Fitch, that well known hotbed of socialist wreckers, joins the anti growth coalition.
I suppose that depends on how much credence you give to these ratings companies. I’m not saying it’s wrong, just even if it aligns with doom-mongering take it with a pinch of salt.
> Dozens of lawsuits have been filed by investors against the “Big Three” rating agencies – Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings.[203] The Financial Crisis Inquiry Commission (FCIC)[204] concluded the “failures” of the Big Three rating agencies were “essential cogs in the wheel of financial destruction” and “key enablers of the financial meltdown”.[205] Economist Joseph Stiglitz called them “one of the key culprits” of the financial crisis.[206] Others called their ratings “catastrophically misleading”, (the U.S. Securities and Exchange Commissioner[207]), their performance “horrendous” (The Economist magazine[208]). There are indications that some involved in rating subprime-related securities knew at the time that the rating process was faulty.
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Fitch, that well known hotbed of socialist wreckers, joins the anti growth coalition.
I suppose that depends on how much credence you give to these ratings companies. I’m not saying it’s wrong, just even if it aligns with doom-mongering take it with a pinch of salt.
https://en.wikipedia.org/wiki/Subprime_mortgage_crisis
> Dozens of lawsuits have been filed by investors against the “Big Three” rating agencies – Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings.[203] The Financial Crisis Inquiry Commission (FCIC)[204] concluded the “failures” of the Big Three rating agencies were “essential cogs in the wheel of financial destruction” and “key enablers of the financial meltdown”.[205] Economist Joseph Stiglitz called them “one of the key culprits” of the financial crisis.[206] Others called their ratings “catastrophically misleading”, (the U.S. Securities and Exchange Commissioner[207]), their performance “horrendous” (The Economist magazine[208]). There are indications that some involved in rating subprime-related securities knew at the time that the rating process was faulty.