perceptive writing, well crafted
@"Chris," Did someone step on your dork today? Perhaps you are expecting an essay which would be a little less complex and multidimensional.
Regardless, the rating agencies' involvement in the hurricane of blame is not to be underestimated. In fact I think an entire article, or perhaps even a series - could be written about them. The point is that their role as hapless deconstructors of obfuscated risk is correct; however, coupled with their natural posture as structuring-addiction enablers makes their talent disadvantage look a lot more like a young Darth Vader in nursery school, than a suave David Niven as a catburgular.
That is, they bungled, lied, stole, lied more, denied it all, hid, went out for cocktails, the lied some more. Then they pretended to be good at math. They really want to be evil, but they're just so...well, incompetent.
Here is what Dominic's article covered with such elegance: that all the moving parts in the financial markets are related, and their dependence is complicated (got that, "Chris"?)
Keep up the good work Dominic.
Biting the hand that feeds IT
