It Seems that S&P Gave out 14,000 AAA Ratings

The more I think about them downgrading the US debt the more I see it in purely political terms. According to this article it seems that quite a few different things have AAA ratings that shouldn't.

Even though S&P this month cut the U.S. government's credit rating to double-A-plus, from an earlier triple-A, the ratings company is far less parsimonious in handing out its highest ratings to other borrowers. As Bloomberg's Zeke Faux and Jody Shenn report today, S&P currently assigns a triple-A rating to more than 14,000 securitized bonds in the U.S.

Those triple-A credits include bonds backed by car-dealer loans and farm-equipment leases: two types of borrowings known for higher default rates in economic slumps. S&P also keeps awarding triple-A ratings to some securities backed by subprime home loans, a type of investment that fared disastrously after housing prices began slumping in 2007-08.

Yeah car loans, farm equipment loans, and subprime home loans are all more creditworthy then the number one economy in the world. I still think Congress needs to investigate S&P and make sure they are all on the up-and-up.