cause its' only the securities (bond) offering laws that they can get sued under. YOu and I can say that xyz company is good or bad all day long, but since we're not doing it as part of a securities filing and thus owe no duty it doesn't matter. Under the law as written in 1934, it seems like they could get sued, but there was a rule (repealed yesterday) that specifically said raters couldn't get sued for taking part in materially misleading offerings.
I doubt you can just kill them, the whole rating system is so embedded in our market, which I guess is why the three bigs is throwing up a hissy fit.
Almost everyone in this country is 'complicit' in the meltdown. Anyone that bought a home with less than 20% down, anyone that got too much credit card debt, anyone that made money off of someone using debt or leverage or from the housing industry. There is no one without some blame in this. Ratings agencies fees to rate is questionable, but their names/brands is their reputation and if their views are wrong, the market reacts. Government always comes in after a crisis and tries to enact laws to prevent something from 'ever happening again'. The laws usually just create another bureau and bigger government and raise costs on an issue the market has usually already corrected. It also never limits the next blowup as there will always be good ideas that in excess become horrible ones and create market bubbles and euphoria.
I bought a home with less than 20% down, but it is a home I can afford as evidenced by the fact that we have not had a single late payment. Are you really saying people like me are to blame?
I'm not saying you are to blame. But you benefitted from the growth in the secondary mortgage markets financed by leverage. Everyone including politicians, bankers, homeowners, students, virtually every industry benefitted from the growth of leverage in the securitized asset markets. So you personally benefitted from the ratings agencies incorrect beliefs.
Another promise kept. Last U.S. Combat Brigade Pulls Out Of Iraq Seven years and five months after the U.S.-led invasion, the last American combat brigade was leaving Iraq, well ahead of President Barack Obama's Aug. 31 deadline for ending U.S. combat operations there.
You may like the idea of getting out of Iraq, but do you like the idea of making this date public? Seems like a real moral boost to our enemies sitting in their caves to know they can almost come out.
You know that left a bitter taste in my mouth, american people being denied from their house of worship.
