Weiss Ratings’ to S&P, Moody’s, and Fitch: Downgrade the Long-Term Debt of the United States Before It’s Too Late
May 10, 2010 at 08:38 AM EDT
You are the world’s three dominant rating agencies, largely controlling the ratings of bonds and debts issued by thousands of corporations, municipalities, and sovereign governments. I am the chairman of Weiss Ratings, an independent rating agency. (See Weiss Ratings’ press release on MarketWatch or “Weiss Is Returning to Ratings Business” in the Wall Street Journal.) And today, I challenge you to promptly take the bold action that you have so far avoided — to downgrade the long-term credit rating of the U.S. government. The risk factors impacting U.S. government debt, which I will summarize below,…