Leading from behind .. a mistake

Earlier this week the credit rating agency Standard & Poor's stripped the US of its top-notch AAA credit rating, downgrading it to AA+ and warning of further future downgrades because of political and economic uncertainty.

Really??? I mean really??? 

It's the first downgrade in modern US history, the justification used by S&P – blaming the dysfunctional US political system for being unable to make significant fiscal reform – will set off another debate about US government spending and the ugly process used to raise the debt ceiling. "It's not that you don't have the economic capacity to pay your bills, said S&P; we're just not sure you have the political capacity to pay them."  

Really??? I mean really???  

Through this whole mess I haven't heard anyone ask "Where the fuck was S&P four or five years ago when they were improperly rated sub-prime securitizations that eventually lead to an economic crisis/recession in this country.  I guess all those 60 plus delinquent loans would just go away huh? How did that work out S&P ? They knew something was wrong but just looked the other way.

This is a classic case of leading from behind. The damage has been done, what the fuck is the point of S&P flexing their "muscles" now? Who can take confidence in that? Trust me I have worked in the mortgage industry since 1998 and S&P and their rating agency brethren completely missed the boat when evaluating securitizations years ago and NOW they decide to be proactive when really no action was necessary.

Really?

This downgrade is stupid, we can still pay our bills, It's just S&P's way of covering their ass,but the damage is done in international eyes. Gloom is thick across the waters. A lower credit rating means higher borrowing costs for debtor nations. But because of the size of the US and its deep capital markets – and its crucial role as cornerstone of global finance -   the stock market has been violent roller coaster all weak. Fucking A

S&P needed to keep Stay Calm and Carry on instead of down grading our credit. In other words, S&P made a difficult situation worse. The US needs to focus on the future by setting clear spending and tax goals, thereby marching out and leading in front - instead of reacting from behind. S&P leadership is late. Reactive rather than proactive.

True leaders in business, politics & softball stay calm, confident, and classy in the face of adversity as they anticipate issues ahead of time for the greater good instead of interjecting themselves needlessly for attention.