This writer should try and remember WHO it was that has, and continues, to ruin our economy. It certainly was not, and is not, the ratings agencies. They have done some bad calls, but they are not the CORE of the problem.
The gubmint was warned in March that a possible downgrade could happen if they didn’t get their fiscal house in order. Of course politicians are screaming bloody murder and threatening the ONE rating agency which didn’t kowtow to the powers that be, but looked at the overall picture and rated it as they saw it. They admitted the US wouldn’t default (they have a printing press) but took into account devaluation and the fiscal policies of the US.
The rating agencies ARE the CORE of the problem of the housing market implosion, which is not done yet.
IF they had NOT rated all those worthless, unassigned mortgage backed securities AAA, they would NOT be sitting around in pensions and on balance sheets across the world.
If that isn’t core, well, it certainly is BIG.