Posted by JarodParker

In one e-mail message, an S&P employee explains that a meeting is necessary to "discuss adjusting criteria" for assessing housing-backed securities "because of the ongoing threat of losing deals." Another message complains of having to use resources "to massage the sub-prime and alt-A numbers to preserve market share." Clearly, the rating agencies skewed their assessments to please their clients.
Some are losing perspective and have resorted to personal attacks instead of challenging the opposing view, but then on the other hand this is obviously an emotionally charged topic. I suspect if Presley and I were having this conversation face to face we would be trading punches by now and then after we were both too tired to continue get a cold beer afterwards. At least when we used to trade punches over issue there was something honorable about that, unlike our current system.

Getting to your quote, this supports the basis of my main argument, and while none of this may truly cross the line of being corrupt (although I would be surprised if it didn't), it is dishonest. I'm getting old so my memory is failing me, but there was a famous quote by a French man who was touring the U.S. a century or so ago, and he said America will continue to be great as long as its people continue to be great. The character of our people made a strong impression on him. While I can't mathematically prove that base line character of our people, or at least many of those leading major corporations, has declined, it seems to be the case (that also includes the character of those who expect hand outs, so it is not limited to one end of the spectrum). There are numerous examples throughout history of corrupt, self-centered, shortsighted business leaders, but now due to the consolidation of the financial sector it is easier to be the norm, because the market no longer controls their behavior. They can collaborate to protect common interests and act together instead of truly competing. That is only a suspicion, but some business analysts believe it is happening.

I think an argument could be made that this same type of dishonesty is also prevalent in the U.S. Government, especially in the Departments of Defense and State, where they shamefully change evaluation criteria and manipulate data to demonstrate success where it doesn’t exist (so much for EBO). The take away is that our current cultural norm of white washing problems away with lies prevents us from solving them. In response, and rightfully so, the people have rose up to challenge the madness, whether they belong to the Tea Party, the 99%, or just individually are feed up. Getting back to the topic of this thread the next American Revolution is unfolding. The current ways will have to evolve considerably, the people are demanding it. It would be a lot easier if we could put the political philosophies aside and honestly evaluate the problems.