Please scratch my back

A headline in the NYTimes today tells us

Administration Defends Effort on Debt After Credit Warning. 

Uh, is this credit rating agency the same one that did such a scrupulously honest job of rating all those mortgage derivatives two years ago?  The bond rating agencies bent over backwards to accommodate the bond issuers…because that’s who paid their bills.  Maybe the federal government should hire them too.  It might be cost-effective!

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One Response to Please scratch my back

  1. Ducky's here says:

    Just Mr. Market with a couple shots across Obama’s bow. He’s been good for Mr. Market and they just want to remind him with a little terror talk.

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