Those Crazy Ratings Agencies

From Moody's and Standard and Poors come threats this morning to downgrade the U.S. Government's AAA bond rating. These, readers will recall, are the same agencies who gave the same AAA ratings to CDOs comprised of garbage mortgages that where a primary reason the U.S. government is in such sad shape now.

I am sure there is nothing political here. Aren't you? After all, we know these agencies never fudge their ratings.