I'm not sure why you think these things are mutually exclusive. And as far as Goodhart's Law is concerned in this case, they're intertwined concepts. The gover

I'm not sure why you think these things are mutually exclusive. And as far as Goodhart's Law is concerned in this case, they're intertwined concepts. The government's choice to allow securities rated by S&P/Moody's to be treated as gospel allowed/encouraged banks, insurance companies, GSE's and pension funds to take far more risk than was systemically reasonable.