Canada's first-quarter GDP report was not just "atrocious," as predicted by Stephen Poloz. It was downright negative: total real GDP shrank at an annualized rate of 0.6 per cent (fastest pace of decline since the 2008-09 recession). Nominal GDP fell faster (annualized rate of 3 per cent), as deflation took hold across the broader production economy (led, of course, by energy prices).
Moody's, Standard and Poor's (S&P), and, to a lesser extent, Fitch raked in billions of dollars during the wild prelude to the financial crisis of 2007-2008, which imploded the world economy.
Matt Taibbi, writing at the time for Rolling Stone (June 19, 2013), stated bluntly, "...we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash." Between 2002 and 2007, fees for the "Big Three" credit ratings agencies (CRAs) doubled from $3 billion to $6 billion.