The Italian government, increasingly seeming like it will break beneath the burden of its enormous debt contagion, raided the offices
of the Moody's and Standard and Poor's credit rating agencies in Milan. Thinking that it cannot be entirely the fault of the government for the dire situation infecting the Eurozone, the authorities claimed they were just making sure that the credit rating agencies were abiding by regulations. Italy has joined the rest of Europe in criticizing S&P for daring to downgrade the rating of such beacons of fiscal sanity as Greece. After S&P warned the Italian government that it would lower its rating if it did not get its debt figured out, the government launched an investigation of the agency-- and expanded its investigation after S&P criticized the austerity measures passed by the government last month. Of course, we would not just round up and arrest rating agencies for their criticisms of government policy over here in America. They only arrest government critics in places like Burma
. Unless, of course, Michael Moore has his way.
Michael Moore, the overhyped and hyperactive documentarian, called on President Obama
to "show some guts" and arrest the head of S&P for lowering the country's credit rating, ruining the economy in 2008, and being friends with the Bush family (the most grievous offense one can commit in Mooreland). Praising the actions of the Italian government, he referred to S&P as a bunch of criminals who started the recession in 2008 and said we must toss them in jail before their cause another recession.
While individuals do put way too much faith and power in the opinions of the credit rating agencies, throwing them in jail for saying things like "if the government is too laden in debt it may have dire consequences" is not a logical conclusion. However, all logical conclusions point towards the progressive dream of the administrative leviathan being dangerous and unfeasible. With their ideology now so completely shaken and leading to disastrous consequences, it makes sense that they would instantly react the same way other sinking ideologues have in the past-- arrest the critics, blame them for everything, and pretend everything will be better now. The more desperate they get, the more it proves the weakness of their position.