Triple A Failure: Behind the Subprime Crisis

A very readable and clear explanation of some of the plumbing that led to the sub prime credit crisis.  The author demonstrates how the so-called “gatekeepers” that our system of unregulated financial capitalism uses to “protect” us in pursuit of the goals of so-called self-regulation failed utterly.  This was a giant case of “see no evil, hear no evil.”  Or, if you have kids, “hot potato.”

Moody’s – Credit Rating – Mortgages – Investments – Subprime Mortgages – New York Times