A native-born Rhode Islander, educated in Providence Public Schools, went to college in North Carolina and a political junkie and pessimistic optimist.

4 responses to “Moody’s to Rhode Island: protect stupid investors”

  1. leftyrite

    Another good one, Sam.
    Who can doubt that Moody’s is influencing policy in Rhode Island?
    It would seem to me that they are governing Rhode Island and corrupting its courts in the process.
    The claims of public sector pensioners, many of whom worked three decades and more, taking consistent deductions in their wages in order to fund their pensions, will, it seems, judging by an article on the front page of today’s (Tuesday’s) New York Times, take a back seat to the crony bondholders who saw no downside to investing in garbage, from video games to casinos to for-profit prisons.
    And, guess what? The crony bondholders were right.
    2008-09 proved it, and our government, from the president right through the ranks, endorsed it.
    You can complicate things by giving different bonds different names, but if every bondholder is to be made whole or enriched, win or lose, where is the downside?
    So, steal the money from the savers. It’s happening right across the board.
    The fools were the people who believed that the government that they served was not manipulated to the point of decay and deterioration by the oligarchs.
    Even our service people, and most notably, our veterans, have been lied to and betrayed. Why should it be any different for janitors, school teachers, clerical workers, and the rest?
    Forewarned and intimidated, our compromised bodies of government and justice are now inclined to finding ways to placate organizations like Moody’s in the name of common prudence.
    Once, they hid behind their screens.
    Now, they sit in front of them and order flunkies to be their mouthpieces. 
    I still believe in government and the law; I just don’t believe in swill. 

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  2. cailin rua

    Promises, promises,
    I’m all through with promises, promises now,
    I don’t know how I got the nerve to walk out,
    If I shout, remember, I feel free,
    Now I can look at myself and be proud,
    I’m laughing out loud.

    Oh, promises, promises,
    This is where those promises, promises end,
    I won’t pretend that what was wrong can be right, . . . 

    – Burt Bachrach

    I am having a good laugh thinking about the “promise keepers” . . . groan . . . who is required to keep their promises and who isn’t?  Blame on the Bossa Nova but never blame it on the bondholders. 

    Where promises are concerned, who has a moral obligation to whom?  Moral obligation is not a reciprocal obligation, it seems.  I guess it’s because who’s on top.

    When you pay off the first bondsman every month, who gets the money?
    Every dollar of it.
    All I’m trying to find out is the fellow’s name on top.
    The guy that gets…
    That’s it.
    Who gets the money…
    He does, every dollar …

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  3. Barry

    So where is the labor movement on this?  “Moral obligations” to pay bondholders up to 7.75% interest (in this interest rate environment!) counting for more than moral obligations to pensioners should have it in the streets, but perhaps the movement is embarassed because the RI AFL-CIO leader is one of those who voted for the 38 Studios deal on the EDC.

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