There is something fundamentally wrong in the rating agencies' approach: they unilaterally redefined their role from doing their job -- assessing the ability of sovereign issuers to service their debt -- to rating countries.
S&P's agenda has appeared to be political for a long time, and it looks as if its retrofitting its "analysis" yet again to mirror the austerity economics goals of its paymasters. Here are four steps to end that racket now.
Rating agencies are in an inextricable situation when it comes to sovereign ratings. On the heels of their near-collapse of structured products, they must confront the issue of the credibility of sovereign ratings in a holistic way.
Perhaps Robert V. Marrow ought to consider a career on Wall Street. Better yet, isn't there a Senatorial election coming up in New York? Either way, it appears the public would be better served than it is today.
Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.
Stiglitz explains the future of the Euro Zone, how it was possible to create a moral vacuum on Wall Street, why US citizens do not take their anger to the streets and how the US should follow Greece and start regulating now.