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Forum Post: S.&P. Cuts Ratings on Big Banks

Posted 2 years ago on Nov. 29, 2011, 6:45 p.m. EST by pandoras (56)
This content is user submitted and not an official statement

These are the things that may actually change Wall Street for the better:

==S.&P. Cuts Ratings on Big Banks== Shares of Bank of America and other bank stocks fell in trading on Tuesday after rumors of ratings cuts emerged. http://dealbook.nytimes.com/2011/11/29/s-p-cuts-ratings-on-big-banks/?emc=da

http://www.bloomberg.com/news/2011-11-29/credit-swaps-on-bank-of-america-goldman-jump-after-s-p-ratings-downgrade.html

==SEC Seeks to Raise Limits on Securities Fine== http://www.bloomberg.com/news/2011-11-29/sec-s-schapiro-asks-to-raise-penalty-limits.html

==Citigroup’s Deal With SEC Got the Treatment It Deserved: View== http://www.bloomberg.com/news/2011-11-29/citigroup-s-deal-with-sec-got-the-treatment-it-deserved-view.html

Not a bunch of guys sitting on some pavement somewhere.

I was sympathetic two months ago. Now I'm just sick of the ignorance.

6 Comments

6 Comments


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[-] 1 points by gnomunny (6614) from St Louis, MO 2 years ago

So, what part did you play in any of those rulings you link to, pandoras? Just curious. In fact, what have you done in the last two months to move forward any positive change? Hmm? If you have done something positive I commend you and understand your frustration. However, if you haven't, is it really right to bitch at everyone else because things aren't moving as fast as some people wish?

[-] 1 points by pandoras (56) 2 years ago

Thank you for pointing it out--yes, I can say with confidence that what I do daily does have a direct effect on those rulings. Does that give me the right to bitch at everyone else? You say so but I disagree. I'm not talking about things moving too slow for my tastes, I'm talking about the rampant and willful ignorance that I've witnessed over and over again in this forum as well as when speaking with people most passionate about this cause.

Wall Street doesn't care about who sleeps on which pavement, but with the kind of momentum the movement has shown, it can do so much good if more people make more of an effort to know the enemy and the best way to challenge them.

[-] 1 points by gnomunny (6614) from St Louis, MO 2 years ago

Thank you for your response. I understand your frustration with the ignorance. Rampant, certainly. Willful, not so much. At least in my opinion. There's been a concerted and very successful 'dumbing down' of the American people over the last few decades (at least) so you can't fault the protesters too much for their lack of understanding. Governments as a rule don't care too much to have an educated free-thinking populace. However, it certainly would behoove them to educate themselves before spouting such nonsense as 'all corporations are evil' or 'f*ck the USA.' It makes us look bad. In my case, for example, I opted out of the political process years ago out of frustration and the belief that it was a completely rigged and corrupt system. I knew nothing about economics. When I found this site about a month ago, I was hooked. I've learned more about money, politics, the Fed, and the serious problems going on that haven't been covered in the MSM in that month than in ten years prior. I'm back in the game and want to help fix things. All that being said, I would urge you to stay in the game as well. It would be much harder to succeed if the intelligent motivated ones keep bailing out because of the 'clueless masses.' They need us.

[-] 1 points by demcapitalist (977) 2 years ago

I've been pretty mad at wall street, Alan Greenspan and the whole gang who made this all possible for years now. I studied it I figured out all the derivatives and leverage that made it all possible. I'm glad people finally took to the streets in protest. I know there's a lot of folks on this site who are mad and don't quite know why, but lots of them are learning ! I also think OWS has empowered folks to speak up.

[-] 1 points by pandoras (56) 2 years ago

I'm glad that's what you're seeing. Because most of the discussion I see in this forum is making me very pessimistic of the movement's potential to cause any material change.

Here's hoping the people I know are unrepresentative.

[-] 1 points by demcapitalist (977) 2 years ago

Well the left wing is not famous for their organizational skills. The right comes up with an idea and they will all follow along like sheep the left takes pride in thinking for themselves --------so there they are all going in different directions. that's probly not going to change