[lbo-talk] An idea about ratings agencies like Moody's an S&P

[Joanna]

The fundamental and overriding reason for the financial crisis is the 
immiseration of the U.S. working class. When the majority of the 
population can barely make rent/mortgage, transportation, and food, the 
economy  collapses because it cannot extract profits out of nothing.

The malfeasance of the banks, credit rating agencies, etc., etc, 
certainly played their part, mostly by turning the economy into a vast 
Ponzi scheme. But even if the strictest regulations are enforced, an 
immiserated working class cannot sustain a growing economy.

That's why people keep comparing Obama to FDR, because the only way out 
is thorugh New Deal, trickle-up job creation schemes and vast social 
subsidies for the poor rather than the rich.

Joanna