Credit Rating Companies Revisited.

    Credit Rating Companies like Moody's Investors Service are at it again.  They are threatening to downgrade the credit ratings of two formerly large Bond Insurance Companies, Ambac and MBIA.  See Jody Shenn and Christine Richard, "Ambac May Delay New Insurer After Moody's Warning (Update 1)" (Bloomberg.com, Friday, September 19, 2008).  Apparently the Credit Rating Companies just found out that there is a credit market crisis and that the Bond Insurance Companies may not be worthy of a high-value credit rating.

    Since the Credit Rating Companies were responsible for totally mis-rating the credit of Bond Insurance Companies for decades, it is not reasonably justifiable to rely on them now to rate the credit of other companies, such as AIG, Freddie Mac, Fannie Mae, Merrill Lynch, or Lehman's, or any other.

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