Credit Rating Agencies are a bit old fashioned.
Now we have CDOs and Twitter, the CRA's have become a bit like Microsoft. Powerful, monopolistic and going the way of the dinosaur.
Still, at least us Brits can feel smug being at the top of the CRA tree (heaven knows why) whilst Germany and France ready themselves to join the USA and the Isle of Man in the "has beens".
Fitch (which is French btw) wants to move the USA into the "has beens". Wow, who cares? I would prefer America debt over any Euro country debt, any day of the week. Of course I would prefer Norway or Australian debt but their currencies are bit too wobbly.
Christmas is upon us. The banks are rejoicing that their bonus pools are full of cash thanks to the ECB's reckless lend splurge.
When will these technocrats ever learn?
Fitch Fists the First Amendment (telegraph)
Hungry Shafted by S&P (bloomberg)
ECB sweet shop sells out (reuters)
Obama to surprise us all and make a second term.
[Sorry about the Typos: One drink too many at the Christmas bash]