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05-02-2010, 10:56 PM #1
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Global Debt Crisis Hits Markets, Moment of Truth is Upon Us
Global Debt Crisis Hits Markets, The Moment of Truth is Upon Us
Stock-Markets / Financial Markets 2010
May 02, 2010 - 04:26 AM
By: Steve_Betts
We started out the week with a bang when it was announced that Goldman Sachs was being charged with fraud by the SEC. This sounds ominous at first glance, but in the end it’s a civil matter and will result with no more than a fine and a slap on the wrist. Then toward the middle of the week when the ratings agencies began to write down sovereign debt, first with Greece and then a day later with Spain and Portugal. It seems to me that these agencies no longer serve a purpose as these downgrades are nothing more than an acknowledgement of a situation that we all know existed for quite some time.
These countries didn’t fall deep into debt overnight; rather it’s a process that began years ago. The idea of the ratings agencies is supposedly to give the general public a “heads upâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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04-27-2024, 05:54 PM in General Discussion