In Unprecedented Move, S&P is Set to Downgrade US AAA Credit Rating

This started when Wall Street started hiring white boys to run the country’s money. Most of them were fresh out of college, had no experience, and weren’t even all that good at math — let alone the economics of finance.

To hear Michael Lewis and Steve Eisman tell it, plus the fact that we saw all of this coming when Reagan was in office “deregulating” everything, the US has not had a AAA credit rating since the 1980s. We can thank Reagan for deregulating the banking and mortgage industries and allowing these businesses to go wild bilking middle class America out of billions of dollars.

And we also have the bulk landholders who did the devil’s business in Saudi Arabia and then paid S&P’s and Moody’s under the table to A-rate bad mortgage bonds, default credit swaps, and CDOs. They just started having a “joy ride” putting zeroes behind ones when they knew America didn’t have that kind of money at the time and never would. 

The problem with them using the average American for an ATM machine? Middle America is related to all the poor people in this country–that’s where they “came up” from. Now they’ve gone broke and all but disappeared having to take care of their poor relatives. The Wall Street moguls, in saying “eff the poor” were actually “effing” their middle class relatives, and the it was the middle class that was making them into billionaires. 

See … the SOBs were so busy screwing people that they didn’t realize which side their bread was buttered on. They apparently thought all of their money was coming from other rich people and didn’t take the time to think that it’s the guys out here who work, pay their taxes and pay their bills that were feeding their billionaire behinds — in the form of mortgages, car notes, utility bills, college loans, the whole schmack.

So, quite frankly, I wouldn’t care if the Wall Street buttcheeks ended up with a ZZZ credit rating and closed shop for good. The United States never needed Wall Street in the first place. Didn’t need them then, certainly don’t need them now. Bye. And Good Riddance.

Now they can see what it feels like when they took everybody else’s credit down the tubes with that BS called “credit reports,” (Equifax, TransUnion, TRW, et al) that have nothing to do with anything important in this country. I can appreciate President Obama’s presence running those over-bloated fatkats out of business, hopefully for good.

http://www.alternet.org/newsandviews/article/645360/30_years_ago_today%3A_the_day_the_middle_class_died_…a_letter_from_michael_moore/