Noah denkt™  -
    Project for Philosophical Evaluations of the Economy
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Poor Moody Standards I
Observation on the "credit crunch“- Summit on Jan. 29, in London, first drafted on Jan. 30., published
on Feb, 2, 2008
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The transparency call of the so-called „credit crunch summit“ in London, on January 29, has led Noah denkt™ to formulate the
following questions:

  1. Do you know how exactly a rating agent goes about his job when he tries to assess the credit worthiness of an investment
    tool, a company or an economy?Do you think that Messrs Sarkozy, Brown, Prodi and Ms. Merkel know what the job of a credit
    agent actually looks like in practice?
  2. Do you think that the financial officer of a municipal entity, a school board or another public institution knows how exactly the
    credit worthiness of an investment vehicle is being assessed?
  3. Do you think that Messrs Sarkozy, Brown, Prodi and Ms. Merkel should know how a credit agent actually does his job?
  4. Do you think that the aforementioned financial officers should know how the actual evaluation is done?
  5. Do you think that you yourself should have an idea what the reality of a credit agents’ job is?
  6. If so, have you ever asked yourself why it is that neither you, nor (most likely) Messrs Sarkozy, Brown, Prodi and Ms. Merkel,
    nor (again, most likely) the aforementioned financial officers have had an immediate look into the everyday work of credit
    rating agencies?

Well, if you have asked yourself these questions, then you may also have come up with the following answer:
It is, unfortunately true, that most people know very little about the intricacies of a rating agent’s work. And that is because to this day,
we do not have that ample TV coverage of the economy that is actually necessary to provide for a truly transparent, truly open-
minded and truly dynamic economy.

Conclusion: So if Messrs Sarkozy, Brown, Prodi and Ms. Merkel are serious about enhancing the transparency of our economies,
then they should not just talk about it but make serious tax payer money available so that a C-Span like business and finance
channel can be established which provides for the same in-depth and first-hand coverage of the economy that the parliamentary
channels are providing for politics.

After all, there is no better way for enhancing the efficiency of the markets then truly enabling the general public to formulate their
own educated opinion about them. At this point, however, too much responsibility for the balancing of our economy is placed in the
hands of a closed-shop of specialists whose track record isn't all that great.
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