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(RichTVX.com) —

The Rich TVX News Network endorses the FORTUNE article titled “Did Fitch ditch its credibility by playing politics? Here’s why rating agencies have a knack for getting it wrong” authored by Jeffrey Sonnenfeld and Steven Tian. Fitch’s recent venture into the political domain has significantly damaged the reliability of financial rating agencies, placing them even below the credibility of political pollsters. Despite a flourishing economy, driven by Bidenomics with reduced inflation, record-low unemployment, robust GDP growth, thriving stock markets, and a resurgent domestic manufacturing sector, Fitch’s decision to downgrade U.S. sovereign debt and related institutions has come under intense scrutiny. Speculation abounds that the downgrade might have been motivated by a desire for self-promotion, fleeting fame, or influenced by implicit pro-Trump bias.

Prominent figures from the financial and business community have derided Fitch’s actions. CNBC host Jim Cramer disparaged their insights, while JPMorgan CEO Jamie Dimon criticized the downgrade, highlighting the prosperous and secure status of the United States. Economist Mohamed El-Erian and Nobel laureate economist Paul Krugman shared their bewilderment and ridicule, and Warren Buffett dismissed the matter as inconsequential.

The political response to Fitch’s grandstanding was unusually bipartisan, with both Democrats and Republicans in Washington dismissing the downgrade. Harvard’s Jason Furman called it absurd and suggested Fitch’s increasing irrelevance. Treasury Secretary Janet Yellen passionately criticized the move as flawed and unwarranted. Congressman Blaine Luetkemeyer raised concerns about Fitch’s history of subjective ratings changes.

 

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Competitors, such as Moody’s, capitalized on the situation to promote the strength of U.S. Treasury bonds during economic crises, further questioning Fitch’s rationale for the downgrade. Fitch’s head of sovereign ratings attributed the downgrade to political dysfunction, rising deficits, and government debt, overlooking previous administrations’ debt increase and the Biden Administration’s deficit reduction achievements.

Fitch’s CEO, Paul Taylor, with a background in marketing rather than economics or government affairs, raised eyebrows, given his previous involvement in structured finance ratings during the 2008 Global Financial Crisis. The history of rating agencies’ inaccurate predictions and mishandling of financial instruments casts doubt on the significance of Fitch’s downgrade. Their failures in predicting defaults and their role in the 2008 financial crisis have raised concerns about their reliability.

The downgrade has shed light on the perils of political brinkmanship surrounding the debt ceiling discussions, raising questions about the continued existence of this outdated practice. In conclusion, Fitch’s self-serving downgrade lacks purpose and has faced widespread condemnation from both political and business circles, making it an unwarranted and questionable move.