Europe opens high. French/European have expressed their disagreement with rating agencies. Rightly so. I too thought the assessment S&P gave to USA and Europe were very much political. For the USA case, it was a republican scam. We traders got punished for no valid reason. I applaud the Europeans to not give face to these rating crooks. After all, if the respondents do not agree to the assessment, a rating agency has little option to serve a 'corrective action'. It is called fighting politics with politics. Let's see how the Europeans handle these crooks in wall st.
Currently Euro is taking. The Fed Reserve gave them a 50 billion dollar shot in the arm the other day. Its already spent, they need several trillion for the bailout in Italy, they don't have it. Turmoil will increase as Spain will soon be needing bailouts as well. glta JMHO