Can it be a coincidence that Finch downgraded Spain’s AAA rating a few hours before the USA market closed, before a long three day holiday weekend and the rest of the European markets were closed? Therefore, the timing may be suspect of someone trying to manipulate markets for the benefit of a few controlling finance houses.
The rating agencies accepted millions of dollars in fees to rate high-margined parcels of toxic mortgages as AAA when they were junk, thus ensuring the downfall of many banks and other financial organizations that trusted their information.
Also, the recent Goldman Sachs scandal has put the spotlight on the believability of the rating agencies effectiveness. It seems they are far from independent of the finance houses who account for their profits. By down rating Spain on a Friday afternoon their motives require scrutiny from the governments of Europe and the USA.
The alternative is to continue to allow rating agencies with little credibility, free reign to destroy the world economies… A “free capitalist market” seems to be one that is free to manipulate and control prices at the expense of the many, for the benefit of the few.
Who needs suicide terrorists when the rating agencies can cause financial mayhem and destruction at the tip of a pen?