The whole stupid AAA ratings regime is a government regulatory scheme-- only a handful of ratings agencies (they've opened it up a little since the crisis) were

The whole stupid AAA ratings regime is a government regulatory scheme-- only a handful of ratings agencies (they've opened it up a little since the crisis) were permitted by the government to rate bonds. Contrast that with equities, where there is no rigid "AAA" rating system and where thousands of analysts compete to provide the best research on stocks. Over-regulation is at the heart of the financial crisis, from the broken ratings system to the role played by Fannie and Freddie.