Reasons not to vote LABOR.

[Jovial Monk]

I suggest you do your own research on this one or take it from me Costello never had a triple AAA rating.

[Neferti]

I suggest you do your own research on this one or take it from me Costello never had a triple AAA rating.

OK, if you haven't a link we can take it that you are lying? If you are not lying, prove it by supplying a link ... otherwise, it didn't happen.

Oh, and it was you who claimed this, so up to you to provide the evidence. Comprende?

[Jovial Monk]

It is the sort of thing a Political Animal would know.

[Jovial Monk]

I guess the drink has rotted your brain so against my better judgement I did the search. Oh so hard to do |Costello AAA :au|

First hit:

FORMER Treasurer Peter Costello knows how hard it is to claw back a AAA sovereign rating once it's gone. And his message? Don't lose it in the first place.

Both Moody's and Standard & Poor's downgraded Australia's credit rating in 1986, and both agencies further downgraded Australia's status in 1989.

"Australia was shocked to be downgraded from a AAA rating in the late 1980s," Mr Costello told The Australian yesterday.

"It took us outside the group of those countries considered first class in economics management and financial strength."

Paul Keating's infamous "banana republic" comments were made in 1986 and it took another 13 years for the ratings agencies to upgrade Australia's credit rating in 1999. In 2002, Moody's restored its AAA rating and then Standard & Poor's followed suit in 2003.

. . . .

Moody's and Fitch have both retained their AAA rating for the US.

http://www.theaustralian.com.au/busines ... 6110455132" onclick="window.open(this.href);return false;

Fitch never gave Costello a third AAA. Probably the irresponsible spending of H & C.

[Neferti]

It is the sort of thing a Political Animal would know.

Probably, but you raised the point and as Aussie always says EVIDENCE. Otherwise what you have said is all in your head and we all know how one-eyed you are.

PROVE that Australia didn't have an AAA rating while Costello was Treasurer. Go on. You can't, that's why you are throwing it back to me to "research".

[Jovial Monk]

Dear Neferti. S&P & Moodies gave Costello a AAA rating. Fitch didn’t. QED

[Rorschach]

oh BTW you are aware that their ratings are worth zip after the so-called GFC don't you?

You know you really should pay more attention to my advice... you'd probably learn something. Since you ignore all the proof and knowledge I post for you to correct your misunderstandings of the world.

various excerpts...

CREDIT rating agencies became part of the scourge of the global financial crisis, being called everything from the three horsemen of the Apocalypse to ''key enablers'' of the financial meltdown, with taxpayers left to foot the bill.

Given more than $1 trillion was lost in the multitude of AAA toxic derivatives including collateralised debt obligations and CPDOs, there has been little fallout - yet.

Yes there has been a lot of mud thrown at the ratings agencies, along with threats of global regulatory crackdowns and an investigation by the US Financial Crisis Inquiry Commission into the cause of the GFC, which concluded in August 2011 that ''credit rating agencies were essential cogs in the wheel of financial destruction''.

The agencies issued AAA ratings to complex derivatives worth trillions of dollars that turned out to be junk and, as Warren Buffett predicted in 2003, eventually blew up the financial system.

It comes as huge US pension fund California Public Employees Retirement System (CalPERS) got the green light to sue two credit rating agencies - S&P and Moody's - for negligence in giving their highest ratings to three financial products in which CalPERS invested $US1.3 billion in 2006 and which later suffered huge subprime mortgage losses.

A major test case has pointed the finger of GFC blame squarely at the ratings agencies who told bare-faced lies about the quality of exotic financial instruments that turned out to be toxic.

Standard & Poor's and investment bank ABN Amro have gone down in the Federal Court for, respectively, rating and selling this rubbish to gullible local councils who were looking for high but safe returns for their ratepayers' money.

Amro put together a bunch of CPDOs (Constant Proportion Debt Obligations) and had them rated AAA by S&P, then sold them on to the councils. After only six months the councils had lost 90% of the value of their investments, about $30 million.

[Rorschach]

Classic quotes from monkey boy.

Pretty good, guess it comes from managing the economy well enough to get three AAA ratings. Costello never managed that.

You don't need 3 monkey Boy.

Dear Neferti. S&P & Moodies gave Costello a AAA rating. Fitch didn’t. QED

As for Fitch...

Credit rating agencies such as Fitch Ratings have been subject to criticism in the wake of large losses in the collateralized debt obligation (CDO) market that occurred despite being assigned top ratings by the CRAs. For instance, losses on $340.7 million worth of collateralized debt obligations (CDO) issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Fitch.

Oh dear... hoisted on his own petard it would seem.

[Neferti]

First hit:

FORMER Treasurer Peter Costello knows how hard it is to claw back a AAA sovereign rating once it's gone. And his message? Don't lose it in the first place.

Both Moody's and Standard & Poor's downgraded Australia's credit rating in 1986, and both agencies further downgraded Australia's status in 1989.

"Australia was shocked to be downgraded from a AAA rating in the late 1980s," Mr Costello told The Australian yesterday.

"It took us outside the group of those countries considered first class in economics management and financial strength."

Paul Keating's infamous "banana republic" comments were made in 1986 and it took another 13 years for the ratings agencies to upgrade Australia's credit rating in 1999. In 2002, Moody's restored its AAA rating and then Standard & Poor's followed suit in 2003.

. . . .

Moody's and Fitch have both retained their AAA rating for the US.

http://www.theaustralian.com.au/busines ... 6110455132" onclick="window.open(this.href);return false;" onclick="window.open(this.href);return false;" onclick="window.open(this.href);return false;" onclick="window.open(this.href);return false;
.

You just proved you are a liar, Monk. I am sure that somebody else will jump on the above "evidence" too.

First of all, 1986-89 .... Hawke. He was Labor, wasn't he?

Then Keating and his Banana Republic.

1996 Howard ..... ALP left a BAD credit rating. Howard/Costello got it back. Comprende?

AAA was restored in 2003 ...... Howard/Costello.

Your argument just fell down the drain.

I am typing this with a HUGE smile on my face. It makes a difference, according to Annielaurie.

[Rorschach]

Thanks nef I was just going to post that.

Swann came into a $20 billion surplus.
Costello came in to a $96 billion deficit
Labor have turned that $20 billion surplus into a huuuuuuuuuuuuuuuuuuuuge deficit once more and haven't had a single surplus.