The Myth Of Market Omniscience

So, Standard and Poors dropped the US Treasury rating to AA+, because Boehner is incompetent and Eric Cantor and the Teatards are insane.

But, they have decided to keep giving subprime mortgages a AAA rating.

Seriously, check it out.

In some ways we have fundamental problems with our economy, namely the poor distribution of wealth and the flight of middle class manufacturing jobs.  But there is also a lot right with our economy.

But financial panics create long tails of misery.  They always have.

And people like Standard and Poors and issuers of subprime mortgage backed securities are responsible for a lot of that.