An MMT site bringing you dogma-free economics without the pleadings of self interest
Thursday, December 18, 2008
Fed Loans Guided by Raters Grading Subprime Debt AAA
Fed basing its lending on credit ratings provided by S&P, Moody's, Fitch--the same idiots that said all the toxic subprime stuff was AAA. Amd the same idiots that will ultimately downgrade U.S. sovereign debt.
This is the blind leading the blind. Totally absurd!! God help us!!!