moody's s. and p's and fitch is aaa rating so if you would call it the june twentieth the g. twenty summit in toronto president hu jintao of china call for the creation of more accurate credit rating systems well it turns out de gong international credit rating agency which has been around in china since one thousand nine hundred four rating corporate debt but now for the first time they have actually issued sovereign debt credit ratings and they've downgraded the u.s. to below china below us strelley a below switzerland so america won't do anything to break up the cartel to break up the racket and there is a racket between the rating agencies the investment banks the fund managers and wall street and they won't do anything to break up this rocket the financial reform bill does nothing to break up the racket so china's going to break up the racket they're going to bring in their own rating agency what they have brought it and it's now announced this first thing in day gong chairman. said that the western lead rating agency is to blame for the global crisis and europe's debt w

second half of the day that's despite the downgrade of oil and sovereign bond ratings by moody's on monday b.p.'s shedding value on concerns the cap on the leaking oil well in the gulf of mexico is not as effective as first told. gary a rush of science detail preliminary agreement on the south stream gas pipeline the deal is a technical roadmap of how the two countries will move forward the next step will be to set up a joint company to study the feasibility of the project it would provide the details for a legally binding contract from the developing south stream as an alternative route for russian gas to europe its main partners in the project are italian energy giant any and france's e.d.f. and the related news now stands president nursultan nazarbayev has accused the e.u. of not taking any steps towards realizing the nuclear project seen as a competitor to south stream the energy rich central asian state is also keen on securing its gas supplies to europe and additional routes russia's hottest summer for a century could have far reaching economic consequences russia's grain union says the poo

they simply saw that it was rated aaa by moody's or s&p and added it to their portfolios.were engaged in reckless risk-taking when all these mortgage-backed securities were rated aaa by the credit rating agencies. we need to break up the oligopoly, the government-backed oligopoly that concentrates the market for risk assessment in this handful of firms and let other firms compete to provide credit ratings. or, better yet, encourage banks and investors to do their own risk assessments. host: "national review" has its opinion on dodd-franc bill. this is rica from new jersey, calling us on the democrats' line. -- this is rita from new jersey, calling us on the democrats' line. caller: good morning, everyone. i just want someone to explain to me -- how do you get anything done when you have to compromise on everything you do in washington? it does not make sense to me. you need the republicans help. you have to help help -- to have help, and the republicans are refusing to do anything to help the president. the bill is not perfect, and you know you're not going to get a perfec

all the predictions, predictors are readable with the federal with the federal reserve or moody's or s, we cite a bunch of studies that all pointed negative equity is being a major issue so they will love significant programs but even those are somewhat flawed. >> what you want the treasury to do? the one thing we point out as they should make the reduction plan mandatory. as it is now the servers get to pick and choose and decide whether or not they want to give homeowners the benefit of principle reduction. we have been ithe back and forth. we have asked them what are your arguments nd we are you doing this? we found them to be completely unconvincing and i think it is currently planned to be, could end up in--. >> i think that special inspector general brodsky is in the right direction. we can have a program in which effect we put incentives on the table paid for by the taxpayer to say please do the right thing here. we have a crisis and the consequences of not having cooperation on the servicers are not just by the investors that are harmed in homeowners by-- that are harmed. we ne