It’s not that the US doesn’t deserve to lose it. There’s a pretty good case to be made that America should not have the AAA rating on its debt from Moody’s and Fitch that it currently does. But S&P lowered its rating on US debt from AAA to AA+ in 2011 and soon found itself with a lawsuit on its hands brought by the Justice Department for alleged ratings impropriety prior to the 2008 Crash.
Remember when S&P downgraded US debt? Boy, some people weren’t very happy about that. The public just might get the idea that this country was headed in the wrong direction financially. And that dear readers is clearly not the case. I mean Washington has told us over and over that there is nothing to worry about.
No one, it seems, has standing to sue the agency.
I heard this story on the way home from Washington DC yesterday. What is unclear is whether the engine died because of actual failure or whether the engine was programmed to die because it reached a certain level of emissions as determined by the EPA. Sadly it sounds like the latter.
Everyone wants a piece of the taxpayer funded pie. The inventor of “The Whisper,” an inflatable car is no different. When billions were handed out from the Obama administration for “green” vehicles in the Whisper project (now updated as an SUV) was not picked up for funding. Now the inventor is miffed.
Toyota just paid $1.1 billion to settle lawsuits alleging random acceleration problems in its cars. The allegations were, and are essentially false. But, Toyota paid out because it knew it had to, to move on. A giant speeding ticket to the government. (And Toyota wasn’t even speeding.)