"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Is S&P a WMD?
"Is Standard & Poor, the venerable debt rating agency, a weapon of mass destruction reminiscent of the pre-Iraq war of George W. Bush and, like that phantom WMD, perhaps a merely imagined one? The answer is not easy to call, and has some relevance to how we should evaluate the strident demands for more and more regulation to correct alleged market failures."
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