Adam Davidson
speaker
76 appearances
1 recordings
1 series
first heard Aug 2011
last heard Aug 2011
Adam Davidson’s voice in public audio — every appearance, attributed to the second.
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Appearances
Sure.
So the downgrade, we've been calling it, it's almost like a restaurant review.
I mean, Standard & Poor's, the major ratings agencies, Standard & Poor's, Moody's, Fitch, they argue, actually, that they're like journalists, that they're just giving a review of
countries, they actually review all sorts of financial instruments.
So they'll review what they call sovereign debt countries.
They'll review company debt, et cetera.
And they have a very complex rating system that tells the world their personal opinion, you know, their view of how likely a country or a company is to pay back the debts that they owe.
But today, for most people who care about this sort of thing, it's just an opinion.
It's literally five or maybe a dozen people at an office in New York City at this company called Standard & Poor's.
They looked over some numbers.
They sat around a conference table and they voted.
And it's literally a vote.
Everyone raises their hand.
And they decided that as of last Friday, the U.S.
government no longer can have their top rating.
It has their top rating but one.
So from what they call AAA to AA+.
All that is is one company's opinion.
It's a rather influential company, but it's not the end-all, be-all.
And people are still eating at the restaurant.
Showing 41–60 of 76 · page 3 of 4
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