> what part did credit rating agencies like Moodys have to play in all this? Don't forget the SEC. It gave a ratings monopoly to Moodys and two others (whose

> what part did credit rating agencies like Moodys have to play in all this? Don't forget the SEC. It gave a ratings monopoly to Moodys and two others (whose name escapes me). Yes - the SEC said that the ratings from Moodys and the other two are the only ones that count for regulatory purposes. What could go wrong.... Regulation is systemic risk.