\/p>\n<blockquote><p>America\u2019s large budget deficit is, after all, primarily the result of the economic slump that followed the 2008 financial crisis. And S.&#038; P., along with its sister rating agencies, played a major role in causing that crisis, by giving AAA ratings to mortgage-backed assets that have since turned into toxic waste.<\/p>\n<p>Nor did the bad judgment stop there. Notoriously, S.&#038; P. gave Lehman Brothers, whose collapse triggered a global panic, an A rating right up to the month of its demise. And how did the rating agency react after this A-rated firm went bankrupt? By issuing a report denying that it had done anything wrong.\n<\/p><\/blockquote>\n<p>Limerick Ode To Standard &#038; Poor&#8217;s Chutzpah<br \/>\nBy Madeleine Begun Kane<\/p>\n<p>Dear Standard &#038; Poor&#8217;s, I&#8217;m impressed<br \/>\nCuz you ought to be under arrest.<br \/>\nYou caused the recession<br \/>\nWith junk bond aggression.<br \/>\nNow you&#8217;re pounding your downgrading chest?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman does a great job pointing out S&#038;P&#8217;s chutzpah in downgrading U.S. debt: America\u2019s large budget deficit is, after all, primarily the result of the economic slump that followed the 2008 financial crisis. And S.&#038; P., along with its sister rating agencies, played a major role in causing that crisis, by giving AAA ratings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[31,44,114,1193,6,45,467],"tags":[1636,1639,516,396,1574,1640,1101,1637,1633,1638,1635],"_links":{"self":[{"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/posts\/5357"}],"collection":[{"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/comments?post=5357"}],"version-history":[{"count":26,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/posts\/5357\/revisions"}],"predecessor-version":[{"id":5383,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/posts\/5357\/revisions\/5383"}],"wp:attachment":[{"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/media?parent=5357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/categories?post=5357"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.madkane.com\/madness\/wp-json\/wp\/v2\/tags?post=5357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}