And Moody's...

Tyler Durden's picture

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redpill's picture

If even Moody's is downgrading then the party really is over.  Or more accurately, already ended.

Chris Jusset's picture

Actually, Moody's typically waits until a country has totally collapsed before it issues a downgrade.

SheepDog-One's picture

Well same case with S&P, who never dowgraded Enron from AAA until the day it was under $1 and declared bankrupt. 

nope-1004's picture

This is all stage setting for QE3.  First take down metals from the "speculators", then reign in oil, increase margin requirements, then get the various firms to downgrade EU, on and on.

This play has very bad actors and an even less credible writer.

 

firefighter302's picture

I agree about QE3 coming and the EU downgrades.  But I'm not so sure about oil being "reigned in".

 

sheeple's picture

anyone that works for moody's should have their head exam; full of sheeps and liars

firstdivision's picture

So that explains the goosing of the markets.  Gotta get them up prior to Moody's release.

Dick Darlington's picture

Seriously, is someone STILL paying for their services?

Zero Debt's picture

Moody's revenue 2010 was $2 billion.

buzzsaw99's picture

Moody's is a pack of criminals imo.

extortion, blackmail, conspiracy to defraud. Moody's is the total package bitchez.

redpill's picture

Maybe they should move their headquarters to Nye County, Nevada, where being a whore isn't against the law.

buzzsaw99's picture

Al Capone was a piker.

Dr. Engali's picture

The euro is toast....the dollar is toast....the euro is toast....how long before the sory moves back to the dollar being toast? It's a bullish though. Just BTFD!

LawsofPhysics's picture

Bah ha ha.  Stay ahead of the hot potato!

MacedonianGlory's picture

Papandreou will face jail

edotabin's picture

No. He will ask the prosecutor to examine why someone posted a single bad word about Greece's debt rating.

Jack Mehoff's picture

Aren't they supposed to rate before the shit hits the fan?

Zero Debt's picture

No, they have to wait until the shit stops hitting the fan and the fan stops spinning, so the cumulative quantity and distribution can be assessed objectively. Thereafter the new rating will be issued.

Just like in olympic diving, you rate after the jump is completed. Anything else would be presumptuous.

Ruffcut's picture

When My bank account has all zeros, I shall further review and evaluate whether I am broke, or not. Maybe just a downgrade is all that is necessary.

kushmere's picture

Moody's Investor Service Report

May 9th, 2011

 

We are happy to report that Ruffcut has received an Aaa rating due to strong demand. His market position is somewhat leveraged, and cash on hand is low. The strengths of Ruffcut are his management, strong political connections, and innovative accounting department. Primary product sales are down, but we believe fresh capital will only result in high earnings in the long-term. 

Josephine29's picture

Whilst we see all sorts of talk and hyperbole so much is hidden and not understood. I wonder how many are aware of what is something of a scandal and is explained below.Sooner or later Europe's taxpayers will wake up to this.

As to debt restructuring the Euro zone has by a combination of incompetence and dithering got itself into a position where a lot of the restructuring would take place on the books of the European Central Bank! They are fortunate that the vast majority of their taxpayers and voters do not understand what has taken place here. In fact it is worse than that as the accountancy used is that of the madhouse which declares the interest-rate profits but assumes that capital losses cannot happen! Yes a position which can only have large losses as we stand is declaring a profit…

 

http://t.co/Kbloyb7

stormsailor's picture

Captain Obvious, We Salute You

Piranhanoia's picture

Fertilizer is of far more value than the ratings agencies. Shit doesn't lie.

bugs_'s picture

we've got your multi-notch downgrade right here

Clowns on Acid's picture

So if the markets won't buy Greek souvlakai debt (instead of int pymts why not accept some olive oil or a Greek island instead?), and let's say that the holders of Greek debt get a 50% haircut, then stock market must go up (except European banks) as surely ECB will provide "liquidity".

Ok, but what happens to US bond market? IMHO must be sold.

riley martini's picture

 Moodys' is a criminal organization nothing has changed  in Greece the only change is the people that are paying Moodys' for their rating have placed bets to profit from the rating . The same way Goldman and Moody teamed up to defraud Widows and Orphans : Pensions , charities and schools.

slewie the pi-rat's picture

"(3) concerns about the probability and the implications of a delayed and weaker economic recovery."

buffett started reading zH after what Rush published!