They said the exact same thing about Reagan’s economic positions when he was running for the office.
Trump aint my wonderboy but good God Hillary will be a disaster
The new, complex securities of "structured finance" used to finance subprime mortgages could not have been sold without ratings by the "Big Three" rating agencies Moody's Investors Service, Standard & Poor's, and Fitch Ratings. A large section of the debt securities market many money markets and pension funds were restricted in their bylaws to holding only the safest securities i.e securities the rating agencies designated "triple-A".[1]
The pools of debt the agencies gave their highest ratings to [2] included over three trillion dollars of loans to homebuyers with bad credit and undocumented incomes through 2007.[3] Hundreds of billions of dollars' worth of these triple-A securities were downgraded to "junk" status by 2010,[1][4][5] and the writedowns and losses came to over half a trillion dollars.[6][7]
This led "to the collapse or disappearance" in 2008-9 of three major investment banks (Bear Stearns, Lehman Brothers, and Merrill Lynch), and the federal governments buying of $700 billion of bad debt from distressed financial institutions.[7]
Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations (CDO)) based on "non-prime"subprime or Alt-A -- mortgages loans.
--SNIP--more at WIKI