MOUNTAINS AND MOLEHILLS

摘要

It's simply astounding, after all we've seen in recent decades, that anyone pays attention to credit ratings put out by the officially sanctioned rating agencies. As September's annual report (mandated by a 2006 credit rating "reform" law) from the Securities & Exchange Commission documents at great length, there is no competition or improvement in this oligopoly. The big agencies have a way of warning of trouble spots (like Enron) only after the trouble is evident or of adding to a panic (like Greece's) that is already beyond any rational basis.