The New York Times reports that Standard & Poor's has warned that Greece would be judged (by it) to be in default if a plan proposed by France to restructure its debt went through. Standard & Poor's also said it was cutting its rating on Greek debt from B to CCC.
I agree that's news. But to quote ProPublica's Jesse Eisinger: "As everyone knows by now, the credit ratings agencies played an enormous role in creating the conditions that led to the financial crisis. Their willingness to slap Triple A ratings on all manner of Wall Street- engineered mortgage rot was enormously lucrative for the raters but a disaster for the global economy."
Everyone knows it by now, but somehow the financial press keeps reporting on these firms as if they never failed at the very thing they are supposed to do, as if the corrupt system
they were enmeshed in was never exposed,
as if nothing happened that might cause an intelligent reader to ask: why is the financial system still listening to these guys? That's what the Times did today, so I expressed myself thusly on Twitter....