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Free markets are for losers

You don’t have to believe me. The S&P says so. At the very heart of the supposedly free market, right there on Wall St., they’ve got no use for it. Standard & Poors announced a mass of ratings cuts for the biggest names in banking.

Bank of America and Goldman Sachs, … Barclays, HSBC, … Citigroup, … Morgan Stanley, Commerzbank, and UBS, [all] had ratings cut by one notch. …

But. But, but, but, and however,

it upgraded ratings on two Chinese banks, Bank of China Ltd. and China Construction Bank Corp. …

The upgrade for the Chinese banks has come at a time when there have been increased concerns about the health of the country’s banking sector. …

Analysts said while the Chinese banks were prone to the risk of accumulating bad debt, they still remain a safe bet.

“The key factor is that they are largely government owned, that means the risk to shareholders of these banks is quite low.”

Too funny. The joke is on me, thinking they believed all that free market eyewash.