{"id":196459,"date":"2008-04-24T23:06:00","date_gmt":"2008-04-25T04:06:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/24\/must-read-on-bond-ratings-and-mortgage-crisis\/"},"modified":"2008-04-24T23:06:00","modified_gmt":"2008-04-25T04:06:00","slug":"must-read-on-bond-ratings-and-mortgage-crisis","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/24\/must-read-on-bond-ratings-and-mortgage-crisis\/","title":{"rendered":"Must Read On Bond Ratings and Mortgage Crisis"},"content":{"rendered":"<p>Roger Lowenstein is a very concise analysis of just how what Atrios and I call the &#8220;Big Sh%$pile&#8221;<sup>*<\/sup> got <a href=\"http:\/\/www.nytimes.com\/2008\/04\/27\/magazine\/27Credit-t.html\">the high ratings from Moodys necessary for the debt to be resold<\/a>.<\/p>\n<p>I think that it explains the process in a clear and concise way, though I think that he is <span style=\"font-weight: bold;\">far<\/span> too easy on Moodys.<\/p>\n<p>The process involved is inherently corrupt, since the issuers get to choose their ratings agency.<\/p>\n<p>I would argue that much of this was covered in &#8220;<a href=\"http:\/\/40yrs.blogspot.com\/2008\/02\/best-powerpoint-ever.html\">Best PowerPoint Ever<\/a>&#8220;, which makes it rather more clear just how corrupt this game was.<\/p>\n<p><sup>*<\/sup><span style=\"font-size:78%;\">Only the distinguished gentleman from Philadelphia does not mask out the last two letters of the word &#8220;Sh%$&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Roger Lowenstein is a very concise analysis of just how what Atrios and I call the &#8220;Big Sh%$pile&#8221;* got the high ratings from Moodys necessary for the debt to be resold. I think that it explains the process in a clear and concise way, though I think that he is far too easy on Moodys. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,973,1088,985],"tags":[],"class_list":["post-196459","post","type-post","status-publish","format-standard","hentry","category-corruption","category-economy","category-real-estate","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196459"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196459"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}