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(The Year 2012 In Review)
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|User Info||Your Daily Spain Update. SAVED or not SAVED?; entered at 2012-06-16 07:44:20|
UPDATE: Moody's Downgrades 12 Spanish Sub-Sovereigns, 2 Gov-Related Entities |
Take a good look at the list.
Catalonia is NOT ON the list, and Catalonia is one of the regions in the “most broke” category along with the likes of Andalusia.
Oh, and Galicia is ON the list. Galicia is one of only 3 regions NOT to participate in the central government’s bailout of unpaid bills (because Galicia is current with its obligations). http://www.lavanguardia.com/politica/201.... (I can’t find that in English – the English foreign correspondents are probably still waiting on their translator to recover from last night’s hangover.)
The same folks who told us that the MBS were AAA in 2008. Un huh.
What’s the deal with these guys? I don’t think it’s too awfully plausible to say that they’re incompetent. It’s not like they are foreign journalists who can’t speak the language and are only concerned about where the mid-week parties are tonight and getting their weekend plans organized around the next bullfight.
The ratings people are supposed to be numbers crunchers, and the “language” of numbers is the same all around the world. And the slide rule types are not usually found on the party circuit. They’re certainly not incompetent idiots either, would you say? So would that leave us to conclude that they are corrupt?
Is Buffett long U.S. Treasuries?
Last modified: 2012-06-16 07:45:00 by highrev