First, they (Moody’s) neglected to identify the systemic risks to the system, keeping [[ABK]] and [[MBI]] with AAA ratings. Now, they found religion and are threatening to downgrade them.
Fucking shocker.
The real question we should be asking ourselves is: Why do we need these ratings agencies, anyway? They all have conflicts of interest. They all are corrupt.
I’d rather own a bag of asshats, than shares of [[MCO]].
My guess, the market will die a terrible death.
With my money, I sold short some [[FED]], north of $16. I couldn’t resist. And, I’ve been nibbling at [[RIG]], which has greatly underperformed [[NOV]].
Still, I must admit, my top pick has to be [[FXP]]. I predict its largest component, [[CHL]], will soon be in more danger than a flamboyantly gay Jewish man, with a “Vote Bush” bumper sticker on his car, driving slowly in the mountainous regions of Pakistan, while blasting gangster rap music.
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