Relevant and even prescient commentary on news, politics and the economy.

Ernst and Young, Make-Up Artist*

A key but seriously underemphasized factor in the near-collapse of the financial system and economy in 2008 was the role that the two largest securities-ratings firms, Moody’s and Standard and Poors, played: The two agencies routinely and deliberately overrated the value of mortgage-backed securities.  So I was momentarily (and naively) stunned to read this morning […]