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Debt, we've learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your favorite: bankers, regulators, central bankers, politicians, overzealous consumers, credit rating agencies - but all require one similar ingredient to create a true crisis: too much leverage.
Andrew Ross Sorkin
Regardless of what our national credit rating is, people will always want a roof over their heads, food on their tables, fuel for their cars, and clothes on their backs.
Whether you're earning $7 an hour or $700,000 a year, it's very important to protect your credit rating.
A person's credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided.
We have got this Damocles' sword of Standard and Poor's hanging over us, with the commitment they have made to review Britain's credit rating in the summer of 2010 after the general election. Everybody in Britain has a vital interest in ensuring that the triple A credit rating agency is maintained.
On any measure, Spain's bank rescue has been a disaster. A hundred million euros have been added to the national debt, ten-year bonds are at a record high and the country's credit rating has been downgraded three notches.
The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.
I'm the treasurer of the state of Ohio, where, when the United States credit rating was downgraded for the first time in American history, and 14 government funds around the country were downgraded, we earned the highest rating we could earn on our $4 billion investment fund.
Minnesotans lost their jobs because the credit rating agencies didn't do the only job they're supposed to have, the only job they had, which is to give accurate, objective ratings to financial products.
We may very well be faced with the choice of retaining the AAA credit rating or abandoning some of our key infrastructure projects, which are about jobs for the future. I will choose jobs in that equation every time.
Today, credit rating agencies rate companies, countries and bonds.
Michigan is also the only industrial state that has a AAA credit rating.
Talking about Korea, it has pretty high capital ratios at banks and maintains a good credit rating.
We have new rules that give shareholders the ability to vote on executive compensation. We have new rules for asset-backed securities. We have new rules around credit rating agencies.
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