DDD: The New Credit Rating
As an amateur academic, I have spent a lot of time pondering the root causes of the credit crisis which precipitated America's long expected (though easily preventable) fall from economic grace.
There were certainly many culprits and a few hand picked scapegoats. Sadly, the majority of the former are not only still walking but occupying the same or even higher posts than before.
The few sacrificial Madoffs have been nowhere enough to satisfy justice or set an example for future thieves with credentials and dollar signs in their eyes.
In pondering some potential investment plays recently, I have stumbled on to the one road block I feel has gotten nowhere near enough press:
Credit ratings
After Moody's, Fitch and Standard & Poor's essentially blessed the whole sale hoodwink of the investing public in 2008, the world hasn't been the same...and won't be any time soon.
The sad and ugly truth is that asset values are damn close to nebulous these days in a world where valuation is related more to the rambles of a few certifiably corrupt idiots than to actual real world evidence.
In light of this reality, I propose a new credit rating.
DDD
The ultimate signal of gullibility, ignorance and foolishness. It will not denote a dangerous asset, a likelihood to default or data leading to the calculation of potential yield. It will simply serve as a reminder to those branded...
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