Thursday, December 15, 2011

Narrative Watch

A downgrade of France's AAA credit rating would not be justified and ratings agencies are making decisions based more on politics than economics,European Central Bank policymaker Christian Noyer said on Thursday.

"In the arguments they (ratings agencies) present, there are more political arguments than economic ones," said Noyer, the head of the Bank of France and a member of the ECB's governing council.

Yeah, why can't these ratings agencies be more like our elected and un-elected elites who .... ummmm, well ..... you know, present arguments based upon economic and not political ones.