Thursday, December 18, 2008

Snarking Bloomberg

A headline on Bloomberg:
Fed Loans Guided by Raters Grading Subprime Debt AAA
Oh, my God! You mean the Fed is actually relying on ratings provided by major ratings agencies? Can you imagine such a thing? And did you know there are homosexuals in Iran? Shocking, isn't it? Hard to believe, but it's true.

Seriously, dude, this is not news! It would be fine if you labeled it as commentary and called it something like, "Why is the Fed Relying on Raters Who Graded Subprime Debt AAA?" There is a good case to be made that the Fed should be doing its own credit research rather than relying on agencies that have both conflicts of interest and abysmal recent records. And someone else can perhaps counterargue about the dangers of allowing public institutions to pick private sector winners. Whatever. It's all very interesting, but it's not news.

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    "Only those guys will be willing to leave our TARP-laden debt at AAA."

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