Our financial institutions would benefit from an independent body not beholden to anyone since the ratings on their products would be truly credible to investors and free of the taint that has attached itself to the business.
No one should underestimate the severity of the crisis gripping the Euro zone. But press speculation on the euro's demise -- often with the tone that it was about to happen -- any second! -- has been more about media fashion than understanding of Europe.
No sooner did the president and Boehner announce their agreement than the stock market fell dramatically. The all-knowing Stock Exchange, that Delphic Oracle of their cult, has looked upon their handiwork... and frowned.
In China, the Dagong International Credit Rating agency may be rating the U.S. "AA" for now, but if the process of instability takes over as their latest report hints, we should expect the juice in this AA battery to run out.
While most of these deals remain shrouded in secrecy, one of them, Anderson Mezzanine Funding 2007, Ltd. lays out its blueprint in sufficient detail so that we can pinpoint how and why this transaction's failure was assured.
Not only do bond rating agencies rate countries and businesses, but they also rate universities, and a careful examination of their rating reports shows that their seemingly neutral analysis is often full of neoliberal beliefs.
Legislative and media attention is rotating from health care to financial reform. Yet few are talking about the balance sheet of the Federal Government. Historically they don't. We have seen this story unfold before.