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.
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.If you enjoy the content at iBankCoin, please follow us on Twitter