Image via WikipediaHave you seen this video below? Priceless.
So tonight I have a plea for Jon Stewart:
Jon Stewart, can you do one of these for the credit ratings agencies - you know Moody's, Standard and Poor's etc.? Sadly, CNBC doesn't have a fraction of the power of the ratings agencies. Because of the power of competition, people can just start watching Bloomberg or something else, ratings go down and CNBC changes the programming.
That is not the case with ratings agencies.
We have had to live with whatever they say and do.......even when they know and admit that they have been wrong. The media can influence the global financial system, but not the way the rating agencies can. And right now, the rating agencies actions are only resulting in more layoffs, lowered share prices (your 401Ks people), lowered confidence in companies etc. etc.. And they have already admitted that they have been horrendously wrong and partially responsible for this global financial disaster.
So Jon Stewart, please do one of these for the ratings agencies. Let's have a look at how many times they have been right. Let's look at all the "AAA ratings" that got the world into this global mess.