John Chambers from Standard and Poor, a lit major in college with no Economic background, has been out there on the talkies, saying why can’t we just get along? It may be years to get our rating back. Here is my point of view. Yes, We are being played. Billions will be lost on the opinion of this whiz kid. Be warned. While we are celebrating that we may get the impetus to get our fiscal management finally under control, our country will tank first in massive sell off of stocks and general instability. I can only hope folks wake up in time. Kiss thousands of dollars of our pensions, and 401K’s. Note the political nature of his statements, that we have a dysfunctional Congress. A set up friends. The final push to put us over the edge, if we get suckered in. We can solve our problems without being called a Banana Republic. We are still the strongest nation in the world. This is the same savant who classified worthless paper with a Triple A rating that help tank our financial system. This is a directed action by those who do not wish us well. There has never been a doubt that we would not pay our obligations. The only isue that the credit agencies are charged with. Not political ideology.
Chambers grew up outside Kansas City, Kan., and went to liberal Grinnell College in Iowa, where he was a star on the swim team, ranking eighth in school history in the 1,000-meter freestyle.
After graduating in 1977 with a bachelor of arts in literature and philosophy, he went Ivy League, enrolling at Columbia University, where he got a master’s degree in English literature.
His first big job in finance seems to have been in the international department of European-American Bank, where he eventually rose from management trainee to vice president.
But it isn’t clear exactly where Chambers’ path took a sharp turn from a world of books and ideas to one of dollars and cents.
David Wargin, an S&P spokesman, told The Post that Chambers, a chartered financial analyst, chairs the agency’s sovereign-rating committee, made up of “senior sovereign analysts” with various backgrounds.
First, there was the apparent $2 trillion miscalculation, then Warren Buffett said the downgrading was a ridiculous measure, and talking heads have cried in outrage. Here’s one thing that doesn’t help: the face of S&P is a liberal arts guy with a masters in English literature, who never studied economics. Your views? I know many disagree!
More Spin on getting the American people to loose faith in our system of Government?
Read more: New York Post>